Metaplanet, an investment and operations company listed on the Tokyo Stock Exchange, further strengthened its long-term Bitcoin treasury strategy by purchasing an additional 4,279 Bitcoin in the last quarter of 2025. According to the company's statement, approximately $451 million was spent on this purchase, with an average purchase price of $105,412. With this latest transaction, Metaplanet's total Bitcoin holdings have risen to 35,102 BTC. This amount makes the company the fourth largest Bitcoin holder among publicly traded firms.
$3.78 Billion Treasury
Metaplanet's total Bitcoin investment has reached $3.78 billion to date. According to company data, the average cost is around $107,607. Management emphasizes that it does not view its current holdings solely as a store of value, but also places them at the center of a balance sheet-based long-term growth plan. In this context, the company aims to reach a total of 210,000 BTC by the end of 2027.
The company's shares closed 2025 at 405 yen, an increase of approximately 8 percent. However, Metaplanet shares are still trading about 80 percent below their all-time high seen in June. This clearly demonstrates the volatility in market valuations of companies pursuing a Bitcoin treasury strategy. The most important element that distinguishes Metaplanet from similar examples is its "Bitcoin revenue generation" model. Instead of passively holding all of its Bitcoins, the company has established a structure that generates revenue through derivative products. In this option-based strategy, a separate Bitcoin pool is used; premium income is obtained by selling options from this pool. In this way, the company's main Bitcoin asset, which is planned to be held long-term, is protected while ensuring a regular cash flow. This revenue stream exceeded expectations for 2025. In the latest official announcement, it was stated that the Bitcoin revenue generation unit is expected to generate approximately 8.58 billion Japanese yen, or around 54-55 million dollars, annually. The company stated that it is still evaluating the impact of this performance on consolidated financial results and will share updated guidance in the coming period.
Metaplanet's revenue growth is progressing at a remarkable pace. This unit, which was approximately $4.3 million in the last quarter of 2024, reached the $26.5–27 million range in the last quarter of 2025. The quarterly compound growth rate is around 57 percent. This shows that the company is positioning Bitcoin not only with the expectation of price increase, but also as an active financial instrument.
This approach is reminiscent of the aggressive Bitcoin accumulation strategy of US-based Strategy in recent years. Strategy continued its Bitcoin purchases throughout 2025 using equities and debt instruments and transformed its balance sheet into a directly BTC-based structure. Metaplanet's hybrid model complements this approach with a revenue-generating mechanism.
On the other hand, market conditions are creating pressure for companies. Metaplanet's mNAV indicator, which represents the ratio between market capitalization and net Bitcoin asset value, fell below 1 in October. This suggests that the company's shares are trading at a discount compared to its Bitcoin holdings. Similar pressure is reportedly being observed in other companies that implement Bitcoin treasury models.
