Japan's MicroStrategy Metaplanet holdings surpass 35,000 coins, with additional investments exceeding $448 million in 2025.

Tokyo-listed company Metaplanet delivered an impressive performance in 2025—the recently concluded year. Known as the “Japan MicroStrategy” for its aggressive Bitcoin savings strategy, the company increased its holdings by an additional 4,279 BTC in the fourth quarter, bringing its total holdings to over 35,102 BTC, with a total market value of approximately $3 billion. According to disclosed information, the average cost for this round of accumulation was 16.325 million JPY per BTC (about $105,000), funded through multiple channels including debt financing, equity issuance, and options strategies.

Fourth Quarter Surge of 4,279 BTC, Holdings Reach New High

Metaplanet’s expansion accelerated in 2025. Starting with a holding of 1,762 BTC at the beginning of the year, the company accumulated over 33,000 BTC throughout the year, investing a total of 559.726 billion JPY (about $3.59 billion). This means an average cost of approximately 15.946 million JPY (about $102,000) per Bitcoin. The fourth quarter’s accumulation pushed the company’s holdings to 0.17% of the total Bitcoin supply worldwide, establishing its position as a leading holder outside the United States.

As of December 30, Metaplanet disclosed a “Bitcoin Yield” of 11.9%, a key performance indicator measuring the balance between holdings growth and share dilution. Despite Bitcoin’s current price fluctuating around $90,000 (latest quote at $90.03K), the company’s early accumulated positions still retain substantial unrealized gains.

Innovative Revenue Model, Options Strategies Earn $55 Million Annually

In December 2024, Metaplanet officially designated Bitcoin reserves management as an official business, launching the “Bitcoin Income Generation” division. This innovative initiative utilizes options strategies within independent coin pools to generate recurring income without using core reserve assets.

In 2025, this division performed remarkably, generating annual revenue of 8.58 billion JPY (about $55 million), significantly exceeding initial expectations. Quarterly revenue growth was even more impressive—rising from approximately 680 million JPY (about $4.3 million) in Q4 2024 to over 4.2 billion JPY (about $27 million) by the end of 2025, with a compound growth rate of 57%. This business model, supplementing core Bitcoin holdings with options income, provides a new revenue dimension for the company’s Bitcoin portfolio.

Diversified Financing Supports Expansion, $500 Million Credit Framework Activated

To support scaled Bitcoin accumulation, Metaplanet employed multi-layered financing tools. Under a $500 million credit framework, the company drew down $280 million in Bitcoin-backed loans in Q4. Additionally, in late December, it raised 21.249 billion JPY by issuing 23.61 million Class B convertible preferred shares, and on December 29, it redeemed the remaining 3.75 billion JPY of Series 19 ordinary bonds.

These financing measures are highly similar to strategies used by U.S. peer MicroStrategy. In 2025, MicroStrategy added over 225,000 BTC, reaching a total of 672,497 BTC, maintaining its position as the leading corporate Bitcoin holder globally. While Metaplanet’s accumulation pace is not as rapid as its U.S. counterpart, its expansion in the Asian market has attracted widespread investor attention.

Stock Price Surges Over 345%, Community Optimistic About Further Accumulation

The capital markets responded enthusiastically to Metaplanet’s performance. Listed as code 3350 on the Tokyo Stock Exchange, the company’s stock price increased by over 345% in 2025, far surpassing Bitcoin’s 100% rise during the same period—even though Bitcoin briefly hit a record high of $126,000 in October. This stock performance reflects market confidence in the company’s Bitcoin savings strategy.

On social platform X, community reactions to the company’s announcements have been very positive. Users praised its “astonishing” ability to attract investors, and some investors forecast that the company’s Bitcoin holdings could reach 100,000 BTC in 2026, further solidifying its leading position among Asian corporate Bitcoin holders.

Risks and Opportunities Coexist, Exchange Rate Fluctuations Pose Potential Hidden Risks

It is worth noting that during its recent accumulation above $90,000, the company’s average cost was $105,000 per BTC, resulting in unrealized losses on paper as Bitcoin’s price fell below $90,000. However, analysts believe the company still has potential for continued expansion.

Nevertheless, with the Japanese yen maintaining around 156 to 1 USD, currency exchange risk due to yen fluctuations cannot be ignored. Additionally, regulatory scrutiny of corporate holdings in Japan may impact the company’s strategic execution moving forward. Despite these challenges, Metaplanet, as a key experimenter of Asian corporate Bitcoin savings strategies, has demonstrated the viability of this new business model in 2025 and provides a reference case for others to follow.