Metaplanet Purchases $450 Million in Bitcoin
Metaplanet has expanded its Bitcoin holdings with the purchase of an additional 4,279 BTC for roughly $451 million, lifting its total reserves to 35,102 BTC, valued at about $3 billion. The Tokyo-listed company continues to push a hybrid approach that combines a Bitcoin treasury strategy with an income-generating business model.
In a regulatory filing on Tuesday, the firm also disclosed that revenue from its Bitcoin income operations exceeded earlier expectations, reaching 8.58 billion Japanese yen, or around $54 million, for 2025. This business line relies on options-based strategies that generate recurring cash flow from Bitcoin without selling the company’s long-term holdings.
Income generation accelerates in 2025
Metaplanet’s income-focused segment has grown quickly, posting a quarterly compounded growth rate of roughly 57% since the fourth quarter of 2024. Revenue rose from about $4.3 million in Q4 2024 to an estimated $26.5–$27 million by Q4 2025, reflecting the rapid scaling of its options-driven approach.
The strategy mirrors the aggressive accumulation playbook used by Strategy, formerly MicroStrategy, which ended 2025 with another 1,229 BTC purchase as part of a broader, long-term plan to expand its Bitcoin reserves. Strategy has positioned Bitcoin as its core treasury asset, supported by equity and debt issuance and BTC-linked cash flows.
Treasury stocks face valuation pressure
The expanded exposure has not been without challenges. Metaplanet’s market-to-Bitcoin net asset value ratio fell below one in October, indicating that its shares were trading at a discount to the value of its Bitcoin holdings.
This development reflects broader pressure across Bitcoin treasury-focused companies, many of which are dealing with NAV discounts, index-related headwinds and, in some cases, heightened listing risks.
Metaplanet said it is still evaluating how the stronger-than-expected income results will affect its consolidated earnings outlook and plans to update guidance once the review is complete.
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