Metaplanet added another 4,279 Bitcoin at an acquisition cost of about $451 million, bringing its total stack to 35,102 BTC (worth around $3 billion) as the Tokyo-listed firm leaned harder into a hybrid model of the Bitcoin treasury and income business.
In a Tuesday filing, the company also reported that revenue from its Bitcoin (BTC) Income Generation business had overshot previous forecasts, jumping to 8.58 billion Japanese yen (about $54 million) for 2025.
Metaplanet’s revenue is driven by option-based strategies that turn its BTC into recurring cash flow rather than a dormant, volatile asset. These options-based strategies use a separate pool of Bitcoin to sell options, earn premiums and cycle those trades, while keeping Metaplanet’s core long-term BTC stash untouched.
Strategy-style accumulation in 2025
Metaplanet’s income arm has expanded rapidly, with a quarterly compounded growth rate of about 57% since the fourth quarter of 2024, as revenue increased from roughly $4.3 million in Q4 2024 to $26.5–$27 million in Q4 2025.
Related: Metaplanet clears issuance of dividend-paying shares for overseas institutions
The company’s playbook echoes the storyline of Strategy’s hyperactive 2025 campaign, as the former MicroStrategy closed out the year with another 1,229 BTC purchase to cap a relentless run of accumulation.
Strategy has framed its 2025 activity as part of a long-term program to steadily add Bitcoin, using a mix of equity and debt issuance while positioning BTC as its primary treasury reserve asset, demonstrating an operating model built around BTC‑denominated assets and cash flows.
Related: Why Michael Saylor wants nations to build Bitcoin banks
Market pressure on Bitcoin treasury stocks
The shift comes with a harsh reality check. Metaplanet’s market to Bitcoin net asset value (mNAV) ratio dropped below 1 in October, meaning the company’s equity was trading at a discount to the value of its Bitcoin holdings.
The filing also comes amid a wider squeeze on Bitcoin treasury names facing NAV discounts, index pressure, and, in some cases, outright delisting risk.
Metaplanet said it is still reviewing the impact of the Bitcoin Income Generation results on its consolidated earnings forecast and plans to update guidance once the assessment is complete.
