Metaplanet Outperforms MicroStrategy in Q1 Bitcoin Acquisition Using Options-Based Treasury Strategy

Metaplanet, a Japanese hotel company that has shifted into a Bitcoin treasury strategy, has drawn renewed attention after moving to quarterly announcements of its Bitcoin purchases. In Q1 2025, the firm added 5,075 BTC to its permanent holdings at an average purchase price of about $79,898.

Metaplanet’s two-bucket Bitcoin system

Analyst Ragnar described Metaplanet’s approach as a two-bucket structure that keeps long-term holdings separate from options activity. Under this framework, the long-term Bitcoin bucket is not exposed to options contracts.

The income-generation bucket is designed to work through a rotation of cash-secured puts and covered calls. When the company holds cash, it sells put options below the current Bitcoin price. If Bitcoin remains above the strike price minus the premium, the puts expire and Metaplanet keeps the premium. If Bitcoin falls below that threshold, the company is assigned and acquires Bitcoin below the market price. After assignment, the strategy shifts to selling covered calls against those holdings.

Covered calls either expire, allowing the company to collect additional premium, or they are assigned, returning the position to cash and restarting the cycle. At the end of the quarter, accumulated Bitcoin is transferred into the permanent holdings bucket, which is the portion the company reports publicly as its treasury additions.

Q1 figures: income generation and effective acquisition cost

Ragnar’s breakdown links Metaplanet’s options activity to the firm’s Q1 acquisition economics. Metaplanet generated $18.63 million in income from its options activity during the quarter. Dividing that income by the 5,075 BTC added to permanent holdings implies roughly $3,671 of options income per Bitcoin acquired.

Ragnar further estimated an effective net cost by comparing the income generated against the average purchase price of $79,898. This yields an approximate net cost of $76,227 per Bitcoin, reflecting only the options-based income offset and not direct capital deployment.

Comparison with MicroStrategy

For context, MicroStrategy purchased 89,599 BTC in Q1 at an average price of $80,929. Using Ragnar’s income-adjusted approach, Metaplanet’s net cost is estimated to be about $4,700 lower per Bitcoin when income generation is factored in. Even without applying the income adjustment, Metaplanet’s average purchase price still appears to be about $1,000 lower per coin.

Notes on share structure and analyst stance

Ragnar noted that Metaplanet achieved the result while its preferred share structure remains pending approval. He said he is more bullish on the company following the analysis, while also clarifying that the post reflects personal speculation pending confirmation from Metaplanet’s team.