Japan’s MicroStrategy Metaplanet Releases Latest Financial Report
In the first quarter of 2025, Metaplanet reported revenues of 877 million yen, with 88% derived from Bitcoin options trading. As Japan’s largest Bitcoin reserve company, benefiting from the country’s tax system and facilitating purchases for retail and institutional investors, its mNAV has long remained at a premium. The company’s stock price has risen 58% this year, significantly outperforming Bitcoin’s 11% increase.
Metaplanet Accelerates Bitcoin Purchases, Aiming for 10,000 Coins by Year-End
Originally operating in the hospitality sector, Metaplanet announced in April last year that it would emulate MicroStrategy (now rebranded as Strategy) by adopting a Bitcoin financial strategy and actively purchasing Bitcoin. To date, it has accumulated 6,796 Bitcoins, ranking it 11th among publicly listed companies globally. Metaplanet expects to reach its purchase goal of 10,000 coins by the end of this year, with an ambitious target of 21,000 coins by 2026.
Options Trading Generates Bitcoin Revenue
In the first quarter of 2025, revenues reached 877 million yen, with 88% coming from Bitcoin options trading. Operating profit stood at 593 million yen, an 11% increase from the previous quarter. Metaplanet utilizes the flexibility of options trading to generate income beyond the appreciation of Bitcoin in the spot market, including selling Bitcoin puts and roll-up trades. By collecting options premiums, Metaplanet refers to this as “targeted buying,” emphasizing that even if forced execution occurs, it results in purchasing Bitcoin in the spot market, highlighting this as an alternative method to acquire Bitcoin.
In the first quarter, unrealized losses of 7.4 billion yen were recorded due to Bitcoin price volatility, but as of May 12, this had turned into unrealized gains of 13.5 billion yen.
Japan’s Largest Bitcoin Reserve Company with Long-Term Premium mNAV
Metaplanet is the publicly listed company in Asia with the largest Bitcoin holdings and is actively expanding its Bitcoin holdings through capital markets. This strategy has garnered significant attention in the Japanese market, leading to its inclusion in various global and local ETFs. The number of its shareholders has grown by 500% within a year, currently reaching 64,000 shareholders. Since its first Bitcoin purchase in April 2024, its stock price has increased 15 times.
Benefiting from Japan’s tax system and the ease of access for retail and institutional investors, its mNAV (the ratio of current stock price to the value of its Bitcoin holdings) remains high. Notable short-seller Jim Chanos recently stated in an interview with CNBC that it is absurd for companies like Strategy to use fundraising to purchase Bitcoin and then justify increasing their company valuation by claiming “we own Bitcoin.” He suggested that investors could go long on Bitcoin while shorting the company’s stock for arbitrage.
(Notable short-seller Jim Chanos: Going long on Bitcoin + shorting MicroStrategy for arbitrage)
Metaplanet Establishes U.S. Subsidiary, MTPLF Trading Volume Soars
At the beginning of the month, Metaplanet announced the establishment of a wholly-owned subsidiary, “Metaplanet Treasury Corp.,” in Miami, Florida, with an initial capital of $250 million (approximately 1 billion yen). This move is seen as a crucial step in advancing its “Bitcoin treasury strategy,” enhancing its global financial operations capabilities. Additionally, its stock MTPLF, which is traded on the U.S. OTC market, has seen an increase in trading volume due to rising exposure.
Risk Warning
Investing in cryptocurrencies involves high risks, and their prices can be extremely volatile. You may lose your entire principal. Please assess the risks carefully.