At the end of December, Metaplanet added 4,279 BTC to its treasury, spending approximately $451 million on the purchase and raising its total holdings to 35,102 BTC. Simultaneously, the company reported that its Bitcoin Income Generation division exceeded forecasts, delivering significant revenue in 2025. This move demonstrates a combination of Bitcoin accumulation and active monetization of part of the reserve through income-generating strategies. Meanwhile, market pressure continues to affect stocks of companies holding Bitcoin treasuries.
Metaplanet Increases Bitcoin Holdings
The purchase of 4,279 BTC was made at the end of December, costing the company about $451 million and bringing its total holdings to 35,102 BTC. Metaplanet positions this as part of a hybrid model: combining a treasury stack with a Bitcoin income-generating business. This accumulation supports the company’s long-term reserve and establishes a foundation for further development of its income division.
Revenue from Bitcoin Income Generation Business
In its financial report, the company stated that revenue from Bitcoin Income Generation in 2025 reached 8.58 billion Japanese yen, roughly $54 million. This revenue significantly exceeded previous forecasts and reflects the division’s rapid growth throughout the year.
Metaplanet highlights a high growth rate: a quarterly compound annual growth rate (CAGR) of about 57% since Q4 2024, with quarterly revenue rising from approximately $4.3 million in Q4 2024 to $26.5–$27 million in Q4 2025. This dynamic growth explains why the company is increasingly using monetization models for part of its reserve.
Metaplanet’s Bitcoin Purchase Strategy
The company employs options strategies to generate regular cash flow, using a separate Bitcoin pool to sell options, collect premiums, and rotate these trades. Meanwhile, the main long-term holdings remain untouched, preserving the core stack as a reserve asset. At the same time, Metaplanet implements corporate solutions, including capital structure adjustments, that complement its Bitcoin operations — related company initiatives can be found in materials on its dividend policies, including preferred dividend shares.
Comparison with MicroStrategy
Metaplanet’s approach partly echoes tactics of other public companies actively increasing Bitcoin reserves and using various financing methods. Unlike some players, Metaplanet emphasizes a combination of treasury accumulation and income-generating options programs, whereas others use a mix of equity issuance and debt to finance purchases; for example, see materials on MicroStrategy’s Bitcoin acquisitions.
Market Pressure on Bitcoin Treasury Stocks
Metaplanet’s report also noted that the market to Bitcoin net asset value (mNAV) ratio fell below 1 in October, meaning the company’s market capitalization traded at a discount to the value of its Bitcoin assets. According to the company, this coincides with general pressure on Bitcoin treasury names, including NAV discount risks, index-related pressure, and potential delisting risks. Metaplanet stated it is assessing the impact of income from its business on consolidated forecasts and will update guidance accordingly.
Why This Matters
For miners operating 1–1000 devices in Russia, this news is important in two ways: first, major public players continue to accumulate Bitcoin while monetizing part of their reserves, influencing corporate demand dynamics. Second, the mNAV discount shows the market may value Bitcoin treasury stocks below their reserve worth, affecting stock prices but not directly impacting mining operations.
This means changes in public companies’ strategies for Bitcoin accumulation and monetization do not require immediate operational changes for miners but may affect corporate asset values and overall BTC demand. Monitor company reports and mNAV metrics if you hold or consider investing in such stocks.
What to Do?
- Follow news and reports: track announcements from Bitcoin treasury companies and their financial results to understand shifts in corporate BTC demand.
- If investing in stocks, check mNAV and discount levels: this helps assess the risk of sharp stock price corrections relative to Bitcoin reserve value.
- Don’t change mining settings solely due to corporate purchases: equipment operation and cost calculations remain your priority.
- Maintain an operational financial reserve in local currency or liquid assets: this eases expense management amid Bitcoin and stock market volatility.