Metaplanet Q1 Financial Report: Bitcoin Options Revenue Reaches 770 Million Yen
Japan’s Microstrategy Metaplanet Releases Latest Financial Report
In the first quarter of 2025, Metaplanet reported a revenue of 770.3 million Japanese yen, an 11.4% increase compared to Q4 2024. This growth was primarily driven by cash-secured Bitcoin sell put options, generating sustainable income while increasing the quantity of long-term held Bitcoin.
Options Trading Generates Bitcoin Income
The report for the first quarter of 2025 indicates that Metaplanet created sustainable income through cash-secured Bitcoin sell put options while increasing the amount of long-term held Bitcoin. In the first quarter, Metaplanet earned 770 million Japanese yen from selling Bitcoin put options, equivalent to 50.26 Bitcoins. Additionally, due to executed put options, the total amount of Bitcoin acquired was 696 Bitcoins, including 645.74 Bitcoins from exercised options.
This strategy primarily involves selling cash-secured Bitcoin put options at high prices, allowing the company to earn premiums when market prices are elevated, and to acquire Bitcoin at relatively low costs when options are exercised.
The target for the fiscal year 2025 is to achieve a total revenue of 3 billion Japanese yen from Bitcoin income, with Q1 already completing 25.7% of this target.
Bitcoin Accounts for Only 30% of Its Market Capitalization
Since implementing its Bitcoin strategy in April last year, Metaplanet’s stock price has surged 195 times, reflecting the enthusiasm of Japanese investors. However, Bitcoin only constitutes 30% of its market capitalization.
In Japan, capital gains from direct Bitcoin purchases are subject to taxes as high as 55%. Therefore, investing in stocks like Metaplanet through a Nippon Individual Savings Account (NISA) is a cost-effective and convenient choice for small-scale and first-time buyers.
Previously, Chain News introduced Bitcoin reserve strategy companies as investment benchmarks. Metaplanet benefits from tax advantages, with a P/B ratio significantly higher than Strategy (formerly known as Microstrategy). However, with the recent decline in Bitcoin prices, its ratio has dropped from 8 to around 3.3. The hotels operated by Metaplanet will be renamed “Bitcoin Hotels,” featuring Bitcoin galleries, art museums, and shared workspaces, specifically designed to provide a favorable communication environment for the crypto community. This indicates that both its core business and tax system have attracted investor attention, driving prices to high levels. However, I am curious that this financial report exclusively mentions Bitcoin income, with no mention of hotel operations, indicating a model akin to a financial operation company.
(Strategy Leads the Trend: A Comprehensive Guide to Bitcoin Reserve Strategy Company Investments)
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and prices may fluctuate dramatically, potentially resulting in the loss of the entire principal. Please assess risks cautiously.
