Metaplanet has just signed an end-of-year move that looks less like a “trade” than a declaration. The Tokyo-listed company added 4,279 bitcoin for an acquisition cost of around $451 million, bringing its cash holdings to 35,102 BTC, or around $3 billion at current prices.
In brief
- Metaplanet purchased 4,279 BTC in late December for around $451 million, bringing its treasury to 35,102 BTC, close to $3 billion in value.
- The company combines long-term accumulation and options strategies to generate recurring income without touching its core stock.
- But the market is becoming more demanding with BTC treasury stocks, and the valuation discounts are a reminder that the model remains under pressure.
A late purchase that is not a whim
4,279 bitcoin in one block, at the end of December, is the kind of figure that makes noise without the need for marketing. It’s not “we diversify”, it’s “we assume”. Metaplanet chooses a bitcoin treasury logic, where the reserve becomes a strategic axis, not an accessory.
This positioning is part of the same dynamic as Strategy, which temporarily puts BTC aside, after a year 2025 dominated by methodical accumulation. The company, however, closed December with a final purchase of 1,229 BTC, financed by a mixture of shares and debt, faithful to its usual pattern. The idea remains the same: strengthen the reserve when conditions are right, then take a tactical pause when the market imposes its rhythm, without ever abandoning the basic course, BTC as the central asset.
Except there is one key nuance. Metaplanet wants to avoid the image of the immobile safe. The implicit message is almost accounting: “we hold, but we also monetize”. And this is precisely where the story becomes more interesting.
The “Income Generation” business: transforming bitcoin into a flow, not a relic
Metaplanet explains that its revenues come from options-based strategies, designed to generate recurring bonuses. The idea is to use a separate pool of bitcoin to sell options, collect premiums, recycle trades, while leaving the long-term reserve intact.
On paperthis responds to a classic criticism of bitcoin treasuries: “okay for the assets, but where is the cashflow?” Here, bitcoin is no longer just volatile, it also becomes productive. Metaplanet also claims that revenues from this branch have exceeded forecasts, with 8.58 billion yen in 2025 (around $54 million).
But you have to look at mechanics without rose-colored glasses. Selling options means collecting a premium in exchange for structured risk. In short: we monetize time, but we accept an asymmetry when the market suddenly goes in one direction. It's solid when it's well calibrated, and dangerous when it becomes an overconfident routine. This is not a defect, it is the price of an income “in bitcoin” which does not fall from the sky.
The awakening of the markets: when “bitcoin cash” gets paid… or gets punished
The timing is important, because at the same time, the market has become tougher on bitcoin-backed stocks. In October, Metaplanet saw its mNAV ratio fall below 1, which means that the company was trading on the stock market at a price lower than the value of its bitcoin holdings. In other words: investors refused to pay a premium for packaging.
And Metaplanet is not alone. Several “bitcoin treasury names” have suffered discounts, index pressure, and sometimes more serious warnings about their continued listing. The market sorts it out: when bitcoin goes up, everyone looks like a genius. When it blows, financing structures and dilution suddenly become very visible.
This is where Metaplanet's hybrid model attempts an exit from the top. If the BTC reserve remains the backbone, the income via options serves as an operational justification, almost like a “proof of activity” for the action. The company also says that it is still evaluating the impact of these results on its consolidated forecasts and that it will update its guidance after analysis.
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