Daniel Walker
Metaplanet, a Tokyo-listed investment firm, has announced the purchase of 696 BTC, aligning with its ongoing bitcoin accumulation strategy. The acquisition coincided with the release of its Q1 earnings report, detailing revenue generated through its bitcoin income generation model.
The newly acquired bitcoin was obtained through the exercise of cash-secured put options, with an average purchase price of 14,586,230 yen ($97,512) per BTC, amounting to a total expenditure of 10.152 billion yen ($67.9 million).
Bitcoin Income Strategy Boosts Q1 Revenue
Metaplanet generates revenue by selling cash-secured bitcoin put options, a strategy that allows the company to collect bitcoin-denominated premiums while setting aside capital to acquire BTC at pre-set strike prices.
During Q1 2025, the company reported an operating revenue of 770.35 million yen ($5.2 million) from this strategyโmarking an 11.4% quarterly increase and reaching 25% of its annual revenue goal of 3 billion yen ($20 million).
Of the 696 BTC acquired, a significant 645.74 BTC came from exercised put options, while 50.26 BTC were obtained via option premiums received.
How Metaplanet Benefits from Cash-Secured Put Options
A cash-secured put option is a financial strategy where an investor sells put options while maintaining enough collateral to purchase the asset if the contract is executed. This method enables a company to earn premium income and potentially acquire the asset at a discounted price.
Despite a market downturn, with Bitcoin currently trading near $84,214, Metaplanet claims that its effective acquisition costโadjusted for earned premiumsโwas 13,479,404 yen ($90,073) per BTC, which was below market value at the time the strategy was implemented.
Rather than purchasing directly from the spot market, Metaplanet leveraged options to acquire more BTC while using just 9.386 billion yen ($62.7 million) in collateral, improving its overall cost efficiency.
Metaplanet Joins the Ranks of Top Corporate Bitcoin Holders
With this latest purchase, Metaplanet now holds a total of 4,046 BTC, worth approximately $340 million, positioning itself among the top 10 corporate bitcoin holders. The company now stands alongside major institutional players like Michael Saylorโs Strategy, Tesla, MARA, and Block, as per PRIMEโs corporate bitcoin holdings tracker.
To evaluate its bitcoin accumulation strategy, Metaplanet uses a BTC Yield metric, measuring the percentage change in its bitcoin holdings relative to its outstanding shares. According to CEO Simon Gerovich, the firm’s year-to-date BTC Yield has reached 95.6%.
Future Bitcoin Acquisition Goals and Strategic Moves
Metaplanet has been actively expanding its bitcoin reserves since implementing its BTC adoption strategy in April 2024. The firm has set ambitious goals to reach 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026.
Last week, the company purchased 150 BTC ($12.6 million) on the spot market, just days after appointing Eric Trump to its Strategic Board of Advisors. The bitcoin was acquired at an average price of $83,801 per BTC.
Additionally, on Monday, Metaplanet issued 2 billion yen ($13.3 million) in zero-interest bonds to finance further bitcoin purchases, reinforcing its commitment to long-term BTC accumulation.
Stock Performance Reflects Market Confidence
Following these strategic moves, Metaplanetโs stock rose 2% on Tuesday, closing at 409 yen ($2.73). The companyโs stock price has skyrocketed 1,950% over the past year, reflecting strong investor confidence in its bitcoin-focused approach.
