Tokyo listed Metaplanet has deepened its Bitcoin strategy with another large acquisition, pushing its total holdings above 35,000 BTC while reporting stronger than expected revenue from its Bitcoin Income Generation business.
In a Tuesday regulatory filing, the company disclosed that it purchased an additional 4,279 Bitcoin for approximately $451 million. This latest buy brings Metaplanet’s total Bitcoin holdings to 35,102 BTC, valued at roughly $3 billion at current market prices.
The move reinforces Metaplanet’s hybrid model that blends a long term Bitcoin treasury approach with active income generation. The strategy places the firm alongside a growing group of public companies experimenting with Bitcoin based balance sheet models, a trend that has drawn increasing attention from global investors and platforms like Gemini that track institutional crypto adoption.
Bitcoin income strategy accelerates in 2025
Metaplanet reported that revenue from its Bitcoin Income Generation segment reached 8.58 billion Japanese yen, or about $54 million, for 2025. This figure exceeded the company’s earlier projections, reflecting rapid growth in its options based trading operations.
Unlike firms that simply hold Bitcoin as a passive asset, Metaplanet uses a separate pool of BTC to deploy options strategies. These trades generate recurring income through premiums while keeping the company’s core long term Bitcoin reserves untouched. According to the filing, this structure allows the firm to extract yield from Bitcoin without liquidating its primary holdings.
The income business has expanded sharply since late 2024. Metaplanet posted a quarterly compounded growth rate of around 57 percent from the fourth quarter of 2024 through the fourth quarter of 2025. Revenue climbed from approximately $4.3 million in Q4 2024 to between $26.5 million and $27 million in Q4 2025.
This trajectory mirrors the aggressive accumulation strategy seen at Strategy, formerly MicroStrategy, which also added Bitcoin late in 2025. Strategy ended the year with an additional 1,229 BTC purchase, continuing its long running approach of using equity and debt issuance to build Bitcoin denominated reserves. Market observers frequently compare such treasury models across exchanges and custody providers, including Gemini, as institutional Bitcoin strategies mature.
Despite the operational growth, Metaplanet is facing pressure in public markets. The company’s market to Bitcoin net asset value ratio fell below 1 in October, meaning its shares were trading at a discount relative to the value of its Bitcoin holdings.
This challenge is not unique. Several Bitcoin treasury focused companies are grappling with NAV discounts, index related selling pressure, and in some cases concerns over continued listings. Metaplanet acknowledged that it is still reviewing how the stronger than expected Bitcoin income results will affect its consolidated earnings forecast and said updated guidance will be released once the assessment is complete.
As firms like Metaplanet refine active Bitcoin strategies, the market response remains mixed. Platforms such as Gemini continue to monitor these developments as indicators of how Bitcoin treasury models may evolve under tighter equity market scrutiny.
