KEY FACTS: Japanese investment firm Metaplanet Inc. has announced a massive fourth-quarter acquisition of 4,279 Bitcoin for approximately $451 million, pushing its total holdings above the 35,000 BTC milestone to 35,102 BTC, valued at around $3 billion amid Bitcoin prices near $88,000. This year-end purchase, executed at an average price of about $105,412 per BTC, capped a transformative 2025 for the company, which far exceeded its initial 10,000 BTC target through aggressive funding via equity issuances and zero-interest bonds, while generating significant income from innovative Bitcoin options strategies that delivered a remarkable 568.2% BTC yield per share and positioned Metaplanet among the world's top corporate Bitcoin treasuries.

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Source: Metaplanet

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Metaplanet Caps 2025 with $451 Million Bitcoin Acquisition, Surpassing 35,000 BTC Milestone

Japanese investment firm Metaplanet Inc. has announced the purchase of an additional 4,279 Bitcoin (BTC) during the fourth quarter, at a total cost of approximately $451 million. This latest accumulation brings the company's total holdings to 35,102 BTC, valued at around $3 billion based on current market prices near $88,000 per Bitcoin. The announcement, detailed in a regulatory filing and highlighted by CEO Simon Gerovich on social media, marks the culmination of an extraordinary year for Metaplanet. The firm, often dubbed "Asia's MicroStrategy" for its aggressive Bitcoin strategy, has transformed from a traditional hospitality and real estate player into one of the world's leading corporate Bitcoin holders.

Metaplanet's 2025 performance has been remarkable. Starting the year with ambitions to reach 10,000 BTC, the company far exceeded expectations through a series of strategic purchases funded by equity issuances, zero-interest bonds, and innovative capital raises. By mid-year, it had already surpassed Tesla and Coinbase in corporate holdings, climbing the ranks to become the fourth-largest public company Bitcoin treasury globally at one point.

The Q4 purchase alone, executed at an average price of about $105,412 per Bitcoin, represents a significant bet on Bitcoin's long-term value, even as the cryptocurrency navigated volatility throughout the year. Metaplanet's total acquisition cost for its entire stack now stands at roughly $3.78 billion, with an average purchase price of $107,606 per BTC.

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Source: Metaplanet

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What sets Metaplanet apart from pure holders is its innovative "Bitcoin Income Generation" business, which has proven to be a standout success in 2025. The company reported revenues of 8.58 billion Japanese yen (approximately $54 million) from this segment, significantly exceeding initial forecasts.

This income stream is powered by sophisticated options-based strategies. Using a dedicated pool of Bitcoin separate from its core long-term holdings, Metaplanet sells covered call options to collect premiums, generating recurring cash flow while minimizing risk to its primary treasury reserve. The approach transforms Bitcoin from a purely speculative asset into a productive one, addressing common criticisms of dormant corporate treasuries.

The income arm demonstrated explosive growth, achieving a quarterly compounded rate of around 57% since late 2024. Revenue escalated from about $4.3 million in Q4 2024 to an estimated $26.5–$27 million in Q4 2025 alone.

A key performance metric for Metaplanet is its "BTC Yield", the percentage increase in Bitcoin holdings per fully diluted share. For 2025, this yield reached an impressive 568.2% year-to-date, reflecting the company's ability to accretively grow shareholder exposure to Bitcoin despite issuing new shares for funding.

Metaplanet's strategy closely mirrors that of U.S.-based MicroStrategy (now referred to in some contexts as Strategy), the undisputed leader in corporate Bitcoin adoption. Both companies have employed a mix of debt, equity, and convertible instruments to fund relentless accumulation, positioning Bitcoin as their primary reserve asset.

MicroStrategy also closed out 2025 with continued buys, framing its efforts as a long-term program to build BTC-denominated balance sheets. However, the broader sector has faced headwinds, including discounts to net asset value (NAV). Metaplanet's market-to-Bitcoin NAV ratio dipped below 1 in October, meaning its stock traded at a discount to the underlying value of its holdings, a phenomenon affecting several "digital asset treasury" companies amid index pressures and investor caution.

Despite these challenges, Metaplanet has pushed forward with creative financing. In late December, it completed a third-party allotment of Class B preferred shares, raising over $136 million to support further Bitcoin acquisitions and operations.

The timing of Metaplanet's year-end spree coincides with Bitcoin trading in a consolidated range around $88,000–$90,000, following a year of significant gains but also periodic corrections. As 2025 draws to a close, Metaplanet's holdings place it firmly among the elite corporate adopters, trailing only a handful of giants like MicroStrategy. The company's earlier ambitions, including a long-term target of 210,000 BTC by 2027, now seem more attainable than ever, signaling continued aggression into 2026.

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Information Sources:

• Metaplanet/ X
• Coindesk
• Binance
• Cointelegraph

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