Metaplanet has added 4,279 Bitcoins at a cost of $451,000,000, increasing its current total to 35,102 BTC, which is worth around $3 billion. The Tokyo-listed company is focusing on a hybrid business model for the Bitcoin income and treasury businesses.
On a Tuesday filingThe company has also revealed that it received revenue through its Bitcoin (BTCIncome Generation exceeded forecasts by jumping from 8.58 billion Japanese Yuen to $54 millions in 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 Metaplanet can use its long-term BTC reserves to cycle trades.
Achieving accumulation with a strategic approach by 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
This playbook is a re-telling of the original story. Strategy’s hyperactive 2025 campaignThe former MicroStrategy ended the year by purchasing another 1,229 BTC to end a long-running accumulation.
Strategi has defined its 2025 activities as a part of a program long-term to gradually add Bitcoin. 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
Bitcoin Treasury Stocks: Market Pressure
A harsh reality check is part of the shift. Metaplanet’s market to Bitcoin net asset value (mNAV) In October, the ratio fell below 1, meaning that the equity of the company was being traded at a lower price than the Bitcoins it held.
This filing is also amidst a spate of a wider squeeze on Bitcoin treasury names Faced with NAV discount, index pressure and in some cases outright delisting risks.
Metaplanet is currently assessing the effect of Bitcoin Income Generation on the company’s consolidated earning forecast. It plans to provide updated guidance after the evaluation is completed.
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Source: cointelegraph.com
