Metaplanet Expands Bitcoin Holdings with 696 BTC Purchase Amid Strong Q1 Results
Japanese investment firm Metaplanet has acquired an additional 696 BTC, as announced alongside its Q1 results for its bitcoin income generation business.
The latest purchases were made through the assignment of previously sold cash-secured put options, with an average acquisition price of 14,586,230 yen ($97,512) per bitcoin, totaling 10.152 billion yen ($67.9 million).
Metaplanet’s bitcoin income generation strategy involves selling cash-secured put options each quarter, allowing the company to collect bitcoin-denominated premiums while setting aside capital for potential purchases. In Q1, this approach generated 770.35 million yen ($5.2 million) in operating revenue—an 11.4% increase quarter-over-quarter and over 25% of Metaplanet’s annual revenue of 3 billion yen ($20 million). Of the newly acquired BTC, 645.74 were obtained through exercised options, while 50.26 BTC came from premiums received.
A cash-secured put option involves selling a put contract while reserving enough capital to buy the underlying asset—bitcoin—if exercised. Although BTC’s market price has since fallen to around $84,214, Metaplanet argued that its strategy allowed it to acquire more BTC than a direct market purchase would have. The nominal acquisition price was 14,586,230 yen ($97,512) per BTC, but after factoring in earned premiums, the effective cost was 13,479,404 yen ($90,073) per BTC—below market prices at the time the options were written.
A Top 10 Corporate Bitcoin Holders
Metaplanet now holds 4,046 BTC, valued at approximately $340 million, placing it among the top 10 corporate bitcoin holders alongside MicroStrategy, MARA, Tesla, and Block. Like these firms, Metaplanet tracks BTC Yield—a key performance metric measuring the percentage change in its bitcoin holdings relative to fully diluted shares. Year-to-date, the company has achieved a BTC Yield of 95.6%, according to CEO Simon Gerovich.
Since launching its bitcoin adoption strategy in April 2024, Metaplanet has aggressively increased its BTC reserves. The firm aims to reach 10,000 BTC by the end of 2025 and 21,000 BTC by 2026.
Recently, Metaplanet acquired an additional 150 BTC ($12.6 million) in a market purchase, days after appointing Eric Trump to its Strategic Board of Advisors. The purchase was made at an average price of $83,801 per BTC. Additionally, the firm issued 2 billion yen ($13.3 million) in zero-interest bonds on Monday to fund further bitcoin acquisitions following a board meeting.
Metaplanet’s stock closed up 2% at 409 yen ($2.73) on Tuesday and has surged over 1,950% in the past year, according to TradingView.
