Metaplanet Adds 696 Bitcoin to Treasury, Bringing Total Holdings to 4,046 BTC
Key Takeaways:
Firms may need to revise risk and accounting models as digital assets become central to treasury management. Integrating Bitcoin can reshape corporate governance and investor reporting, demanding greater transparency. Such strategies may influence market sentiment and redefine how credit and valuation metrics account for digital assets.On Tuesday, Tokyo-based Metaplanet Inc. announced that it had acquired 696 additional Bitcoin using proceeds from previously sold cash-secured put options, bringing its total holdings to 4,046 BTC.
The purchase was executed through the company’s Bitcoin Income Generation business line.
The average acquisition price for the latest tranche was ¥12,943,181 (approximately $86,700) per Bitcoin, representing a total investment of ¥52.368 billion.
On Monday, Metaplanet also disclosed it had issued ¥2 billion (approximately $13.3 million) in zero-interest bonds, with proceeds earmarked for Bitcoin purchases.
The move, approved during a March 31 board meeting, supports its broader strategy of anchoring its corporate treasury in Bitcoin.
Metaplanet’s Bitcoin Income Strategy in Q1 2025
During the first quarter of FY2025, Metaplanet continued executing its structured strategy of selling cash-secured Bitcoin put options.
The firm reported generating ¥770.35 million in operating revenue through these options, equivalent to 50.26 BTC in premiums.
These activities resulted in 645.74 BTC acquired through options, contributing to a total increase of 696 BTC in holdings during the quarter.
By deploying ¥9.386 billion in collateral, Metaplanet obtained more Bitcoin than direct spot purchases would have allowed.
The nominal book cost per Bitcoin was ¥14,586,230, but after factoring in premiums, the effective cost fell to ¥13,479,404 per BTC.
This enabled Metaplanet to acquire Bitcoin below market prices during the quarter.
Bitcoin Yield as a Treasury Metric
Metaplanet has used BTC Yield as a performance metric to track the percentage growth of its total Bitcoin holdings relative to fully diluted shares outstanding.
This measure helps the company evaluate how its acquisition strategy contributes to shareholder value.
By increasing its Bitcoin exposure while improving capital efficiency, Metaplanet has reinforced its focus on corporate Bitcoin treasury management.
Between July and September 2024, Metaplanet reported a BTC Yield of 41.7%. From October to December 2024, that figure rose to 309.8%.
In Q1 2025, the company recorded a BTC Yield of 95.6%, reflecting continued expansion in Bitcoin reserves.
Metaplanet’s Strategic Outlook
Metaplanet has steadily repositioned itself as a Bitcoin-aligned company, drawing inspiration from MicroStrategy’s approach in the United States.
It began acquiring Bitcoin in April 2024 and has set a public goal of building a 10,000 BTC reserve by the end of 2025.
The company sees Bitcoin as a hedge against prolonged economic challenges in Japan, including currency volatility and rising national debt.
By anchoring its balance sheet in BTC, Metaplanet has positioned itself for long-term exposure to decentralized assets over fiat stability.
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