The Japanese version of MicroStrategy Metaplanet has achieved record revenue, with its stock price up 58% year-to-date, outperforming Bitcoin.

Japan's MicroStrategy Metaplanet has announced its latest financial report, with Q1 2025 revenue reaching 877 million yen, of which 88% comes from Bitcoin options trading. As Japan's largest Bitcoin reserve company, benefiting from Japan's tax system and the purchasing advantages for both retail investors and institutional investors, its mNAV has long been at a premium, and its stock price has risen by 58% this year, significantly outperforming Bitcoin's 11%.

Metaplanet accelerates the purchase of Bitcoin, aiming to reach a target of 10,000 coins by the end of the year.

Originally operating as a hospitality business, Metaplanet announced last April that it would emulate Microstrategy (, and has since changed its name to Strategy), shifting towards Bitcoin financial strategies and actively purchasing Bitcoin. To date, it has acquired 6,796 Bitcoins, ranking 11th among publicly traded companies globally.

Metaplanet aims to achieve a purchase target of 10,000 coins by the end of this year and a target of 21,000 coins by 2026.

Options trading creates Bitcoin profits

In the first quarter of 2025, revenue reached 877 million yen, of which 88% came from Bitcoin options trading. Operating profit reached 593 million yen, an increase of 11% compared to the previous quarter.

Metaplanet utilizes flexible trading with options to generate income for the company beyond just the appreciation of buying Bitcoin spot, including selling Bitcoin put options and roll-up trades, by collecting options premiums to increase income. Metaplanet refers to this as "target buy," because even if forced to execute, it still results in purchasing Bitcoin spot, emphasizing that this is another way to acquire Bitcoin.

In the first quarter, an unrealized loss of 7.4 billion yen was recorded due to Bitcoin price fluctuations, but as of May 12, it has turned into an unrealized gain of 13.5 billion yen.

Japan's largest Bitcoin reserve company, mNAV has been at a premium for a long time.

Metaplanet is the publicly listed company in Asia with the most Bitcoin, and the company actively expands its Bitcoin holdings through the capital markets. This strategy has garnered significant attention in the Japanese market and has been included in several global and local Japanese ETFs.

The number of its shareholders has grown by 500% in one year, currently reaching 64,000 shareholders. Since the first purchase of Bitcoin in April 2024, the stock price has increased 15 times.

Benefiting from Japan's tax system and the advantages of convenient purchases for retail and institutional investors, its mNAV ( currently has a stock price that is high compared to the value of the Bitcoin it holds, which has been at a high level for the long term. Noted short-seller Jim Chanos recently stated in an interview with CNBC that practices like Strategy's, which uses fundraising to buy Bitcoin and then uses "we have Bitcoin" as a reason to boost the company's valuation, are extremely absurd. He suggested that everyone could go long on Bitcoin while shorting the company's stock for arbitrage.

) Well-known short seller Jim Chanos: Long Bitcoin + Short MicroStrategy for arbitrage (

Metaplanet establishes a subsidiary in the United States, and the trading volume of MTPLF increases significantly.

Metaplanet announced at the beginning of the month the establishment of a wholly-owned subsidiary, "Metaplanet Treasury Corp.," in Miami, Florida, with an initial capital of 250 million USD ) approximately 1 billion JPY (. This move is seen as a key step in advancing its "Bitcoin treasury strategy," thereby strengthening its global financial operations capability.

The trading volume of its OTC-listed stock MTPLF in the United States has also benefited from an increasing trend in its exposure.

This article reports that the Japanese version of MicroStrategy Metaplanet has achieved record revenue, with its stock price rising 58% year-to-date, surpassing Bitcoin. It was first published in Chain News ABMedia.