Metaplanet Buys 4,279 BTC as Bitcoin Income Strategy Smashes Forecasts

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Metaplanet

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  • Metaplanet increased its Bitcoin holdings to 35,102 BTC.
  • Its Bitcoin Income Generation business beat 2025 revenue forecasts.
  • Despite growth, the stock trades at a discount to Bitcoin NAV.

Metaplanet is pushing deeper into its Bitcoin-first strategy, adding thousands of coins to its treasury while turning part of its holdings into a steady revenue engine. The Tokyo-listed firm disclosed that it acquired an additional 4,279 Bitcoin, lifting its total holdings to 35,102 BTC—one of the largest corporate Bitcoin treasuries globally.

The purchase, valued at roughly $451 million, underscores Metaplanet’s commitment to a hybrid model that blends long-term Bitcoin accumulation with active income generation. At the same time, the company reported that its Bitcoin Income Generation business significantly exceeded expectations for 2025.

A Treasury Built Around Bitcoin

Metaplanet’s balance sheet is now firmly anchored in Bitcoin. With its holdings worth around $3 billion at current prices, the company continues to treat BTC as a core treasury asset rather than a speculative trade. The latest purchase signals confidence in Bitcoin’s long-term role, even as market volatility remains elevated.

This approach mirrors a broader trend among Bitcoin-focused public companies that see accumulation as a strategic move, not a short-term bet. For Metaplanet, scale appears to be part of the strategy—building a large reserve while finding ways to make it productive.

Turning Bitcoin Into Cash Flow

What sets Metaplanet apart is its income arm. Instead of letting Bitcoin sit idle, the company uses options-based strategies to generate recurring revenue. These trades are executed using a separate pool of BTC, allowing Metaplanet to earn premiums while keeping its core holdings intact.

The results have been striking. Revenue from the Bitcoin Income Generation business reached 8.58 billion yen (about $54 million) for 2025, beating internal forecasts. Growth has accelerated rapidly, with quarterly revenue compounding at roughly 57% since late 2024.

Echoes of Strategy’s Playbook

Metaplanet’s model draws comparisons to Strategy’s aggressive Bitcoin accumulation in 2025. Both firms frame Bitcoin as a long-term reserve asset and design their operations around BTC-denominated cash flows. The key difference is Metaplanet’s emphasis on derivatives to smooth revenue while holding onto its coins.

Market Pressure on Bitcoin Treasury Stocks

Despite strong operational performance, investor sentiment has been less forgiving. Metaplanet’s shares have traded below the value of its Bitcoin holdings, reflecting a broader squeeze across Bitcoin treasury stocks. Discounts to net asset value, index pressures, and listing risks have become common across the sector.

Metaplanet’s latest filing highlights both sides of the Bitcoin treasury trade-off. Operationally, the company is growing fast and generating real cash flow from its BTC. In the market, however, investors remain cautious. Whether strong income results can close that valuation gap may shape how Bitcoin treasury firms are judged going forward.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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