Metaplanet’s Strategic Bitcoin Accumulation and Revenue Diversification

The Japanese investment firm Metaplanet significantly expanded its corporate Bitcoin holdings in the final quarter of 2025, cementing its position among the world's leading public company treasuries for the digital asset. This aggressive accumulation comes alongside a derivatives-based revenue stream that is outperforming internal forecasts, presenting a complex picture for a stock that remains well below its annual peak despite recent gains.

A focal point of the company's latest regulatory filing was its Bitcoin-based income operations. Metaplanet estimates that revenue from derivative and yield-focused strategies will reach approximately $55 million for the full 2025 fiscal year, a result management described as exceeding internal expectations.

This income is generated through several channels:
* Implementing covered-call strategies on the firm's own Bitcoin reserve
* Extending credit to institutional market participants
* Executing carry trades using BTC as collateral
* Additional yield-generation strategies backed by Bitcoin

On a quarterly basis, this revenue segment has shown explosive growth. It surged from about $4.3 million in Q4 2024 to roughly $26.5 million in Q4 2025, representing a cumulative quarterly growth rate of approximately 57%.

A Major Treasury Expansion

According to a mandatory disclosure published yesterday, Metaplanet purchased an additional 4,279 Bitcoin between October and December 2025. The acquisitions were made at an average price of $105,412 per coin.

This buying spree brings the firm's total holdings to 35,102 BTC. The volume-weighted average purchase price across all acquisitions now stands at around $107,607 per Bitcoin. With this sizable treasury, Metaplanet currently ranks as the world's fourth-largest publicly traded corporate Bitcoin holder, trailing only Strategy (formerly MicroStrategy), MARA Holdings, and XXI.

Company leadership reaffirmed its ambitious target of accumulating 210,000 BTC by 2027—a figure equivalent to about 1% of Bitcoin's total supply.

Share Price Movement and Sector Context

In Tokyo trading yesterday, Metaplanet shares closed at 531 Yen, marking a daily advance of 4.12% on volume of 62.4 million shares. The stock has climbed more than 21% over the past five trading sessions. This rally coincided with Bitcoin's price recovery above the $93,000 level.

Should investors sell immediately? Or is it worth buying Metaplanet?

Despite the recent uptick, the equity continues to trade substantially below its 52-week high of 1,930 Yen, reflecting the pressure faced by major digital-asset treasury providers in late 2025. Since the start of the year, however, the share price has already appreciated by about 31%.

Metaplanet's movement aligns with a broader sector recovery. In the United States, shares of Strategy and MARA gained 1.6% and 8.5%, respectively, over the same five-day period. In Japan, smaller Bitcoin treasury stocks also benefited: Convano rose over 16%, Remixpoint gained 11%, and Gumi advanced 6%.

An additional positive catalyst emerged recently from index provider MSCI. The company announced it would not exclude digital-asset treasury firms from its global indices, removing a sector overhang that had persisted since late 2025. Following this decision, Metaplanet's ratio of market valuation to net asset value (mNAV) rose to approximately 1.25—its highest level since before the market turbulence of October, as reported by CoinDesk.

Unrealized Losses and Model Criticism

Bitcoin traded between $90,700 and $93,700 yesterday, closing near $91,000. Based on Metaplanet's average acquisition cost of roughly $107,607 per BTC, the company's holdings currently show an unrealized loss of about 14%. Data from BitcoinTreasuries.net quantified this gap at approximately -13.86% in early January.

Nevertheless, the income-generating business backed by Bitcoin continues to produce positive cash flow. These proceeds help partially offset the accounting impairments on the treasury holdings.

Skepticism regarding the digital-asset treasury business model persists despite the price recovery. Brian Huang, co-founder of the Glider investment platform, recently stated that "the initial hype is over." Macro analyst Alex Kruger went further, labeling DAT models as an "abomination."

Capital Plans and Forward Calendar

In late December 2025, Metaplanet's board approved capital measures designed to facilitate further Bitcoin purchases. Plans include doubling the potential number of issuable Class-A and Class-B shares. The structure of this move is intended to attract additional institutional investors from abroad.

The next significant event is the anticipated quarterly report for Q4 2025, expected on February 17. The current analyst consensus rates the stock a "Strong Buy," with an average twelve-month price target of 1,927.50 Yen—significantly above the current trading level.