Japan's Metaplanet reported a 42% QoQ revenue increase in its Bitcoin revenue business, ahead of the broader S&P 500 Q2 revenue growth estimate.

Metaplanet, Japan's largest bitcoin holder, reported a 42 percent increase in its bitcoin income generation business during the second quarter.

The company's aggressive $BTC acquisition strategy has helped it beat the S&P 500's Q2 earnings estimates. With 13,350 $BTC in its treasury, the company is already the fifth-largest public firm holding Bitcoins.

Metaplanet Bitcoin Revenue Up 42%

Tokyo-based Metaplanet saw its Bitcoin revenue from its Bitcoin revenue generation operations jump 42% quarter-over-quarter, now reaching 1 billion Japanese yen.

That's high considering the estimated earnings growth for Q2, among all S&P 500 companies, according to FactSet data.

This shows that the Japanese firm has beaten the top global firms by a margin of 8x with its Bitcoin acquisition strategy. As the company recently surpassed giants like Tesla and CleanSpark in Bitcoin holdings.

According to the official announcement, revenue for the Bitcoin Income Generation business was derived from the structured sale of cash-backed Bitcoin put options.

Metaplanet said that all option contracts were either terminated or assigned upon maturity, and the proceeds were fully reinvested to acquire additional Bitcoin.

Previously, Metaplanet estimated full-year gross revenue of ¥3.4 billion for FY2025, with ¥3.0 billion expected from its Bitcoin income generation segment. The Q2 results put the firm on strong momentum toward meeting its full-year targets.

By its very nature, a bitcoin income generation business accumulates bitcoins at scale while simultaneously generating operating revenue. Rather than relying solely on direct spot purchases, the strategy enables the company to generate revenue by trading Bitcoin options.

All transactions under this program are fully cash-based and designed to protect capital. This business line serves as a strategic extension of the company’s core Bitcoin treasury operations, enhancing its ability to generate returns while maintaining risk control.

MTPLF improves Bitcoin by 25x.

MTPLF, Metaplanet’s US-listed subsidiary, has outperformed Bitcoin’s gains in the first half of 2025 by 25 times, posting gains of over 400% since the start of 2025.

Bitcoin, on the other hand, is up just 15% year-to-date. Benchmark analysts have already set a target price of 2400 JPY for the stock trading on the Tokyo Stock Exchange.

However, the Tokyo-based bitcoin investment firm reported a sharp increase in its modified net asset value (mNAV) month-to-cover (MmC) ratio, which now stands at 4.3 months.

The mNAV ratio reflects how quickly Metaplanet is converting fiat reserves into Bitcoin through its income-generating strategy.

Renowned bitcoin analyst Adam Livingston said this metric suggests that, at its current pace of bitcoin accumulation, the company could justify a 5.24x premium over that period.

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