Metaplanet adds $451M in Bitcoin, ends 2025 with 35 102 BTC
Tokyo-based Metaplanet reported another major Bitcoin purchase in late December. In a disclosure published Tuesday, the company said it bought an additional 4,279 BTC.
The purchase cost roughly $451 million, lifting Metaplanet’s total Bitcoin reserve to 35,102 BTC. At current prices, the position is valued at around $3 billion.
Alongside the buy, Metaplanet shared results from a line of business it calls Bitcoin Income Generation. The segment aims to earn yield on a portion of the firm’s Bitcoin portfolio through options strategies. For full-year 2025, revenue from this activity totaled 8.58 billion yen (about $54 million), coming in above earlier expectations.
Metaplanet stresses that it does not deploy its entire reserve for options. Instead, it sets aside a dedicated pool of BTC: the company sells options, collects premiums, and rolls the strategy forward as contracts expire. The core long-term BTC holdings remain separate. The revenue trend has also accelerated, rising from roughly $4.3 million in Q4 2024 to about $26.5–$27 million in Q4 2025.
This mix of aggressive accumulation and attempts to monetize part of the treasury mirrors a playbook other public companies leaned on in 2025. But the approach can come with trade-offs. In October, Metaplanet’s mNAV ratio reportedly dipped below 1, meaning the stock traded for less than the value of the Bitcoin held on its balance sheet. For Bitcoin-treasury firms, that’s typically viewed as a negative signal.
Metaplanet has built its buying capacity in stages. In November 2024, it announced a bond issuance of 1.75 billion yen (more than $11 million) to increase its Bitcoin holdings. The company cited a 0.36% annual rate and a maturity date of Nov. 17, 2025. At the time, Metaplanet CEO Simon Gerovich posted on X that additional BTC purchases would follow.
In November 2025, Metaplanet also appeared in reports as a firm that secured a $130 million loan backed by its Bitcoin assets. The proceeds were expected to support further BTC purchases, expand the options program, and, if conditions allowed, fund share buybacks.
Metaplanet now says it is still assessing how the Bitcoin Income Generation results will affect its consolidated profit outlook and plans to update guidance once the calculations are finalized.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
