Metaplanet's Bitcoin Treasury Grows to $324 Million with Latest BTC Purchase

TSE-listed Metaplanet has purchased an additional 696 Bitcoin (BTC) in Q1 2025, further expanding its Bitcoin accumulation strategy.

The company announced on Tuesday that it bought back 645.74 BTC from cash-backed put options it had previously sold and received an additional 50.26 BTC as premiums from those options, bringing the total Bitcoin added to 696 BTC.

Metaplanet said it is adopting a Bitcoin Income Generation strategy, which involves selling put options and using collateral to buy Bitcoin at an effective discount.

“Improved BTC buyback efficiency” enabled the company to purchase Bitcoin at an average price of $88,800 per BTC—lower than the market price at the time of option exercise. Although the notional price of the transaction was $96,000 per BTC, the revenue from the option premium significantly reduced the net cost.

In Q1 2025, this strategy helped Metaplanet collect more than $5.1 million (770 million yen) from option premiums, up 11.4% from the previous quarter.

Metaplanet issues $13.3 million in bonds to buy more Bitcoin

In addition to expanding its Bitcoin portfolio, Metaplanet continues to raise capital to strengthen its accumulation strategy.

The company issued $13.3 million (2 billion yen) in zero-coupon bonds on March 31, part of a plan to fund further Bitcoin purchases. Metaplanet CEO Simon Gerovich confirmed on X, noting that the company is “buying the dip” amid a market correction.

Metaplanet now holds 3,896 BTC, bringing the total value of its Bitcoin treasury to over $324 million, officially making it the ninth-largest Bitcoin holder in the world, according to data from BitcoinTreasuries.net.

The fundraising follows a $25.9 million bond issuance in February, demonstrating Metaplanet’s strong commitment to building one of the largest Bitcoin treasuries globally.