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Introduction & Market Context
Metaplanet Inc (TYO:3350), self-described as "Asia’s Leading Bitcoin Treasury Company," revealed substantial growth across all financial metrics in its Q2 2025 earnings presentation delivered on August 12, 2025. The company’s stock has responded positively to its Bitcoin-focused strategy, with shares trading at ¥579, up 7.43% and significantly outperforming its 52-week low of ¥90.1.
The presentation highlighted Metaplanet’s aggressive Bitcoin accumulation strategy, which has propelled the company to become the fourth-largest corporate Bitcoin holder globally and the largest in Asia. This approach appears to be resonating with investors, as the company reported a 100x market cap increase since adopting its "Bitcoin Standard" on April 8, 2024.
Quarterly Performance Highlights
Metaplanet reported impressive financial results for Q2 2025, with revenue reaching ¥1,239 million, a 41% increase from Q1 2025. Operating profit grew to ¥816 million, up 38% quarter-over-quarter. The company achieved a dramatic turnaround in ordinary profit, posting ¥17,418 million compared to a loss of ¥6,853 million in the previous quarter.
As shown in the following comprehensive financial summary, total assets surged 333% to ¥238,214 million, while net assets grew 299% to ¥201,001 million:
The company’s Bitcoin holdings have grown exponentially since beginning its accumulation strategy. As of August 12, 2025, Metaplanet holds 18,113 Bitcoin acquired at an average cost of ¥14,926,496 per Bitcoin, with a total investment of ¥270 billion. This represents significant growth from just 0.1 Bitcoin held in April 2024.
The following chart illustrates the rapid acceleration of Metaplanet’s Bitcoin treasury:
Revenue composition has shifted dramatically toward Bitcoin-related activities. Bitcoin Income Generation now accounts for 91.2% of total revenue, with the company’s legacy Hotel and Media businesses contributing just 8.8%. This transformation reflects Metaplanet’s strategic pivot to becoming primarily a Bitcoin treasury company.
The revenue breakdown by segment is visualized in the following chart:
Strategic Initiatives
Metaplanet’s presentation emphasized its ambitious goal to accumulate 1% of the total Bitcoin supply (210,000 BTC) by 2027. The company has outlined a phased approach, targeting 100,000 Bitcoin by FY2026 and the full 210,000 by FY2027.
The roadmap toward this goal is illustrated in the following chart:
A cornerstone of Metaplanet’s capital-raising strategy is the introduction of Perpetual Preferred Shares, which the company has branded as "Metaplanet Prefs." The company has filed for shelf registration for ¥555 billion in perpetual preferred shares, divided into Class A and Class B shares with ¥277.5 billion capacity each.
This approach is inspired by MicroStrategy (NASDAQ:MSTR), which Metaplanet explicitly acknowledges as a pioneer in corporate Bitcoin treasury operations. The preferred shares strategy aims to provide a bridge between Japan’s traditional fixed income market and Bitcoin investment, offering yield-seeking Japanese investors an alternative to the country’s low interest rate environment.
The following chart highlights Japan’s position as having the lowest 10-year government bond yields among G7 nations, creating an opportunity for Metaplanet’s higher-yield offerings:
Bitcoin Performance and Valuation
Metaplanet has developed a comprehensive framework for measuring its Bitcoin performance, including metrics such as "BTC Yield," which measures percentage change in Bitcoin holdings during a period. The company reported a BTC Yield YTD of 468.1% as of August 12, 2025.
The company’s progress toward its fiscal year 2025 BTC Yield guidance is shown in the following chart:
The value of Metaplanet’s Bitcoin holdings has experienced significant volatility, as illustrated in the chart of unrealized gains and losses:
Forward-Looking Statements
Metaplanet’s management has outlined an ambitious vision to "transform Japan’s multi-trillion dollar fixed income capital market into a Bitcoin accumulation engine." The company sees its total addressable market (TAM) as encompassing Japan’s ¥9.5 trillion fixed income market, ¥8.32 trillion money supply, and ¥6.8 trillion equity market.
The company’s capital strategy targets Japan’s household financial assets, which total approximately ¥14.9 trillion, including ¥7.6 trillion in cash and deposits that currently earn minimal yield in Japan’s low-interest-rate environment.
As shown in this overview of Metaplanet’s target market:
Metaplanet’s shareholder base has grown substantially alongside its Bitcoin strategy, increasing from 10,900 shareholders in December 2023 to 128,100 in June 2025. Major shareholders now include National Financial Services LLC (12.02%), Charles Schwab (8.71%), Capital Group (6.38%), MMXX Ventures Ltd (6.33%), and Interactive Brokers LLC (5.06%).
The company has called an Extraordinary General Meeting to vote on increasing its authorized share capacity to support its ambitious Bitcoin acquisition plans. Management is seeking approval to expand total authorized shares from 1,610 million to 2,723 million, including both common and preferred shares.
With its Bitcoin-focused strategy, innovative capital raising approach, and targeting of Japan’s yield-starved investors, Metaplanet is positioning itself as a unique bridge between traditional Japanese capital markets and the emerging Bitcoin economy. The company’s Q2 2025 results demonstrate strong momentum, though investors should remain mindful of the inherent volatility in Bitcoin prices that could significantly impact future performance.
Full presentation:
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