Metaplanet’s Strategic Maneuvers in the World of Bitcoin Options

In a world increasingly captivated by cryptocurrency, Japan’s Metaplanet has taken a unique approach to amplify its earnings through Bitcoin options trading. The company’s recent financial report revealed a striking 42.4% increase in revenue for the second quarter of 2025, reaching 10.97 billion yen, achieved primarily through strategic Bitcoin put options trading.

Bitcoin Options: A Revenue Powerhouse

Metaplanet has carved out a robust niche by leveraging cash-secured Bitcoin put options to generate consistent income. This financial strategy not only increased their revenue significantly but also expanded their long-term Bitcoin holdings. By the end of Q2, Metaplanet had skillfully converted all proceeds from options contracts into long-term Bitcoin assets.

The numbers tell the story: Metaplanet’s Bitcoin-related earnings rose from 6.92 billion yen in Q4 2024 to 10.97 billion yen in Q2 2025. This strategy evidences a staggering 42.4% growth in just one quarter, highlighting the potential of cryptocurrency derivatives trading when executed with precision.

Understanding the Options Market Strategy

At the heart of Metaplanet’s approach is selling Bitcoin put options—a promise to purchase Bitcoin at a predetermined price on a specified expiration date, supported by cash reserves to ensure transaction coverage.

• If Bitcoin’s market price exceeds the strike price at expiration, Metaplanet retains the premium (green zone) without buying the Bitcoin.
• If the price falls below the strike price, they must buy the Bitcoin at the higher contracted price, offset by the premium received.

This strategy has lucrative potential but carries risks, as the seller’s profits are capped, yet exposure to losses can be significant—a principle built into options trading.

Navigating Uncharted Risks

A concern in Metaplanet’s financials is the opacity around options-specific metrics such as strike prices and expiration dates. This lack of transparency leaves investors unable to assess full risk exposures. Moreover, questions linger over whether the company might adjust strike prices to enhance revenue, impacting the true financial health picture.

For 2025, Metaplanet projected an ambitious target of 34 billion yen in revenue, with Bitcoin-related earnings contributing a predominant 88%. However, this focus on financial trading, with scant mention of other business operations, paints a picture of a company heavily reliant on financial markets rather than traditional business models.

The Share Price Dilemma

Market dynamics weigh heavily on Metaplanet’s performance, with a notable decline in its mNAV—a valuation measure based on share price and Bitcoin holdings—from 12 times in February to a modest 2.76 times now. As rivals enter the market and Bitcoin ETFs seem imminent in Japan, investors have pivoted to more promising avenues, resulting in a near 50% drop in Metaplanet’s share price from its June peak.

As the cryptocurrency landscape evolves, Metaplanet’s strategy offers both a testament to the potential within crypto markets and a cautionary tale about the transparency and risk inherent in such financial maneuvers.