Metaplanet Inc. just posted a monster Q3. The Tokyo-listed firm (TSE Standard: 3350) pulled in ¥2.438 billion from its Bitcoin Income Generation business, more than double what it made in Q2. That spike forced the company to revise its full-year forecast, now expecting ¥6.8 billion in revenue and ¥4.7 billion in operating profit.
To put it in context, Metaplanet’s previous estimations were around half of that amount. Bitcoin itself also closed Q3 on a profit, gaining around 11% from July 1st til September 30. The company has also greatly increased its Bitcoin treasury during the third quarter, acquiring over 18,478 BTC over the past three months.
On top of aggressively increasing its BTC position, Metaplanet has also built a system that allows it to earn profits from Bitcoin’s price swings. Its Bitcoin strategy was split into two buckets: one for long-term holding and one for income generation, where the company allows itself to sell Bitcoin options and capitalize on market volatility. As of September 30, the company holds 30,823 BTC in cold storage.
It’s important to note that the company isn’t planning on selling its Bitcoin holdings. Rather, Metaplanet has been offering options contracts, using part of its enormous BTC holding as collateral to generate recurring income.
Back in September, Metaplanet allocated ¥20.412 billion in capital to this segment. That pool remains locked for income generation and is managed under a flexible risk framework. The company says it’s adapting to market conditions while keeping its treasury strategy tight.
The Japanese firm has been posting positive Q3 earnings every quarter since Q4 2024. This latest surge in Q3 represents a 115.7% increase over Q2. Bitcoin Treasury Operations are central to its strategy, and the results validate the approach.
Many can argue that Metaplanet’s innovative approach to monetize its Bitcoin treasury has been the most successful among publicly traded companies in 2025. While Metaplanet’s accumulation of Bitcoin is still centered around equity issuance, the company has managed to turn that dilution into a revenue engine.
On that note, the company also reported that it has acquired another 5,268 $BTC, which pushed the firm to surpass the Bitcoin Standard Treasury Company, to become the world’s 4th-largest BTC treasury among publicly-traded companies.