Metaplanets Hopes To Turn Bitcoin Into Revenue. But Is It Viable?

Tokyo-based Metaplanet is closing 2025 with a massive Bitcoin purchase, buying 4,279 BTC for $451 million, bringing the company's total holdings to 35,102 BTC.

This acquisition wasn’t merely symbolic but a reflection of the company's long-term treasury strategy. The 4,279 BTC purchase was funded through a combination of equity and debt, in line with prior 2025 acquisitions, and elevates the company’s total reserve to 35,102 BTC.

By emphasizing Bitcoin as a core corporate asset rather than a speculative play, Metaplanet positions itself alongside other “Bitcoin treasury” firms, asserting a firm stance in the market. The move also sends a signal to investors: the company views BTC as a strategic pillar of its balance sheet.

Moreover, Metaplanet's real intention stretches beyond just holding BTC. The company's long term goal is to operate a dedicated option-based strategy designed to generate recurring revenue from a portion of its Bitcoin reserve while keeping the core holdings untouched.

This approach addresses a common criticism: corporate BTC treasuries often lack cash flow. In 2025, the company’s income-generation unit produced ¥8.58 billion, surpassing expectations.

However, this strategy carries inherent risk. While it provides steady premium income, the firm remains exposed to price swings, and misjudged volatility that could magnify losses. Metaplanet’s framework thus balances yield potential with careful risk management, converting BTC into an active financial instrument rather than a static asset.

Despite these innovations, public perception of Bitcoin-heavy firms has grown cautious. Metaplanet’s market-to-net-asset-value (mNAV) ratio fell below 1 in October, indicating that its shares were trading at a discount to BTC holdings.

Other BTC treasury firms have experienced similar pressure, reflecting investor concerns over dilution, financing, and market volatility. While Metaplanet’s hybrid model—reserving core BTC while generating income—offers differentiation, it must navigate the market’s heightened scrutiny and fluctuating appetite for risk.

The company emphasized that it will update 2026 guidance after evaluating the impact of its year-end purchases and income-generation strategies. For now, Metaplanet projects a clear message: Bitcoin is not just a holding—it’s a platform for strategic growth and revenue generation.