(First published on August 14, 2025)
Bitcoin treasury firm Metaplanet posted its Q2 2025 earnings on Wednesday, showing huge growth primarily due to its massive accumulation of Bitcoin and its main revenue model of selling Bitcoin put options.
The various documents released with the earnings presentation clarify the company’s financial position—such as its massive report of non-operating income—alongside the transfer of all Metaplanet treasury shares to a subsidiary called Metaplanet Holdings Inc.
Metaplanet’s main income driver comes from BTC valuation gains
For the second quarter of 2025, the company showed total consolidated revenues of 1.239 billion Japanese Yen. The company’s hotel business—at one point the core business of Metaplanet—is now a minor contributor to its bottom line with 107.8 million JPY.
Operating income was 817.1 million Japanese yen. Non-operating income of 17.45 billion JPY for the quarter was the largest driver of the firm’s positive net income, arising from gains on its Bitcoin valuation. The gains are considered unrealized as the crypto treasury firm has not liquidated its investments in Bitcoin.
Japan treats profits on cryptocurrency investments as miscellaneous income and can tax gains up to 55%.
The update in earnings comes after the firm snagged up an additional 518 BTC on Tuesday, with total holdings reaching 18,113 BTC as per an X post and nearly a month after it disclosed there was a shareholder with a 12.9% stake.
Source: Google Finance