Metaplanet exceeds bitcoin target, eyes dominant digital credit market role

Metaplanet announced a significant quarter, reporting 2.40 billion yen in revenue and 1.34 billion yen in operating profit for Q3 FY 2025, primarily driven by its Bitcoin Income Generation strategy. The company’s total Bitcoin holdings reached 30,823 BTC by September 30, 2025, exceeding its FY25 target of 30,000 BTC. This accumulation positions Metaplanet as the largest non-U.S. publicly listed holder of BTC.

The company plans to expand its Bitcoin holdings to 210,000 BTC by 2027, representing 1% of the total Bitcoin supply, requiring approximately 3 trillion yen in funding. To achieve this, Metaplanet is introducing two classes of perpetual preferred shares (Class A and Class B) to tap into Japan's substantial household savings and fixed-income market. These shares are designed to provide stable dividends and capital gains, respectively, without diluting common equity.

Metaplanet’s strategy aims to establish digital credit in Japan, leveraging Bitcoin as collateral to create yield-bearing securities for investors. The preferred shares are intended to provide permanent capital with no refinancing risk, enhance BTC Yield, and increase operating leverage as Bitcoin appreciates. The company emphasizes a conservative capital policy, capping aggregate preferred issuance at less than or equal to 25% of BTC NAV, to manage risk and maintain investment-grade credit quality.