Metaplanet Inc. reported a 42.4% quarter-over-quarter revenue increase in its Bitcoin Income Generation business for the second quarter of fiscal year 2025, ending June 30. The company disclosed revenue of JPY 1,097.25 million ($6.9 million), up from JPY 770.31 million in the previous quarter.
The increase stems from the structured sale of cash-secured Bitcoin put options, a strategy Metaplanet uses to generate revenue while acquiring Bitcoin at predetermined prices. The company said proceeds were fully reinvested to acquire additional Bitcoin, raising its total BTC holdings to 13,350.
Metaplanet’s Bitcoin Income Generation line accounted for 62.25% of its JPY 3.0 billion annual revenue target for the segment. Cumulative revenue from the segment stood at JPY 1,867.56 million by the end of Q2 FY2025.
Metaplanet Strategic Acquisition Model and Deployment
Unlike direct spot purchases, Metaplanet’s strategy involves selling options that may result in acquiring Bitcoin below the market price. The company emphasized that this model mitigates downside risk while generating operating income.
All transactions under this program are fully collateralized and structured to protect capital, though the company has not disclosed specific execution details, citing strategic confidentiality. The program is designed to operate independently from Metaplanet’s existing Bitcoin Treasury holdings, which remain in cold storage.
Capital initially allocated to Q2’s Bitcoin option contracts has been converted into long-term Bitcoin holdings, with future capital deployment subject to management discretion. The company indicated that any additional capital for the segment would align with previously disclosed plans involving proceeds from a series of stock acquisition rights.
Outlook and Operational Positioning
Management described the segment as a complementary extension of its broader treasury strategy, designed to build shareholder value through premium-based revenue generation. The company noted that this approach aligns with its long-term goals of capital formation under a Bitcoin standard.
Metaplanet reiterated its intention to expand the model, viewing the quarter’s results as validation of its Bitcoin-linked revenue strategy. While future deployments remain subject to capital availability and market conditions, the firm signalled confidence in scaling the program further to support growth in both capital markets and operations.
As of July 2025, Metaplanet remains focused on integrating its Bitcoin Income Generation business discreetly within its financial structure, aiming to build a sustainable and scalable source of income in line with its strategic framework.
