Metaplanet Inc. reported its strongest quarter to date, driven by aggressive Bitcoin accumulation and robust financial performance. CEO Simon Gerovich reposted on X, “This is the strongest quarter in Metaplanet’s history.” For Q2, the company posted an ordinary profit of ¥17.4 billion ($117.8 million), reversing a loss of ¥6.9 billion in the previous period. Net income reached ¥11.1 billion ($75.1 million), compared to a ¥5.0 billion loss a year earlier.
Revenue rose 41% quarter-on-quarter to ¥1.239 billion ($8.4 million). While gross profit grew 38% to ¥816 million ($5.5 million). Assets expanded to ¥238.2 billion ($1.61 billion), up 333% from the prior quarter. Net assets increased 299% to ¥201.0 billion ($1.36 billion), with an equity ratio of 84.2%.
Bitcoin Holdings Drive Asset Expansion
The surge in assets is closely linked to Metaplanet’s Bitcoin strategy. The company now holds 18,113 BTC, ranking fourth globally and first in Asia among corporate holders. Acquired at a total cost of ¥270 billion, the holdings have yielded significant gains, with a year-to-date BTC yield at 468.1% as of August 12. This performance generated ¥146.9 billion in unrealized gains and ¥1.901 billion in revenue from Bitcoin-related income streams.
Metaplanet’s revised “555 Million Plan” aims to hold at least 210,000 BTC by the end of 2027, a major upgrade from the previous 21,000 BTC target. This plan includes diversified fundraising through perpetual preferred shares, with up to ¥555 billion in potential issuance over two years.
Capital Market Activities and Share Expansion
During Q2, Metaplanet raised ¥242.4 billion through various stock acquisition rights (SARs), becoming Japan’s top issuer in the capital markets. The company has proposed amending its articles of incorporation to expand the authorized share capacity significantly. If approved, total authorized shares, including common and preferred classes, will rise from 1.61 billion to 2.723 billion. This expansion supports the company’s mission to transform Japan’s multi-trillion-dollar fixed-income market into a “Bitcoin accumulation engine.”
Market Reaction and Outlook
Following the earnings announcement, investors reacted positively. Metaplanet’s stock is benefiting from strong sentiment toward its Bitcoin-centric strategy. Management emphasized its commitment to disciplined capital allocation, regulatory compliance, and shareholder value creation. The company’s full-year forecast remains unchanged, projecting ¥3.4 billion in revenue and ¥2.5 billion in operating income for fiscal 2025.
With its aggressive BTC acquisition targets and expanded capital strategy, Metaplanet positions itself as Japan’s leading regulated Bitcoin proxy in the public markets. If the “555 Million Plan” progresses as intended, the company’s role in global Bitcoin markets could strengthen considerably, setting a precedent for other Asian corporations.
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