Metaplanet Forecasts Massive Profit Growth Driven by Bitcoin Options Strategy, Despite Price Volatility

Metaplanet, the largest publicly traded Bitcoin treasury company in Japan, is projecting substantial profit growth in the coming years, driven primarily by its strategic use of Bitcoin options. The company's latest forecast anticipates an 81% increase in operating profit for 2026, building on a remarkable 17-fold surge experienced in 2025. This impressive performance is largely attributed to the premiums earned from writing options on its substantial Bitcoin holdings.

In 2025, Metaplanet reported an operating profit of 6.29 billion yen ($40.8 million USD). A significant contributor to this success was the options writing strategy, which generated 7.98 billion yen in premiums, a dramatic increase from the 691 million yen earned in 2024. Overall revenue soared by 738% to reach 8.9 billion yen. Metaplanet's business model hinges on accumulating and managing a significant Bitcoin treasury, currently comprising 35,102 BTC.

However, Metaplanet's financial results were also impacted by the inherent volatility of the cryptocurrency market. In the past year, Bitcoin's price experienced considerable fluctuations, dropping from a high near $125,000 to below $90,000. This price decrease resulted in a non-cash valuation loss of 102.2 billion yen for Metaplanet. Consequently, the company recorded a net loss of 95 billion yen ($605 million USD).

Despite these valuation losses, Metaplanet remains confident in its long-term Bitcoin strategy. The company currently holds over $2.4 billion worth of Bitcoin, which it expects will be the primary driver of its revenue in 2026. Currently, the company is sitting on around $1.2 billion in unrealized losses based on Bitcoin's current price of approximately $68,550. Metaplanet's projections for 2026 include an almost 80% increase in revenue to 16 billion yen, with operating profit reaching 11.4 billion yen.

The strategy of generating income through options writing, while potentially lucrative, also carries risks. It requires careful management of the company's Bitcoin holdings and a deep understanding of the options market. The recent volatility in Bitcoin's price underscores the challenges involved in this approach. The success of Metaplanet's strategy will depend on its ability to navigate these market fluctuations effectively.

Metaplanet's performance highlights the growing interest among publicly traded companies to incorporate Bitcoin into their treasury strategies. While the path is not without its challenges, companies like Metaplanet are exploring innovative ways to leverage the potential of cryptocurrency to enhance shareholder value. As of Monday, Metaplanet's shares saw a slight increase of 0.31% to reach 326.0 yen.