Metaplanet’s Bitcoin strategy turns ¥5 billion loss into ¥11 billion profit

Metaplanet has reported its most profitable quarter to date, with second-quarter (Q2) 2025 earnings boosted by strong Bitcoin performance and strategic treasury expansion.

According to the company’s Aug. 13 financial disclosure, net income for the quarter reached ¥11.1 billion (approximately $75.1 million), reversing a ¥5 billion loss recorded in the same period last year.

The firm pointed out that its ordinary profit surged to ¥17.4 billion ($117.8 million), up from a ¥6.9 billion loss in Q2 2024.

At the same time, its revenue climbed 41% quarter-over-quarter (QoQ) to ¥1.239 billion ($8.4 million), while gross profit grew 38% QoQ to ¥816 million ($5.5 million).

Moreover, the Japan-based firm’s Bitcoin holding growth was equally striking.

Metaplanet stated that it had acquired 18,113 BTC as of Aug. 12, including 16,351 BTC bought this year alone. These holdings have generated an unrealized profit of over ¥55 billion (equivalent to $342 million).

Speaking on these numbers, Metaplanet CEO Simon Gerovich called it the “strongest quarter in Metaplanet’s history,” attributing the results primarily to the firm’s Bitcoin strategy.

Metaplanet Prefs

Metaplanet had previously set an ambitious goal of acquiring 210,000 BTC, roughly 1% of Bitcoin’s total supply, by 2027.

The firm stated that this planned acquisition would require around $20 billion in funding, which it intends to raise through preferred and common share offerings.

As a result, the Bitcoin-focused firm plans to launch Metaplanet Prefs, a perpetual preferred equity program backed by the top crypto.

With Japan’s household wealth estimated at $14.9 trillion, including $7.6 trillion in cash deposits and $9.5 trillion in the fixed income market, the company sees a significant opportunity to channel dormant capital into yield-bearing Bitcoin assets.

So, its Metaplanet Prefs initiative aims to issue BTC-backed instruments across various credits and maturities, targeting Japan’s fixed-income market.

In its earnings presentation, the company emphasized that this strategy represents the next stage of its mission to transform Japan’s capital markets digitally.

It added:

“The digital transformation of capital rivals that of communications and commerce. We believe this $100+ trillion opportunity positions Metaplanet to lead in the Japanese capital markets.”

It also highlighted that it would leverage its strong balance sheet and credit profile to deliver innovative, yield-focused products.

Notably, this model is reminiscent of Strategy’s (formerly MicroStrategy) preferred shares program, which funds its Bitcoin purchases.

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