Tokyo-listed investment firm Metaplanet (3350) has posted a strong first-quarter performance, reporting an operating profit of 592 million yen (approximately $4 million), fueled primarily by its Bitcoin-based income strategies.
According to the company’s Q1 2025 earnings report, revenue came in at 877 million yen, with 88% attributed to income from Bitcoin option premium harvesting. With Bitcoin trading around $103,700, Metaplanet’s approach to generating yield from its BTC holdings appears to be paying off.
During the quarter, Metaplanet expanded its Bitcoin treasury by over 5,000 BTC, bringing total holdings to 6,796 BTC. That puts the firm 68% of the way toward its stated goal of holding 10,000 BTC—just four months after adopting its Bitcoin standard on April 8, 2024.
This rapid accumulation has vaulted Metaplanet to the position of the 11th-largest public company by Bitcoin holdings globally and the largest in Asia, surpassing even the nation of El Salvador in total BTC reserves.
To fund this aggressive expansion, Metaplanet has employed a variety of capital-raising tools, including bond issuance, equity sales, and innovative moving-strike stock warrants, which only activate if share prices increase. In total, the firm raised 86.1 billion yen through these methods, making it the largest public equity issuer in Japan so far this year.
A key metric the company tracks is its “BTC Yield”—Bitcoin held per fully diluted share—which has surged 170% year-to-date, reflecting the firm’s success in converting capital into Bitcoin assets.
Despite a 2.47% drop in its stock price during the latest trading session, closing at 593 yen, Metaplanet’s shares are up 65.8% year-to-date. For comparison, Bitcoin itself has gained 8.45% over the same period.
Metaplanet’s bold Bitcoin-centric strategy continues to distinguish it in both traditional financial and crypto markets, as it positions itself as a major institutional player in the evolving digital asset landscape.
