Metaplanet’s 43,000 BTC treasury outperforms MicroStrategy’s model
Metaplanet’s 43,000 BTC treasury outperforms the scale-heavy model of Strategy through aggressive growth and local financing. Metaplanet holds 43,000 BTC worth $2.6 billion. Strategy holds 845,050 BTC worth $65.7 billion. Strategy’s holdings are worth more than every other treasury combined. Metaplanet’s mNAV stays at 0.62x. Strategy’s mNAV sits at 0.79x.
Momentum beats scale
Metaplanet adds coins in large tranches. It recently bought 2,823 BTC for $170 million. This growth rate exceeds what Strategy can achieve. Metaplanet operates in Japan, where the 10-year JGB yield remains near 1%. This makes yen-denominated debt incredibly cheap for Bitcoin accumulation. Strategy carries no such currency edge since it raises and holds in dollars. The weak yen, trading near 162 per dollar, provides a tailwind for Japanese firms buying dollar-priced assets.
The scale is massive. Strategy’s total holdings of 843,775 BTC dwarf Metaplanet’s position. However, Metaplanet’s accumulation curve remains steeper. The company’s target of 210,000 BTC represents 1% of the total Bitcoin supply.
The yield engine
Metaplanet uses different tools to fund its Bitcoin stack. Bitcoin Japan plans to raise 9.66 billion yen through convertible bonds. This capital goes toward cryptocurrency acquisitions and general corporate purposes. Metaplanet also uses perpetual preferred shares to protect against common equity dilution. These "MERCURY" shares pay a 4.9% fixed dividend.
| Item | Class B Details |
|---|---|
| Annual Dividend | 4.9% |
| Conversion Price | ¥1,000 |
| Issuance Type | Perpetual Preferred |
Metaplanet generated $55 million in revenue from Bitcoin options in fiscal year 2025. The company uses covered calls, lending protocols, and carry trades to produce this cash. This income offsets the cost of yen debt. You already know that cash flow matters more than paper gains during volatility. The Bitcoin income business grew with quarterly compounded growth of 57% throughout 2025. Revenue expanded from $4.3 million in Q4 2024 to $26.5 million in Q4 2025. The board resolved on November 20 to issue 23.61 million Class B preferred shares to overseas institutional investors. Each preferred share entitles holders to ¥12.25 in annual dividends distributed quarterly. The conversion price of ¥1,000 sits well above the November 19 closing price of ¥375, which limits immediate dilution.
Metaplanet’s Q2 revenue reached ¥1.239B, a 41% increase. Net income hit ¥11.1B, compared to a loss of ¥5.0B in the previous quarter. This performance strengthens the company’s ability to build a Bitcoin-backed yield curve. Japan’s fixed income market, which includes $9.5 trillion in fixed income and $7.6 trillion in cash, provides a massive pool of capital for Bitcoin-linked bonds.
Debt maturities and the dividend problem
Metaplanet manages a different risk profile. Strategy sold 3,588 BTC for $216 million to fund a preferred dividend. This sale shows the pressure of recurring cash obligations. Metaplanet trades a dividend drip for hard repayment deadlines. However, the Metaplanet stock price fell 60% from its June peak. While Strategy sold 3,588 BTC to cover a preferred stock dividend, Metaplanet uses a combination of cheap yen debt and a growing Bitcoin-based options strategy to generate cash flow without touching its underlying holdings.
I see the tension.
Metaplanet aims for 210,000 BTC by 2027. It relies on a weak yen to make borrowing feel cheaper. The company also acquired Siiibo Securities for $13.1 million to build a Bitcoin-linked bond platform. The firm also deployed a 75 billion yen share repurchase program backed by a $500 million credit facility. This action occurred after Metaplanet’s mNAV dropped to 0.99, falling from a peak of 22.59 in July. Will the company survive a long Bitcoin winter using only yen-denominated debt?
The math works.
