Metaplanet expanded its Bitcoin treasury again in late December, acquiring 4,279 BTC for approximately $451 million and lifting its total holdings to 35,102 BTC, according to a regulatory filing released Tuesday.
The disclosure was made in a statutory filing submitted to Japan’s Financial Services Agency and the Tokyo Stock Exchange, detailing both the additional Bitcoin purchase and updated financial performance for Metaplanet’s Bitcoin Income Generation business.
At current market prices, Metaplanet’s Bitcoin holdings are valued at roughly $3 billion.
*Metaplanet Acquires Additional 4,279 BTC, Total Holdings Reach 35,102 BTC* pic.twitter.com/Bkas5kCZGY
— Metaplanet Inc. (@Metaplanet) December 30, 2025
Bitcoin income business exceeds forecasts
In the same filing, Metaplanet reported that revenue from its Bitcoin Income Generation unit reached 8.58 billion Japanese yen in 2025, exceeding earlier internal projections. Using an average December 2025 USD/JPY exchange rate of approximately 159 yen per dollar, that figure converts to roughly $54 million.
The income business uses options-based strategies designed to monetize Bitcoin volatility.
According to the company, a designated pool of BTC is used to sell options and collect premiums, while the majority of its Bitcoin remains allocated to long-term treasury holdings rather than active trading.
Metaplanet has positioned this structure as a way to offset the opportunity cost of holding a non-yielding asset without relying on lending or liquidating core reserves.
Accumulation echoes Strategy’s 2025 playbook
Metaplanet’s late-year buying mirrors a broader trend among corporate Bitcoin holders in 2025, led by Strategy, formerly MicroStrategy. Strategy also ended the year with continued accumulation, adding 1,229 BTC as part of a long-running program funded through equity and debt issuance.
While both firms emphasize Bitcoin as a primary treasury reserve asset, Metaplanet’s approach differs in execution. The company has sought to tie Bitcoin exposure more directly to operating revenue, rather than treating BTC solely as a balance-sheet store of value.
Since the fourth quarter of 2024, Metaplanet’s Bitcoin Income Generation unit has reported rapid growth. Based on company disclosures, quarterly revenue increased from approximately $4.3 million in late 2024 to an estimated $26.5–$27 million in the fourth quarter of 2025, implying compounded quarterly growth of about 57%.
Equity market pressure remains
Despite the expansion of its Bitcoin holdings and income activity, Metaplanet’s equity performance has faced headwinds. In October, the company’s market-to-Bitcoin net asset value ratio fell below 1, meaning its shares traded at a discount to the value of its Bitcoin reserves.
That dynamic has affected multiple Bitcoin treasury companies during the second half of 2025, as falling BTC prices, index rebalancing pressure, and tighter capital markets weighed on valuations across the sector.
Metaplanet said it is still reviewing how the stronger-than-expected performance of its Bitcoin income business will affect consolidated earnings and plans to issue updated guidance once the assessment is complete.
As the company enters 2026, investor focus is likely to center on whether income generated from Bitcoin-linked derivatives can meaningfully cushion earnings during periods of price volatility and whether that model can narrow the valuation gap facing Bitcoin treasury stocks more broadly.
Oleksii Shumak
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