Metaplanet Q1 Financial Report: Bitcoin options revenue reached 770 million yen

Japan's MicroStrategy Metaplanet announced its latest financial report, with Q1 2025 revenue at 770.3 million yen, a growth of 11.4% compared to Q4 2024. This was mainly achieved through cash-secured Bitcoin sell put options (, generating sustainable income while increasing the amount of Bitcoin held long-term.

Options trading creates Bitcoin earnings

The report for the first quarter of 2025 shows that Metaplanet generates sustainable income through cash-backed Bitcoin sell put options )sell put options(, while increasing the amount of Bitcoin held long-term.

In the first quarter, Metaplanet generated an income of 770 million yen from selling Bitcoin put options, equivalent to 50.26 Bitcoins. However, the total number of Bitcoins bought through executed options amounted to 645.74 Bitcoins, resulting in a total of 696 Bitcoins.

This strategy primarily involves selling cash-secured Bitcoin put options when prices are high, allowing one to earn premiums when market prices are elevated, and acquire Bitcoin at a relatively lower cost when the options are exercised.

The target for the fiscal year 2025 is to achieve total revenue of 3 billion yen from Bitcoin revenue business, with Q1 already completed at 25.7%.

Bitcoin accounts for only 30% of its market capitalization.

Since implementing its Bitcoin strategy in April last year, Metaplanet's stock price has increased by 195 times, demonstrating the frenzy of Japanese investors towards Metaplanet. However, its Bitcoin only accounts for 30% of its market capitalization.

In Japan, the capital gains tax on direct purchases of Bitcoin can be as high as 55%. Therefore, investing in stocks like Metaplanet through a personal savings account )NISA( is a cost-effective and convenient option for small-scale and first-time buyers.

Previously, Chain News introduced the Bitcoin reserve strategy company investment reference value. Japan's Metaplanet benefits from tax advantages, with a P/B ratio far higher than that of Strategy ), originally named MicroStrategy (. However, recently, with the decline of Bitcoin, its value has dropped from 8 to around 3.3. The hotel operated by Metaplanet will be renamed "Bitcoin Hotel," featuring a Bitcoin gallery, an art museum, and shared workspaces, providing a good communication environment specifically for the crypto community. It is evident that both its main business and tax system have attracted the attention of investors, pushing the price to high levels. However, what I find curious is that this financial report only mentions Bitcoin revenue, with no mention of hotel operations, completely reflecting the model of a financial operation company.

)Strategy leads the trend, a detailed article on Bitcoin reserve strategy company investment guide(

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