Japan’s publicly listed bitcoin treasury company, Metaplanet Inc. (Tokyo Stock Exchange: 3350 / OTCQX: MTPLF), announced on April 1 that it had increased its bitcoin reserves by 696 BTC during the first quarter of fiscal year 2025. The acquisition was carried out through the company’s Bitcoin Income Generation business, which utilizes a strategy of selling cash-secured put options to generate income and accumulate bitcoin at advantageous prices.
The firm disclosed that the bitcoin was purchased at an average price of 14,586,230 yen per bitcoin, totaling 10.152 billion yen in value. These transactions bring Metaplanet’s total bitcoin holdings to 4,046 BTC, with a cumulative average cost of 12,943,181 yen per coin. The company detailed the performance of its option-selling strategy, noting that it received 770,351,229 yen in premium income during the quarter, which is equivalent to 50.26 BTC. Metaplanet stated:
A total of 696.00 BTC was added to the company’s holdings under this strategy during the quarter.
The effective cost of acquiring bitcoin, when factoring in the premium income, was reduced to 13,479,404 yen per bitcoin—below the market price at the time these options were initiated. This approach allowed Metaplanet to optimize its capital deployment, obtaining more bitcoin for less capital than if it had executed direct spot market purchases.
The firm also provided updated key performance indicators, which it uses to evaluate the success of its bitcoin accumulation efforts. Metaplanet stated:
From July 1, 2024 to September 30, 2024, the company’s BTC Yield was 41.7%. From October 1, 2024 to December 31, 2024, the company’s BTC Yield was 309.8%. Quarter to Date, from January 1, 2025 to March 31, 2025, the company achieved a BTC Yield of 95.6%.
The BTC Yield reflects the change in bitcoin per fully diluted share, and is used by Metaplanet to assess shareholder value creation through its bitcoin strategy. In addition, the company has continued to raise capital via stock acquisition rights and bond issuances to fund these purchases.
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