Key Takeaways:
Metaplanet's Bitcoin income business generated ¥1.747 billion ($11 million) in operating revenue for the second quarter of fiscal year 2026, down 41% from the prior quarter as lower Bitcoin volatility compressed options premiums.
The company described the options book as a flexible tool within its broader treasury strategy, used to manage exposures and generate revenue while optimizing "Bitcoin per share" over time, according to its July 2 filing.
The ¥1.747 billion result compares with ¥2.969 billion in Q1 FY2026 and ¥4.242 billion in Q4 FY2025 — a 59% decline from the peak. First-half FY2026 revenue from the business stood at ¥4.717 billion. On a trailing-12-month basis, which Metaplanet uses to smooth quarterly swings, revenue rose to ¥11.396 billion from ¥10.780 billion a quarter earlier.
The income slowdown comes as Metaplanet continues one of the most aggressive corporate Bitcoin accumulation strategies globally. The Tokyo-listed company now holds 43,000 BTC after adding 2,823 coins at an average of 12.7 million yen each, lifting its total cost basis to 15.3 million yen per coin. That keeps it among the largest public corporate holders alongside Strategy, which holds over 760,000 BTC, and Twenty One Capital.
Metaplanet maintained its full-year guidance of ¥16 billion in revenue and ¥11.4 billion in operating profit, signaling management views the Q2 dip as a market fluctuation rather than a structural flaw in the model. The company is targeting 210,000 BTC — 1% of Bitcoin's fixed supply — by the end of 2027.
Why options income fluctuates
The Bitcoin income business earns revenue primarily by writing cash-secured put and covered call options on the company's BTC holdings, collecting premiums from buyers. Option premiums are richest when volatility is high and demand for protection or leverage is strong; they compress when markets are calmer. Q2 2026 spanned a subdued stretch with Bitcoin hovering near $60,000 after last October's crash, offering thinner pickings than the more turbulent quarters that preceded it.
The strategy is designed as a self-reinforcing loop: premiums generate recurring revenue that lowers the net cost of each new Bitcoin the company buys, while capital freed up after option cycles conclude can be rolled into additional long-term holdings. Holdings grow the collateral base for future income, and income lowers the cost of growing holdings.
Beyond options: building a Bitcoin financial services platform
Metaplanet is diversifying beyond premium income. In June, the company agreed to acquire Siiibo Securities for about 2.1 billion yen ($13 million), a deal expected to close July 13. The acquisition, the first under Project Nova, gives Metaplanet control of a Type I Financial Instruments Business Operator in Japan, which it plans to use for Bitcoin-linked investment products and yield-focused offerings.
The company has also said it is pursuing Japan's first listed perpetual preferred share product while building systems for recurring dividend distributions. CEO Simon Gerovich said in June that management would "strongly consider" common share buybacks if the stock traded below the value of its underlying Bitcoin holdings, though he said the comments were not a formal buyback announcement.
Metaplanet's stock has traded near its 52-week low in recent weeks, keeping investor focus on its mNAV ratio — the comparison between the company's market value and the value of its Bitcoin-backed asset base. With Bitcoin trading well below the company's average cost of 15.3 million yen per coin, the position carries a substantial unrealized loss, the accounting price of a conviction bet on Bitcoin as a hedge against yen debasement in a country with a debt-to-GDP ratio above 260%.
This article is for informational purposes only and does not constitute investment advice.
