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Tokyo-listed investment firm Metaplanet generated close to $19 million in operating revenue during the first quarter of 2026 from a Bitcoin options strategy that runs separately from its main treasury, with the proceeds being used to buy more Bitcoin.
Metaplanet operates what it calls a Bitcoin Income Generation business, a ring-fenced portfolio that uses collateral-secured options contracts to produce income. Once those option cycles close out, the returns can be converted into direct Bitcoin purchases and added to the firm’s long-term holdings.
Based on company filings dated April 2, trailing 12-month revenue from that segment reached roughly $71.5 million when combined with full-year 2025 figures of nearly $54 million.
Alongside the options income engine, Metaplanet carried out a large Bitcoin buying program in the quarter. In Q1 2026, it acquired 5,075 Bitcoin at an average price of roughly $79,898 per coin, spending about $405 million in total.
During Q1 2026, Metaplanet acquired 5,075 BTC for $405.48 million at approximately $79,898 per bitcoin and reported BTC Yield of 2.8% year-to-date 2026. As of 03/31/2026, the company said it holds 40,177 BTC acquired for about $4.18 billion at an average price of approximately $104,106 per bitcoin.
The purchases increased its cumulative holdings to 40,177 Bitcoin, placing it as the third-largest publicly traded Bitcoin treasury globally, according to Bitcoin Treasuries data.
Metaplanet’s average acquisition cost across its entire holdings stands at $104,106 per coin, according to the same investor materials. Bitcoin was trading around $66,550 at the time of the announcement, leaving a substantial gap between the company’s cost basis and the open-market value.
Despite the reported acquisition numbers, the market response was muted. Metaplanet shares fell almost 2% on Thursday to $302, down from $308 the day before, according to Yahoo Finance. Annual revenue and operating profit forecasts were left unchanged from guidance issued in January.
In the broader listed Bitcoin vehicle space, Nakamoto disclosed Wednesday that it unloaded 284 Bitcoin for $20 million in March and unwound a significant portion of its stake in Metaplanet at a loss during the first quarter. The move highlights how corporate treasury strategies tied to Bitcoin can be exposed to price swings in a volatile asset class.
Metaplanet said it has not changed its full-year outlook for the period ending December 31, 2026, and continues to pursue both sides of its strategy: accumulating Bitcoin for the long term while using options to keep capital moving into the treasury.
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