Metaplanet Inc. (Standard Market Code: 3350) is pleased to announce the performance results of its Bitcoin Income Business for the second quarter of the fiscal year ending December 2025.
Key Highlights
1. Q2 2025 Performance and Operational Update
During the second quarter, Metaplanet generated ¥10.763 billion in revenue through the issuance and sale of cash-collateralized Bitcoin put options. All sold options were either delivered to buyers upon expiration or expired unexercised.
- Premiums and exercised rights were reinvested into additional Bitcoin acquisitions.
- Total Bitcoin holdings reached 13,350 BTC as of June 30, 2025.
2. Bitcoin Income Business Revenue Summary
The company reaffirmed its full-year revenue forecast of ¥3 billion for the Bitcoin Income Business, maintaining its original projection of ¥3.4 billion in consolidated revenue.
Quarterly Revenue Breakdown
| Period | Revenue (¥ million) | QoQ Growth |
|-----------------------------|---------------------|------------|
| Q4 2024 | 691.58 | – |
| Q1 2025 | 770.31 | +11.4% |
| Q2 2025 | 1,097.25 | +42.4% |
Progress Against Forecast
| Metric | Q2 2025 Actual | Cumulative (¥ million) | Full-Year Target | Progress |
|----------------------|----------------|------------------------|------------------|----------|
| Bitcoin Income Revenue | ¥1,097.25 M | ¥1,867.56 M | ¥3,000 M | 62.25% |
3. Overview of the Bitcoin Income Business
The Bitcoin Income Business is designed to:
- Accumulate Bitcoin at scale while generating stable operational income.
- Mitigate downside risk through pre-defined price-level acquisition strategies.
- Operate independently from Metaplanet’s core Bitcoin treasury holdings, which remain in offline cold storage for security.
🔹 Key Features:
- Fully cash-collateralized transactions.
- Strategic non-disclosure of pricing and contract terms.
- Complements but does not overlap with the Bitcoin Treasury Business.
4. Capital Allocation Update
- Funds initially allocated to Bitcoin options were fully deployed through exercised contracts.
- Future reinvestment decisions will align with the company’s long-term capital strategy.
5. Management Statement
"Our commitment to a Bitcoin-centric capital strategy remains unwavering. The strong quarterly growth of the Bitcoin Income Business validates our model’s potential to create long-term shareholder value while exploring new opportunities in capital markets."
— Simon Gerovich, CEO
FAQs
Q1: How does the Bitcoin Income Business differ from direct Bitcoin purchases?
A: It earns premiums through put options rather than outright buys, reducing exposure to market downturns.
Q2: What happens to unexercised Bitcoin options?
A: They expire worthless, and premiums are reinvested into additional Bitcoin.
Q3: Is the Bitcoin Income Business part of Metaplanet’s treasury holdings?
A: No—it operates separately, with treasury BTC stored offline for security.
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Note: All financial figures are in JPY unless otherwise stated.
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