Metaplanet Adds $451M in Bitcoin, Treasury Tops 35,102 BTC
Tokyo-listed Metaplanet purchased an additional 4,279 Bitcoin for approximately $451 million, increasing its holdings to 35,102 BTC (valued at around $3 billion) as the company expanded its hybrid approach combining a Bitcoin treasury with an income-generating business.
In a Tuesday filing, the firm reported that revenue from its Bitcoin (BTC) Income Generation unit exceeded earlier projections, reaching 8.58 billion Japanese yen (about $54 million) for 2025.
Metaplanet said the unit employs options-based strategies to convert BTC into recurring cash flows. These strategies use a separate pool of Bitcoin to sell options, collect premiums, and roll positions, while leaving the company’s core long-term BTC holdings unchanged.
Strategy-like accumulation in 2025
The income business has scaled rapidly, with an estimated quarterly compounded growth rate of about 57% since the fourth quarter of 2024. Revenue increased from roughly $4.3 million in Q4 2024 to $26.5–$27 million in Q4 2025 according to report.
The company’s approach parallels Strategy’s active 2025 program. Strategy ended the year with an additional 1,229 BTC purchase and has described its 2025 activity as part of a long-term plan to steadily add Bitcoin using a mix of equity and debt issuance, positioning BTC as its primary treasury reserve asset and centering operations on BTC‑denominated assets and cash flows.
Market pressure on Bitcoin treasury equities
Metaplanet’s market-to-Bitcoin net asset value (mNAV) ratio fell below 1 in October, indicating that its shares traded at a discount to the value of its Bitcoin holdings. The filing comes amid broader pressure on Bitcoin treasury-focused stocks facing NAV discounts, index-related headwinds, and, in some cases, potential delisting risk.
The company said it is assessing how the Bitcoin Income Generation results may affect its consolidated earnings outlook and will update guidance once the review is complete.
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