Metaplanet's revenue in the third quarter surged by 94%, with Bitcoin options becoming the main revenue engine.

Japan's MicroStrategy Metaplanet announced its latest financial report, showing that revenue for the third quarter of 2025 was 2.4 billion yen, a 94% increase from the previous quarter. This growth was primarily achieved through cash-collateralized Bit sell put options (, creating sustainable income while increasing the amount of Bitcoin held long-term. Metaplanet's stock price has continued to decline since June, and the mNAV has fallen below 1. The company plans to issue perpetual preferred shares as a more effective financing tool and is in talks with the Tokyo Stock Exchange regarding potential listing.

Metaplanet's third quarter operations remained flat, with Bitcoin earnings generation business as the main source of revenue.

Japan's MicroStrategy Metaplanet announced its latest financial report, with revenue for the third quarter of 2025 reaching 2.4 billion yen, a 94% growth compared to the previous quarter. This was primarily achieved through cash-backed Bitcoin sell put options ), creating sustainable income while increasing the quantity of Bitcoin held long-term.

Media revenue was 100 million yen, a significant increase from 10 million yen in the previous quarter, but the hotel business declined from 108 million yen to 91 million yen.

The valuation gain of Bitcoin not included in the profit and loss forecast, as of the end of the third quarter, the unrealized gains of Bitcoin reached 10.61 billion yen.

For the full year outlook, the revenue forecast is 6.8 billion yen, and the operating profit forecast is 4.7 billion yen. The company expects to continue expanding its Bitcoin revenue generation business, using royalty income to pay dividends on future perpetual preferred stock, and reinvesting excess cash flow into Bitcoin acquisitions to drive strategic growth.

Metaplanet plans to issue preferred stock for fundraising

Metaplanet became the world's second publicly listed company to fully adopt the Bitcoin standard in April 2024, following the US company MicroStrategy. Currently, over 150 publicly listed companies worldwide hold Bitcoin as a reserve asset, validating Metaplanet's early leadership position.

With changes in the capital environment, equity valuation has compressed relative to Bitcoin holdings. When mNAV (enterprise value / Bitcoin net asset value) approaches 1, relying solely on common stock for financing acquisitions of Bitcoin is inefficient.

Metaplanet plans to issue Perpetual Preferreds ( as a more effective financing tool, with Bitcoin earnings prioritized for generating business revenue to pay dividends on future perpetual preferred shares. Although preferred shares carry high-interest burdens, the absence of a clear maturity date means that the company does not have to worry about being forced to liquidate assets to repay principal in a depressed market, making it a more flexible financial operation tool according to digital asset finance company ) DAT (.

Metaplanet indicates that shareholders have approved Class A and Class B perpetual preferred shares and completed registration, and the company is in talks with the Tokyo Stock Exchange regarding potential listing.

)Metaplanet imitates MicroStrategy's issuance of preferred shares, with an annual interest rate of up to 6%(

Japan exchanges tighten DAT regulations? Metaplanet: No regulatory actions or investigations have been received.

In response to recent reports that Japanese exchanges plan to tighten regulations on DAT, Metaplanet has also made a statement. Metaplanet believes that this is a healthy development that helps improve transparency and the credibility of business models. Metaplanet stated that its corporate governance is a core policy, the process of corporate transformation is legal and transparent, and it consults legal, accounting, and tax professionals. Approved by shareholders at both the extraordinary and annual general meetings, all necessary procedures are followed, and governance has always been the company's highest priority. As of now, Metaplanet has not been subject to any regulatory actions or investigations, but is also prepared to engage in dialogue with regulators.

This article Metaplanet's revenue soared by 94% in the third season, with Bitcoin options becoming the main revenue engine, first appearing in Chain News ABMedia.