Metaplanet closes 2025 above 35,000 BTC after $450M purchases at the end of December

Metaplanet just signed an end-of-year move that looks less like a “trade” and more like a statement. The Tokyo-listed company added 4,279 bitcoin for an acquisition cost of about $451 million, bringing its treasury to 35,102 BTC, around $3 billion at the current price.

A late purchase that is anything but a whim

4,279 bitcoin in one block, at the end of December, is the kind of figure that makes noise without needing marketing. It’s not “we diversify,” it’s “we own it.” Metaplanet chooses a bitcoin treasury logic where the reserve becomes a strategic axis, not an accessory.

This positioning aligns with the same dynamic as Strategy, which temporarily sidelines BTC, after a 2025 dominated by methodical accumulation. However, the company had closed December with a last purchase of 1,229 BTC, funded by a mix of equity and debt, faithful to its usual scheme. The idea remains the same: strengthen the reserve when conditions allow, then take a tactical pause when the market imposes its pace, without ever abandoning the long-term goal, BTC as the central asset.

Except there is a key nuance. Metaplanet wants to avoid the image of an immobile safe. The implicit message is almost accounting: “we hold, but we also monetize.” And that’s precisely where the story gets more interesting.

The “Income Generation” business: turning bitcoin into flow, not a relic

Metaplanet explains that its revenues come from option-based strategies designed to generate recurring premiums. The idea is to use a separate pool of bitcoin to sell options, collect premiums, recycle operations, while leaving the long-term reserve intact.

On paper, this answers a classic criticism of bitcoin treasuries: “okay for the asset, but where is the cash flow?” Here, bitcoin is not only volatile, it also becomes productive. Metaplanet even states that revenues from this branch exceeded forecasts, with 8.58 billion yen in 2025 (about $54 million).

But you have to look at the mechanics without rose-colored glasses. Selling options means collecting a premium in exchange for a structured risk. In short: you monetize time, but accept an asymmetry when the market abruptly moves in one direction. It’s solid when well calibrated, and dangerous when it becomes an overly confident routine. It’s not a defect, it’s the price of “in bitcoin” income that doesn’t fall from the sky.

Market awakening: when the “bitcoin treasury” gets paid… or punished

The timing is important, because in parallel, the market has become harsher with bitcoin-backed stocks. In October, Metaplanet saw its mNAV ratio fall below 1, meaning the company was trading on the stock exchange at a price lower than the value of its held bitcoins. In other words: investors refused to pay a premium for the packaging.

And Metaplanet isn’t alone. Several “bitcoin treasury names” have suffered discounts, index pressures, and sometimes more serious warnings about their listing status. The market sorts things out: when bitcoin rises, everyone looks like a genius. When it blows, financing structures and dilution suddenly become very visible.

That’s where Metaplanet’s hybrid model tries for an exit at the top. If the BTC reserve remains the backbone, income via options serves as operational justification, almost like a “proof of activity” for the stock. The company also says it is still assessing the impact of these results on its consolidated forecasts and will update its guidance after analysis.