Metaplanet Converts Bitcoin Treasury Into $4M Record Profit

Metaplanet is proving that a high-conviction Bitcoin strategy can pay off—big time.

The Tokyo-listed investment firm (TSE: 3350) reported an operating profit of 592 million yen (approximately $4 million) for Q1 2025, with nearly 90% of its 877 million yen revenue generated from Bitcoin option premiums. The results highlight just how effectively the company is putting its growing crypto treasury to work.

In just one quarter, Metaplanet added more than 5,000 BTC to its balance sheet, bringing total holdings to 6,796 BTC—nearly 70% of the way to its publicly stated goal of 10,000 BTC. That target was set in April 2024, when the firm formally adopted a Bitcoin standard.

Now, just over four months later, Metaplanet has become the 11th-largest public Bitcoin holder in the world—and the largest in Asia—overtaking El Salvador’s national stash.

To bankroll this aggressive accumulation, the firm turned to the capital markets with a mix of creative tools: bond offerings, equity issuance, and performance-triggered stock warrants that activate only if share prices climb. These efforts raised 86.1 billion yen, making Metaplanet the top public equity issuer in Japan so far this year.

Central to its strategy is a metric called “BTC Yield”—Bitcoin per fully diluted share—which has jumped 170% year-to-date, reflecting Metaplanet’s success in driving shareholder value through BTC exposure.

Despite a 2.47% dip in the latest trading session, Metaplanet shares are up a whopping 65.8% this year—well ahead of Bitcoin’s 8.45% gain over the same period.

In a market where few institutions are willing to go all-in on crypto, Metaplanet is setting the pace. Its Bitcoin-first blueprint is no longer just bold—it’s proving to be profitable.