Metaplanet boosts Bitcoin balance with options-generated cash — but paper losses remain large
Tokyo-listed investment firm Metaplanet reported that a dedicated Bitcoin options strategy pulled in nearly $19 million of operating revenue in Q1 2026 — and the proceeds are being plowed straight back into Bitcoin purchases.
How the strategy works
Metaplanet runs a ring‑fenced “Bitcoin Income Generation” business separate from its main treasury. That sleeve sells collateral‑secured options to generate cash flow; when option cycles close, the returns can be converted into spot Bitcoin and added to the company’s long‑term holdings. According to company filings dated April 2, trailing 12‑month revenue from that segment is roughly $71.5 million, while full‑year 2025 revenue from the unit was nearly $54 million.
A heavy Q1 buy
Using the income from the options business and other capital, Metaplanet bought 5,075 BTC in Q1 at an average price of about $79,898 per coin, spending roughly $405.48 million. CEO Simon Gerovich disclosed the figures in investor materials and on Twitter, noting a year‑to‑date “BTC Yield” of 2.8% for 2026 — a metric the firm uses to track Bitcoin growth on a per‑share basis (it does not measure cash income).
Cumulative holdings and cost basis
The Q1 purchases brought Metaplanet’s total treasury to 40,177 BTC, making it the third‑largest publicly traded Bitcoin treasury by holdings, per Bitcoin Treasuries data. The firm’s average acquisition cost across all coins stands at approximately $104,106 per BTC — a hefty premium to the roughly $66,550 Bitcoin price at the time of the announcement, leaving the company with significant unrealized losses on its balance sheet.
Market reaction and outlook
Despite the headline buying, equity market reaction was muted: Metaplanet shares slipped about 2% (to $302 from $308), and the company left its annual revenue and operating profit guidance for the year ending Dec. 31, 2026 unchanged. Management says it remains committed to the dual approach of accumulating long‑term Bitcoin while using options to keep fresh capital flowing into the treasury.
Broader industry context
Metaplanet’s moves highlight both the potential and the risks of corporate Bitcoin treasury strategies. Fellow listed vehicle Nakamoto disclosed it sold 284 BTC for $20 million in March and reduced its stake in Metaplanet at a loss during Q1, underscoring how price volatility can quickly translate into mark‑to‑market pain for firms holding large crypto positions.
Bottom line
Metaplanet’s options program is generating meaningful cash that the company is recycling into Bitcoin purchases, scaling one of the largest public treasuries. But with an average cost basis well above current spot prices, the firm’s long‑term strategy leaves it exposed to the crypto market’s swings as it waits for those positions to recover.
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