Japanese Firm Metaplanet Leverages BTC Holdings to Generate Record Q1 Profit

Tokyo-listed investment firm Metaplanet (3350) generated 592 million yen ($4 million) in operating profit in the first quarter of 2025, largely through bitcoin-based income strategies.

The company reported 877 million yen in revenue, with 88% coming from option premium harvesting on bitcoin BTC$102,577.20, according to its first quarter earnings release.

Metaplanet’s bitcoin stash grew by more than 5,000 BTC in the quarter to reach 6,796 BTC. The firm has achieved 68% of its 10,000 BTC target just over four months after adopting its bitcoin standard on April 8, 2024, according to the document.

This aggressive accumulation has helped it become the 11th-largest public company by bitcoin holdings globally and the top in Asia. The company recently overtook El Salvador in the metric.

To finance its BTC accumulation, Metaplanet sold bonds, issued equity, and sold moving-strike stock warrants that only activate when share prices rise. The company raised 86.1 billion yen through this mechanism, becoming the largest public equity issuer in Japan so far this year.

Metaplanet’s capital strategy hinges on leveraging operating cash flow and market-raised funds into bitcoin, boosting its BTC Yield, a metric tracking bitcoin per fully diluted share. That figure jumped 170% year-to-date.

Metaplanet’s shares on the Tokyo Stock Exchange went down 2.47% in the last trading session to 593 yen each. The firm’s shares are up 65.8% year-to-date, while BTC is up 8.45% over the same period.