Metaplanet boosts Bitcoin holdings with $451 million purchase
Metaplanet added another 4,279 Bitcoin for roughly $451 million, lifting its total holdings to 35,102 BTC, worth about $3 billion.
The Tokyo-listed firm is leaning further into a hybrid model that combines a Bitcoin treasury with an income-generating business, reports Cointelegraph.
In a Tuesday filing, the company said revenue from its Bitcoin Income Generation unit exceeded expectations. That segment generated 8.58 billion Japanese yen, or roughly $54 million, in 2025. Rather than treating Bitcoin as a purely speculative or idle asset, Metaplanet is increasingly positioning it as productive capital. The approach reflects a broader shift among corporate Bitcoin holders toward monetization, not just accumulation.
Option-based income drives rapid growth
Metaplanet’s revenue engine relies on option-based strategies that convert Bitcoin into recurring cash flow. The company uses a separate pool of BTC to sell options, earn premiums, and continuously roll those positions, while leaving its core long-term Bitcoin reserves untouched.
This structure allows Metaplanet to generate income without sacrificing its long-term bullish exposure to BTC. Since the fourth quarter of 2024, the income arm has expanded at a quarterly compounded growth rate of around 57%. Revenue rose from roughly $4.3 million in Q4 2024 to about $26.5–$27 million in Q4 2025. The model mirrors growing institutional interest in yield strategies tied to digital assets.
Market pressure tests Bitcoin treasury companies
Despite strong operational growth, Metaplanet faces mounting pressure in public markets. In October, its market-to-Bitcoin net asset value (mNAV) ratio fell below 1, meaning the company’s shares traded at a discount to the value of its Bitcoin holdings. This reflects a broader squeeze across Bitcoin treasury stocks, many of which are grappling with NAV discounts, index rebalancing pressure, and even delisting risks.
Similar dynamics have affected other firms following Strategy’s accumulation-heavy playbook. Metaplanet said it is still assessing how the income business will impact its consolidated earnings outlook. Updated guidance will be issued once that review is complete.
Recently we wrote that Bitcoin is trading near $87,389 after a sharp pullback, posting a 2.7% decline over the past 24 hours.
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