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Metaplanet grew its revenues significantly in Q3, having reported JPY 2.438 billion in its Bitcoin Income Generation business. It represented a 115.7% quarter-over-quarter growth, nearly twice the revenue of Q2, which was JPY 1.13 billion.
As of September 30, 2025, Metaplanet had 30,823 BTC in its treasury.
This makes the company the fourth-largest publicly traded Bitcoin treasury in the world
Metaplanet Quarterly Revenue Trends Show Massive Growth in Bitcoin Reserves
The revenue trend of Metaplanet shows that revenue has been growing exponentially over the last few quarters. Bitcoin Income Generation revenue of JPY 691.58 million in Q4 2024 increased to JPY 770.31 million in Q1 2025, increasing by 11.4%.
The trend accelerated significantly in Q2 2025, with a 46.8% increase to JPY 1.13 billion. Q3 2025 marked the largest increase, up to JPY 2.438 billion. That’s because Bitcoin’s volatility generated opportunities to monetize the situation through options trading and other sophisticated tactics.
The business model of Bitcoin Income Generation at the company is organized into two main capital buckets. These are long-term Bitcoin holdings, safely stored in cold storage, and those aimed at capitalizing on the price fluctuation of Bitcoin.
This involves selling options and utilizing treasury operations to generate yield.
Metaplanet released information stating that JPY 20.412 billion had already been allocated to this segment, which is being utilized in Bitcoin Income Generation activities. This is capital that is not combined with long-term holdings, which guarantees a strict treasury policy.
Upward Revision of Full-Year Forecast
Since the Q3 results were better than expected, the Metaplanet board approved an update to its annual FY2025 forecast. Consolidated revenue is now forecasted at JPY 6.8 billion. It is 100% higher than the original forecasted JPY 3.4 billion.
The consolidated operating profit has been reported to have increased to JPY 4.7 billion, as opposed to the earlier forecast of JPY 2.5 billion, representing an 88% improvement.
This total amount of revenue and operating profit could now be attributed to the Bitcoin Income Generation segment alone, amounting to JPY 6.3 billion and JPY 6.2 billion, respectively. This illustrates the extent to which the business is central to Metaplanet’s financial performance.
Although its stock has dropped by 37% in one month based on Google Finance data, equity research firm Benchmark restates its positivity about Metaplanet amid some positive runs during the period.
Analyst Mark Palmer has a price target of JPY 2,400 by the end of 2026, accompanied by a Buy rating. According to Yahoo Finance, shares are currently being purchased at JPY 542. Palmer claimed that the most recent downturn is indicative of the wider market repositioning and short-seller pressures, rather than a strategic momentum loss. He stressed that Metaplanet is the highest performing stock in Japan relative to last year and it continues to perform 56% better so far in 2013.
In a note issued by Palmer, there was once again a reaffirmation of the Bitcoin treasury model, characterized by Bitcoin as a scarce, programmable asset with inflation-resistant characteristics and high institutional adoption patterns. He emphasized that accounts that Bitcoin treasury companies such as Metaplanet are declining are premature and unnecessary.
