Japanese Firm Metaplanet Acquires $623M in Bitcoin, Becomes 4th-Largest Corporate Holder

Core Insights - Japanese Metaplanet has acquired 5,268 Bitcoin for $623 million, increasing its total holdings to 30,823 BTC, valued at approximately $3.3 billion, with an average acquisition price of $108,038 per coin, making it the fourth-largest corporate Bitcoin holder globally [1] - CEO Simon Gerovich aims to accumulate 210,000 Bitcoin by 2027, which would represent about 1% of the total Bitcoin supply [2] - The company reported a 33.0% BTC yield in Q3 2025, with consistent quarterly yields exceeding targets [2] Acquisition and Holdings - Metaplanet's recent acquisition has surpassed its fiscal year 2025 target of 30,000 BTC ahead of schedule [1] - The company now ranks behind Strategy's 640,031 BTC, MARA Holdings' 52,477 BTC, and XXI's 43,514 BTC in corporate Bitcoin holdings [1] Financial Performance - The Bitcoin Income Generation business reported $16.28 million in quarterly revenue, a 115.7% increase from Q2 2025 [3] - Full-year consolidated guidance has been revised to $45.4 million in revenue and $31.38 million in operating profit, reflecting a 100% increase in revenue and an 88% increase in operating profit compared to prior forecasts [3] Options Trading Growth - The options trading segment has shown rapid growth, with Q4 2024 generating $4.62 million, Q1 2025 producing $5.14 million, and Q2 2025 reaching $7.55 million [4] - Metaplanet allocated $136.3 million to Bitcoin Income Generation operations, focusing on selling Bitcoin options and monetizing implied volatility [4] Strategic Initiatives - The company launched Phase II of its strategy on October 1, introducing new business lines to enhance accumulation capacity without diluting common equity [5] - The plan includes three revenue streams: Internal Bitcoin Income Generation, Bitcoin.jp platform revenue, and Project NOVA, set to launch in 2026 [5] Talent Acquisition and Future Plans - Management is enhancing trading operations by recruiting global talent with expertise in institutional derivatives [6] - Revenue expansion will support planned perpetual preferred share issuances, capped at a 6% annual dividend yield, which has been approved but not yet issued [6]