Metaplanet Reports Q3 2025 Earnings, Expands BTC Strategy

Tokyo-based Metaplanet Inc., often called “Japan’s MicroStrategy.” It has reported strong third-quarter 2025 results and announced a strategic expansion of its Bitcoin Treasury operations. The company, which adopted the Bitcoin Standard in April 2024, continues to grow rapidly. It is posting notable gains in shareholder base, Bitcoin yield and treasury performance.

Strong Bitcoin Treasury Growth

According to its Q3 2025 earnings report, Metaplanet now holds 30,823 Bitcoin. This was acquired for approximately ¥489.87 billion at an average price of ¥15.89 million per BTC. This positions the company as the third-largest public holder of Bitcoin globally, behind MicroStrategy and Marathon Digital Holdings. The firm reported that its Bitcoin Income Generation strategy, launched in late 2024. It has now become its primary revenue driver, accounting for over 95% of total income in recent quarters. 

This strategy focuses on increasing Bitcoin per share. Rather than relying solely on traditional business revenue streams. Key performance indicators show a BTC Yield of over 459% year-over-year. It reflects the company’s ability to grow Bitcoin exposure per share efficiently. Its BTC Spread metric, which measures capital efficiency in BTC acquisition, also showed strong performance. This is reinforcing its long-term accumulation model.

Preferred Shares Power New Capital Strategy

Metaplanet’s leadership emphasized that perpetual preferred shares will play a crucial role in the next phase of its Bitcoin accumulation plan. The company received shareholder approval in September 2025 to issue Class A and Class B preferred shares. These are designed to finance future BTC purchases without diluting common shareholders.

These preferred shares will offer up to 6% annual dividends and may eventually be listed publicly. Though formal consultation with the Tokyo Stock Exchange has not yet begun. Management described this model as “permanent leverage without refinancing risk.” It is giving investors exposure to Bitcoin-backed yield while preserving the company’s long-term treasury objectives.

CEO Simon Gerovich said the approach aims to “maximize Bitcoin per share.” They meet Japan’s growing appetite for yield-bearing digital assets. Metaplanet’s target is to acquire 210,000 BTC by 2027. It represents roughly 1% of Bitcoin’s total supply. An ambitious goal that would require about $20 billion in funding.

A Leader in Japan’s Digital Asset Market

Since transitioning fully to the Bitcoin Standard, Metaplanet’s growth has been dramatic. Shareholders have increased over 400% year-over-year, reaching more than 212,000 investors. The company has also raised ¥555 billion in preferred capital since April 2024.

Management believes Japan’s multi-trillion-dollar fixed income market presents a major opportunity for Bitcoin-backed financial products. By issuing preferred equity rather than debt. Metaplanet can offer investors exposure to Bitcoin’s upside. While providing a stable income stream. “Our goal,” the company stated in its earnings presentation, “is to become the dominant issuer of Bitcoin-backed fixed income products in Japan.”

Looking Ahead

With Japan’s household financial assets exceeding ¥2,000 trillion. Consequently, Metaplanet sees vast potential to attract domestic capital seeking alternatives to low-yield bonds and savings. Moreover, as the company continues to execute its capital-efficient Bitcoin strategy. It stands out as a global pioneer, bridging traditional finance and Bitcoin adoption in Asia’s largest economy. Metaplanet’s Q3 results confirm one thing: the company isn’t just holding Bitcoin. Rather, it’s building an entire capital market strategy around it.