Metaplanet Ends 2025 With 35,102 BTC Treasury
Tokyo-listed Metaplanet closed 2025 with more than 35,000 BTC as its Bitcoin income unit outperformed expectations and its treasury strategy scaled rapidly.
Metaplanet has ended 2025 with a decisive statement of intent, pushing its Bitcoin holdings beyond 35,000 BTC following a major late-December acquisition worth roughly $451 million. The move cements the Japanese firm’s position among the world’s largest publicly listed Bitcoin holders and highlights the growing momentum behind its hybrid model that combines long-term Bitcoin treasury accumulation with active income generation.
The latest purchase added 4,279 BTC at an average cost of ¥16.33 million per coin, lifting Metaplanet’s total holdings to 35,102 BTC. At prevailing market prices, the stack is valued at around $3 billion, placing the company fourth among top public firms holding Bitcoin, behind Strategy, MARA Holdings, and Twenty One Capital.
A Treasury Strategy Built for the Long Term
Metaplanet’s December buying spree capped a quarter defined by steady accumulation through direct market purchases and Bitcoin options-related activity. The company has consistently emphasized that Bitcoin is treated as a core treasury asset, not a short-term speculative position.
Following the latest acquisition, Metaplanet’s cumulative cost basis reached ¥559.73 billion, with an average acquisition price of ¥15.95 million per BTC. This disciplined approach mirrors the firm’s broader philosophy: accumulate Bitcoin over time while maintaining transparency around costs, dilution, and shareholder impact.
The strategy formally began in December 2024, when Metaplanet designated Bitcoin treasury operations as a core business line. At that point, the company held roughly 1,762 BTC. In just over a year, that figure has grown more than twentyfold, reflecting one of the fastest accumulation trajectories among public companies globally.
Bitcoin Income Generation Exceeds Expectations
Alongside its expanding treasury, Metaplanet reported a sharp upside surprise from its Bitcoin Income Generation business. In a recent regulatory filing, the company said operating revenue from the segment is now expected to reach ¥8.58 billion (approximately $54 million) for fiscal year 2025.
That projection significantly exceeds both its initial guidance of ¥3.0 billion and its revised October forecast of ¥6.3 billion, underscoring how quickly the income unit has scaled.
The business relies on option-based strategies, deploying a dedicated pool of Bitcoin to generate recurring cash flow through option premiums and trading outcomes. Crucially, Metaplanet stresses that these activities are fully segregated from its long-term treasury holdings.
- Long-term Bitcoin reserves are intended to be held indefinitely
- Derivatives activity operates from a separate Bitcoin pool
- Capital flows only one way — income may be added to reserves, but treasury Bitcoin is never used to fund trading
This structural separation is designed to limit risk while allowing the company to monetize volatility without compromising its core accumulation thesis.
Revenue Growth Accelerates Through 2025
The pace of growth in Metaplanet’s income business accelerated sharply throughout the year. Quarterly revenue figures illustrate a clear inflection point in the second half of fiscal 2025:
- Q4 FY2024: ¥691.6 million
- Q1 FY2025: ¥770.3 million
- Q2 FY2025: ¥1.13 billion
- Q3 FY2025: ¥2.44 billion
- Q4 FY2025: ¥4.24 billion
Across this period, the compounded quarterly growth rate reached approximately 57%, with the strongest expansion occurring in the latter half of the year. The trajectory reinforces management’s view that Bitcoin-based income strategies can scale meaningfully when paired with sufficient capital and disciplined risk controls.
Measuring Bitcoin Performance Per Share
As its balance sheet expanded, Metaplanet introduced proprietary metrics such as BTC Yield and BTC Gain to track performance relative to shareholder dilution. While BTC Yield has naturally declined as both assets and shares increased, another key indicator continued to improve.
By the end of December, Bitcoin per fully diluted share rose to 0.02405 BTC per 1,000 shares, signaling that accumulation has outpaced dilution despite aggressive capital raises.
Funding Growth Through Capital Markets
Metaplanet’s rapid expansion has been fueled largely through capital markets activity. During the fourth quarter, the company entered into Bitcoin-backed credit facilities totaling $280 million, part of a broader $500 million program.
In parallel, it raised ¥21.25 billion by issuing Class B preferred shares to overseas institutional investors, while fully redeeming its outstanding ordinary bonds. The moves reduced legacy liabilities while aligning new capital with the firm’s Bitcoin-focused strategy.
To broaden access further, Metaplanet recently launched a sponsored American Depositary Receipt (ADR) program, giving U.S. investors easier exposure to its shares.
Opening the Door to Global Institutions
As reported earlier, the company has also approved a sweeping overhaul of its capital structure aimed squarely at international institutional capital. At an extraordinary shareholders’ meeting, Metaplanet passed five interconnected proposals that expand its ability to issue dividend-paying preferred shares, introduce new dividend mechanisms, and widen participation beyond Japan.
The changes were confirmed publicly by Dylan LeClair, Metaplanet’s Bitcoin strategy director, and position the firm to attract long-term institutional investors seeking Bitcoin exposure paired with yield.
Echoes of Strategy’s Playbook
Metaplanet’s aggressive accumulation has drawn comparisons to Michael Saylor’s approach at Strategy, which capped its own hyperactive 2025 with an additional 1,229 BTC purchase. Strategy has framed its activity as part of a long-term program built around BTC-denominated assets and cash flows.
With 672,497 BTC on its balance sheet, Strategy remains the world’s largest corporate Bitcoin holder. While Metaplanet operates on a smaller scale, its hybrid treasury-and-income model represents a notable evolution of the corporate Bitcoin playbook—one that blends accumulation with cash-flow generation.
As 2025 closes, Metaplanet’s results suggest that Bitcoin-focused balance sheets are no longer purely defensive or speculative. Instead, they are increasingly being engineered as active financial systems, capable of compounding both assets and revenue in a volatile but opportunity-rich market.
