Metaplanet Inc., the Tokyo-listed company, has attracted attention after reporting strong results from its Bitcoin strategy. The company not only increased its bitcoin holdings, but also earned much more revenue than expected by using Bitcoin-related derivatives.

Together, these moves show that Metaplanet’s long-term plan is starting to pay off. By the end of December 2025, Metaplanet owned 35,102 BTC. During the fourth quarter alone, the company bought 4,279 bitcoin, spending about $451 million.

Alongside buying bitcoin, Metaplanet runs a Bitcoin Income Generation business. This unit uses option strategies to earn regular income. In the fourth quarter of fiscal 2025, this business generated about ¥4.24 billion in revenue. For the full year, revenue reached ¥8.58 billion, far above the company’s earlier forecasts.

Earlier in the year, Metaplanet expected this business to earn only ¥3.0 billion. That forecast was later raised to ¥6.3 billion, but the final result still came in much higher. Because of this strong performance, the company said it is now reviewing how these results will affect its overall earnings.

Revenue from the income business increased every quarter. It rose from about ¥692 million in late 2024 to ¥770 million in early 2025, then climbed to ¥1.13 billion, ¥2.44 billion, and finally ¥4.24 billion by the fourth quarter.

This shows consistent and rapid growth, with revenue expanding at an average rate of about 57% per quarter. Metaplanet explained that this revenue comes from option premiums, trading results, and valuation changes tied to bitcoin used specifically for income generation.

Importantly, these figures do not include gains or losses from bitcoin held for the long term. The company keeps its trading activity separate from its long-term bitcoin reserves.

On average, each bitcoin was purchased at a price slightly above $105,000. Overall, Metaplanet has spent close to $3.78 billion to build its bitcoin position.

Chief executive officer Simon Gerovich summed up the achievement clearly, saying:

Metaplanet says it treats bitcoin as a core treasury asset, meaning it plans to hold it for the long term rather than trade it frequently. Instead, the company uses options trading to generate revenue. The company buys bitcoin during market dips and continues accumulating even when prices are volatile. At current market prices, its bitcoin holdings are worth around $3 billion, making Metaplanet one of the largest public bitcoin holders.

The company also tracks a measure called BTC Yield, which looks at bitcoin accumulation compared with share dilution. For 2025, Metaplanet reported a BTC Yield of 568.2%. Some critics questioned this number when bitcoin prices fell, but management said the metric reflects income earned and disciplined growth, not short-term price moves.

To fund its expansion, Metaplanet raised money through several channels. These included bitcoin-backed loans, the sale of preferred shares, and the repayment of older bonds. Management says this approach strengthens the company’s balance sheet while allowing continued bitcoin accumulation.

Despite the strong results, Metaplanet’s share price has been volatile. The stock recently traded around ¥405, falling from the highs of ¥1900 in June 2025, reflecting wider uncertainty in bitcoin markets rather than disappointment with company performance.