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.

Sources:

https://contents.xj-storage.jp/xcontents/33500/71897b54/ac82/4995/8f4d/f95a6a29cee2/140120251229527958.pdf

https://cointelegraph.com/news/metaplanet-adds-450m-in-late-december-buys-ending-2025-above-35-000-btc

https://x.com/Metaplanet/status/2005895515041341846