Metaplanet revenue soars 738% as Bitcoin treasury and options drive 95% of sales
Metaplanet pivoted to a Bitcoin-centric treasury strategy and reported a fiscal 2025 revenue surge of 738% to ¥8.9 billion (~$58M), with roughly 95% of income derived from Bitcoin-related operations—primarily premiums from writing BTC options. Operating profit rose sharply to ¥6.29 billion (~$40.8M), driven by option premium income that climbed to ¥7.98 billion from ¥691 million a year earlier. Despite the operating gain, an accounting (non-cash) valuation loss on Bitcoin of roughly ¥102.2 billion (~$650M) pushed the company to a net loss for the year and left substantial unrealised losses on the balance sheet. Metaplanet dramatically expanded its BTC holdings from 1,762 BTC at end‑2024 to 35,102 BTC by end‑2025, making it Japan’s largest corporate Bitcoin holder and leaving the firm with about $2.4B in BTC but roughly $1.2B of unrealised losses at the reported BTC price. Since adopting the treasury approach the company has raised more than $3.2B in capital. Management reiterated the long-term Bitcoin treasury strategy, approved an overseas capital raise of up to $137M to buy additional BTC and cut debt, and issued guidance expecting 2026 revenue to rise about 80% to ¥16.0 billion and operating profit to climb around 81% to ¥11.4–11.5 billion—forecasting nearly all revenue to come from Bitcoin holdings and related activities. For traders: the story highlights heavy corporate accumulation of BTC, increased options flow (premium-selling activity), and sizable unrealised accounting losses that could influence selling pressure or balance-sheet related BTC sales if market conditions change.
Bullish
Net impact on BTC price is assessed as bullish. Key bullish elements: a major public company dramatically increased its Bitcoin holdings to 35,102 BTC and has raised large amounts of capital explicitly to buy more BTC, signalling sustained institutional accumulation and demand. The company also generated substantial option premium revenue, indicating active market participation and liquidity provision. These factors support longer-term upward pressure on Bitcoin’s supply-demand balance. Offsetting factors that temper immediate upside: the large non-cash valuation loss and significant unrealised losses on Metaplanet’s balance sheet introduce the potential for balance-sheet-driven selling if the firm needs liquidity or faces tighter financing conditions. Additionally, heavy option-writing can add short-term volatility and create hedging flows that may pressure price. Overall, however, sustained corporate accumulation and planned capital raises to buy more BTC are likely net supportive over time, while short-term volatility risk remains due to options activity and unrealised losses.