Thomas Daniels
Tokyo-based Metaplanet Inc. expanded its Bitcoin holdings by 696 BTC in the first quarter of 2025, employing a strategic options-based approach through its Bitcoin Income Generation business. This initiative, focused on selling cash-secured Bitcoin put options, enabled the firm to secure an effective average purchase price of ¥13.48 million per BTC.
During Q1, Metaplanet generated ¥770.35 million (approximately $5.15 million) in operating revenue via this strategy. The company deployed ¥9.386 billion in cash collateral, receiving over 50.26 BTC in option premiums. An additional 645.74 BTC was acquired upon the exercise of sold put options, further reinforcing the firm’s balance sheet.
With this acquisition, Metaplanet’s total Bitcoin holdings have reached 4,046 BTC, currently valued at approximately ¥52.368 billion ($350 million). This accumulation has positioned the firm among the top ten global corporate holders of Bitcoin.
The Bitcoin Income Generation business is structured to monetize market volatility while supporting capital allocation goals, operating independently from Metaplanet’s long-term BTC reserves. The company has already achieved 25.7% of its full-year ¥3 billion revenue target for this unit, with future capital deployments subject to management discretion.
The BTC acquisition followed a successful ¥2 billion fundraising round through the firm’s 10th Series of Ordinary Bonds, fully allocated to EVO FUND for further Bitcoin purchases. Since the inception of its Bitcoin strategy, Metaplanet’s share price has surged by more than 3,000%, signaling significant investor interest. The company maintains an ambitious goal of holding 21,000 BTC by 2026.
