Metaplanet Shares Extend Gains on Aggressive Bitcoin Strategy

Metaplanet JP3481200008

The equity of Japanese firm Metaplanet continues its upward trajectory in January, building on significant gains from the previous trading session. The sustained rally is primarily fueled by the company's latest substantial Bitcoin acquisition and the rapid expansion of revenue generated from its cryptocurrency holdings.

A key catalyst for the recent price movement was an announcement made on December 30. Metaplanet disclosed the purchase of an additional 4,279 Bitcoin for $451 million, at an average price of $105,412 per coin. This strategic move brings the company's total holdings to 35,102 Bitcoin, with an aggregate market value of approximately $3.78 billion. The average purchase price across all acquisitions stands at $107,606 per Bitcoin.

This cements Metaplanet's position as one of the world's largest publicly-traded corporate holders of Bitcoin and establishes it as the leading such entity in Asia.

Consecutive Sessions of Strong Performance

The stock has recorded impressive advances over two consecutive trading days. On January 5, shares surged 15.56% to close at 468 yen, after reaching an intraday peak of 485 yen. The momentum carried into the next session on January 6, with the stock climbing another 10.9% to finish at 519 yen on the Tokyo exchange. Trading commenced at 515 yen, with the price hitting a daily high of 528 yen.

Key metrics from this short-term rally include:

• Two-day cumulative gain: Approximately +27%
• Trading volume on January 6: 45.79 million shares
• 52-week trading range: 291 yen to 1,930 yen

Despite this recent strength, the share price remains substantially below its 52-week high of 1,930 yen, indicating a considerable distance from previous peak levels.

Diversified Revenue Streams from Crypto Assets

Beyond simply holding Bitcoin on its balance sheet, Metaplanet employs several strategies to generate income from its reserves. In the 2025 fiscal year, these activities yielded roughly $55 million in revenue. The company's earnings are derived from multiple channels:

• Lending Protocols: Interest income earned by lending BTC to institutional counterparties.
• Covered Call Writing: Generating option premiums by writing covered calls against Bitcoin holdings.
• BTC-Collateralized Financing: Raising capital by using Bitcoin as collateral while maintaining exposure to its price movements.
• Carry Trades: Profiting from the spread between financing costs and returns on reinvested capital.

These Bitcoin-centric revenue sources are expanding at a notable pace. On a quarterly basis, growth is approximately 57%. Revenue escalated from around $4.3 million in Q4 2024 to about $26.5 million in Q4 2025.

Valuation and Fundamental Snapshot

Valuation presents a mixed picture. The stock currently trades at a price-to-earnings (P/E) ratio of about 12.85, based on earnings per share of 36.41 yen.

From a technical analysis perspective, the price sits well below its 200-day moving average of 753.56 yen but has recently broken above the 50-day moving average of 419.20 yen.

Key fundamental data reported by Metaplanet includes:

• Revenue growth of nearly 97%
• Profit growth of approximately 31%
• A consensus analyst price target around 1,927.50 yen
• A solid balance sheet, evidenced by a Current Ratio of 4.06 and a Debt-to-Equity ratio of 0.01

The prevailing price targets suggest significant potential upside from current levels, contingent on the continued successful execution of the business model.

Sector-Wide Tailwinds

Metaplanet's rally coincides with broad strength across the cryptocurrency and Bitcoin treasury sector. On January 5, Goldman Sachs upgraded Coinbase to a "Buy" rating, raising its price target to $303. The upgrade cited growth prospects in tokenization, crypto infrastructure, and prediction markets. Coinbase shares subsequently gained about 8%.

Bitcoin itself traded in the $92,500 to $93,000 range in early January, recovering from December lows near $87,000. In contrast, Strategy (formerly MicroStrategy) faced pressure in 2025, with its stock declining roughly 49%, partly due to concerns over its potential removal from MSCI indexes.

A Long-Term Ambition for Bitcoin Holdings

Looking ahead, Metaplanet has set an ambitious goal to expand its Bitcoin treasury to 210,000 BTC by 2027—equivalent to roughly 1% of the entire Bitcoin supply. Achieving this target would require the company to acquire an additional 175,000 Bitcoin over the next two years.

This objective signals the likelihood of further capital raises and a persistent expansion of its Bitcoin treasury strategy, which is expected to continue exerting considerable influence on the company's share price performance, balance sheet structure, and earnings profile.