Metaplanet demonstrated significant operational success in the third quarter of 2025, though its stock performance told a different story. This divergence highlights the unique risks and rewards of its aggressive Bitcoin-centric strategy for shareholders and traders.
Financial Performance and Market Reaction
Metaplanet’s Bitcoin-focused business line delivered impressive results, though these were overshadowed by a sharp decline in its share price.
The company’s Bitcoin Income Generation segment recorded a quarterly revenue of $16.16 million, a jump of 115.7% compared to the previous quarter. This strong performance prompted management to revise its full-year forecast, now projecting $46.26 million in revenue and $31.97 million in operating profit.
Concurrently, Metaplanet continued to aggressively expand its Bitcoin treasury. The company acquired 5,288 BTC in Q3, bringing its total holdings to 30,823 BTC, with a total value of approximately $3.33 billion. This positions Metaplanet as the fourth-largest corporate Bitcoin holder globally.
Despite these strong operational metrics, Metaplanet’s stock fell 67.5% throughout the quarter. Analysts attribute this decline primarily to shareholder dilution from repeated share issuances used to fund Bitcoin purchases, which enlarges the share count and can erode confidence. This occurred even as major institutional investor Capital Group increased its stake to 11.45%.
Strategy, Financing Plans and Expansion
Metaplanet is pushing forward with an ambitious, multi-pronged strategy to solidify its position in the Bitcoin ecosystem.
The company has set long-term accumulation targets, aiming to hold 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. To fund this without further diluting common stockholders, Metaplanet plans to issue perpetual preferred shares, a financial instrument designed to raise capital for Bitcoin purchases while offering investors a steady dividend.
Geographically, Metaplanet is expanding its operations. It established Metaplanet Income Corp., a U.S. subsidiary in Miami, to focus on Bitcoin income generation and derivatives trading. It also launched Bitcoin Japan Inc. in Tokyo to manage media operations.
Implications for Traders and Treasurers
The company’s current trajectory presents a clear set of risks and considerations for the market.
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Valuation and Liquidity Risk: The steady issuance of new shares to fund Bitcoin purchases can maintain selling pressure on the stock, potentially widening the gap between the value of Metaplanet’s Bitcoin holdings and its actual share price.
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Bitcoin Price Correlation: The company’s profitability and ability to raise funds remain tightly linked to the price of Bitcoin, making it highly sensitive to the crypto’s inherent volatility.
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Execution and Regulatory Risk: The success of new ventures, such as the U.S. derivatives subsidiary and the media platform, depends on effective execution and navigating the regulatory landscapes in multiple countries.
In summary, Metaplanet is growing its Bitcoin revenue and treasury but trades at a discount largely due to dilution and funding uncertainties. The next critical test will be the market’s reception of its perpetual preferred share issuance and its ability to continue accumulating Bitcoin without further depressing its share price.
