Metaplanet’s Bitcoin Income Soars 42%, Beats S&P 500 Q2 Revenue Estimates

Metaplanet, Japan’s largest Bitcoin holder, reported a 42% jump for its Bitcoin Income Generation business during the second quarter. The company’s aggressive BTC acquisition strategy has helped it surpass the Q2 revenue estimates by the S&P 500. With 13,350 BTC in its treasury, the company is already the fifth-largest public firm holding Bitcoins.

Metaplanet Bitcoin Income Revenue Shoots 42%

Tokyo-based Metaplanet has seen a 42% jump quarter-over-quarter in its Q2 revenue from its Bitcoin Income Generation operations, now shooting to over 1 billion Japanese Yen. This is massive considering the estimated revenue growth for Q2, across all S&P 500 companies, is likely to be just 5%, as per the FactSet data. This shows that the Japanese firm beat the top global firms by a margin of 8x, through its Bitcoin acquisition strategy. as the company recently surpassed giants like Tesla and CleanSpark in Bitcoin holdings.

As per the official announcement, the revenue for the Bitcoin Income Generation business was derived from the structured sale of cash-secured Bitcoin put options. Metaplanet stated that all option contracts either expired or they assigned at maturity, and that it used the proceeds to acquire additional Bitcoin.

Previously, Metaplanet had projected full-year consolidated revenue of ¥3.4 billion for FY2025, with ¥3.0 billion expected from its Bitcoin Income Generation segment. The Q2 results place the firm on a strong trajectory toward meeting its full-year targets.

As per its structure, the Bitcoin Income Generation business accumulates Bitcoin at scale while simultaneously generating operating revenue. Rather than relying solely on direct spot purchases, the strategy enables the company to earn income by trading Bitcoin options.

All transactions executed under this program are fully collateralized with cash and designed to safeguard capital. This business line functions as a strategic extension of the Company’s core Bitcoin Treasury operations, enhancing its ability to generate returns while maintaining risk controls.

In another X post, Metapanet CEO Simon Gerovich highlighted his company’s performance in the second quarter of the year. He shared a chart that showed how his company has continued to outperform in every subsequent quarter, with Q2 2025 being their best quarter since Q1 2024. The CEO remarked, “Capital in. Volatility on. Revenue up. Bitcoin ahead.”

MTPLF Outperforms Bitcoin By 25x

MTPLF, the US-listed subsidiary of Metaplanet, has outperformed Bitcoin gains by a massive 25 times in the first half of 2025, clocking more than 400% gains since the beginning of 2025. On the other hand, Bitcoin’s year-to-date gains stand at just 15%. Benchmark analysts have already set the 2400 JPY target price for the stock trading on the Tokyo Stock Exchange.

However, the Tokyo-based Bitcoin investment firm has reported a sharp rise in its modified Net Asset Value (mNAV) Months to Cover (MmC) ratio, now standing at 4.3 months. The mNAV ratio reflects how quickly Metaplanet is converting fiat reserves into Bitcoin through its income-generating strategy

This metric suggests that, at its current pace of Bitcoin accumulation, the company could justify a 5.24× premium within that period, said popular Bitcoin analyst Adam Livingston.