Metaplanet’s option engine pulls in nearly $19M in Q1 as it doubles down on Bitcoin accumulation
Tokyo-listed investment firm Metaplanet said its separate Bitcoin options business produced almost $19 million in operating revenue in Q1 2026 — and the proceeds are being plowed straight back into buying more BTC.
The company runs a ring-fenced “Bitcoin Income Generation” portfolio that sells collateral-secured options to generate cash income. When option cycles close, Metaplanet can convert the returns into spot Bitcoin purchases and fold them into its long-term treasury. According to filings dated April 2, the options arm produced roughly $71.5 million in trailing 12-month revenue, while the business recorded nearly $54 million of revenue in full-year 2025.
Aggressive accumulation alongside options income
Metaplanet bought 5,075 BTC in Q1 for about $405.48 million — an average price of roughly $79,898 per coin — bringing its total holdings to 40,177 BTC as of March 31, 2026. The firm says those coins were acquired for roughly $4.18 billion, implying an average cost basis of about $104,106 per BTC. The company also reported a BTC Yield of 2.8% year-to-date in 2026, a metric that tracks per‑share growth of Bitcoin holdings (not cash income).
That stash now ranks Metaplanet as the third-largest publicly traded Bitcoin treasury, per Bitcoin Treasuries data. But with Bitcoin trading near $66,550 at the time of the disclosure, the treasury currently sits well below its aggregate purchase price, leaving a material unrealized gap.
Market reaction and broader context
Shares of Metaplanet were largely unmoved by the disclosure, slipping roughly 2% to ¥302 (from ¥308 the prior day). The company left its full-year revenue and operating profit guidance for the period ending December 31, 2026, unchanged.
The dynamic highlights how firms that use corporate treasuries and derivatives to accumulate BTC remain exposed to volatile price swings. Case in point: fellow listed vehicle Nakamoto revealed it sold 284 BTC for about $20 million in March and trimmed a significant portion of its stake in Metaplanet at a loss during Q1.
Outlook
Metaplanet says it will continue pursuing the two-pronged plan: use options to generate recurring capital while steadily adding to its long-term Bitcoin holdings. The options-derived cash flow provides a mechanized funding source for purchases, but the strategy’s success will hinge on market direction and volatility as Bitcoin prices fluctuate.
(Featured image credit: fundacionblazer.org; chart: TradingView)
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