On December 30, 2025, Japanese public company Metaplanet announced the purchase of 4,279 Bitcoin (CRYPTO: BTC) for $451 million, bringing total holdings to 35,102 BTC—valued at $3.78 billion. This cements Metaplanet’s position as the fourth-largest corporate Bitcoin holder globally and demonstrates aggressive commitment to a Bitcoin-centric treasury model.
The company expects to generate $55 million in fiscal year 2025 revenue from Bitcoin options strategies and derivatives, transforming BTC from passive asset into income engine. This structured approach mirrors the playbook pioneered by MicroStrategy (now rebranded as Strategy), making Metaplanet the most prominent MicroStrategy copycat to date.
As regulatory clarity improves and institutional interest grows, 2026 could trigger a wave of corporate Bitcoin treasury adoption. Metaplanet’s success—combining aggressive accumulation with yield generation—provides the template other companies are watching closely.
Metaplanet’s $3.78B Bitcoin Treasury: The Numbers Behind 35,102 BTC
Metaplanet now holds 35,102 BTC worth $3.78 billion at an average purchase price of $107,606 per coin. The December 30 purchase of 4,279 BTC signals institutional-scale conviction heading into 2026. This wasn’t always the plan—the company pivoted from traditional Japanese hotel and technology operations to Bitcoin-focused treasury strategy.
The revenue model transforms Bitcoin from a passive holding into a productive asset. For fiscal year 2025, Metaplanet generated approximately $55 million in revenue through options-based strategies that offset volatility while generating consistent returns without selling underlying Bitcoin. This separates Metaplanet from simple holders—it’s monetizing volatility itself.
Compared to MicroStrategy’s 672,497 BTC valued at approximately $61 billion, Metaplanet’s position is smaller but growing fast. The strategic framework is identical: leverage Bitcoin’s long-term appreciation to drive shareholder value while using operating businesses to generate reinvestment cash flow. Metaplanet targets 210,000 BTC by 2027—equivalent to 1% of total Bitcoin supply.
How the MicroStrategy Bitcoin Treasury Strategy Works: 5-Step Playbook
Metaplanet replicates the strategy MicroStrategy pioneered when it became the first public company to adopt Bitcoin as primary treasury reserve. The playbook unfolds in five steps.
Step 1: Raise Capital — Companies issue convertible bonds or equity to raise cash allocated for Bitcoin purchases. The goal is leveraging favorable market conditions to build accumulation capital.
Step 2: Buy Bitcoin — Raised capital purchases Bitcoin directly, isolating the BTC bet from core business operations. Purchases are often timed around corrections to maximize value.
Step 3: Hold Long-Term — Bitcoin is held indefinitely with no intention to sell during downturns. This “HODL” philosophy allows companies to benefit from long-term appreciation without being shaken out by volatility.
Step 4: Generate Yield — Companies lend Bitcoin to institutional borrowers, write covered calls to earn premiums, or use lending protocols. This transforms Bitcoin from dormant to productive while preserving upside exposure.
Step 5: Stock Arbitrage — If the company’s stock trades at a premium to its Bitcoin holdings, it issues more shares. This is accretive to BTC per share, allowing additional acquisition without diluting value. As Bitcoin appreciates, stock rises, enabling more capital raises and further accumulation.
The result is a compounding effect where rising Bitcoin prices boost stock valuations, enabling further capital raises and BTC accumulation. Both MicroStrategy and Metaplanet use operating businesses to generate cash flow that feeds this cycle.
How Metaplanet Generated $55M Revenue From Bitcoin Options Strategy
Metaplanet generated $55 million in fiscal year 2025 revenue through four Bitcoin-based strategies.
Lending Protocols — Metaplanet lent BTC or wrapped BTC to institutional borrowers, earning interest. This passive income stream monetizes idle assets without selling them.
Covered Calls — The company sold covered call options on Bitcoin holdings, collecting premiums by agreeing to sell BTC at set prices if it rises above certain levels. This generated income during sideways or moderately bullish markets.
Bitcoin as Collateral — By converting BTC into wrapped tokens or using it as collateral, Metaplanet accessed additional capital deployed into higher-yielding opportunities while maintaining Bitcoin exposure.
Carry Trades — Metaplanet borrowed stablecoins against BTC collateral and reinvested into higher-yielding products. The spread between borrowing costs and investment returns generates revenue.
The Bitcoin income business grew rapidly throughout 2025, with quarterly compounded growth of approximately 57%. Revenue expanded from roughly $4.3 million in Q4 2024 to about $26.5 million in Q4 2025, demonstrating scalability as Bitcoin holdings increase.
Why More Companies Are Adopting Bitcoin Treasury Strategies in 2026
Metaplanet isn’t alone. Marathon Digital (NASDAQ: MARA) holds approximately 50,000 BTC as a mining and treasury reserve. Riot Platforms follows a similar strategy. Even Tesla holds Bitcoin on its balance sheet, though it hasn’t actively accumulated. These examples suggest a corporate trend treating Bitcoin as a strategic reserve rather than a speculative instrument.
Industry experts expect this movement to accelerate in 2026 as regulatory clarity improves, particularly in the United States and Japan. Clearer accounting treatment bolsters corporate confidence. As Bitcoin’s narrative solidifies as “digital gold,” more companies may face pressure from shareholders to diversify treasury holdings beyond cash and bonds.
Metaplanet’s $55 million in Bitcoin-linked revenue provides proof that treasury strategy can produce real cash flows, not just unrealized appreciation. This combination of asset growth and yield makes the model attractive to publicly listed companies, institutional funds, and sovereign wealth vehicles considering digital asset allocations.
Several trends support wider adoption: SEC’s favorable stance reduces legal uncertainty. New accounting standards make Bitcoin reporting easier. Bitcoin’s digital gold narrative is widely accepted. Custody solutions, lending platforms, and derivatives markets have matured, enabling sophisticated strategies.
What’s Next For Bitcoin as Corporate Adoption Accelerates Into 2026
Metaplanet’s $451 million Bitcoin purchase is more than a bold bet. The Bitcoin treasury strategy, once seen as MicroStrategy’s fringe experiment, is now being adopted by global firms outside the United States. The timing—buying post-correction rather than at peak—demonstrates strategic discipline and long-term conviction rather than FOMO-driven speculation.
As 2026 begins, the stage is set for a wave of corporate adoption. With regulatory clarity improving, institutional infrastructure maturing, and Bitcoin’s digital gold narrative solidifying, more companies will likely follow Metaplanet’s lead. Charles Hoskinson’s prediction of 10 to 20 new corporate Bitcoin treasuries may prove conservative if current trends continue.
For investors, this presents both opportunity and caution. Exposure to Bitcoin via corporate treasuries offers potentially less volatile access than direct BTC ownership, but concentration and timing risks remain significant. The companies succeeding will be those that combine accumulation discipline with revenue generation—exactly what Metaplanet is demonstrating.