Breaking Down Metaplanet's Phase II

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Bitcoin For Financial Services Summit

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Two days of insights, workshops, and networking: where Bitcoin meets capital markets and financial innovation.

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Metaplanet's Phase II: From Bitcoin Treasury to Infrastructure Platform

Metaplanet just unveiled Phase II of its strategic evolution, marking a fundamental shift from a pure Bitcoin accumulation play to building Japan’s premier Bitcoin infrastructure.

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With 30,823 Bitcoin already held in their coffers and a target of 210,000 Bitcoin by 2027 — 1% of total supply — the firm is transforming operational expertise gained from $3.3 billion in acquisitions into sustainable revenue streams. 

The pivot addresses a critical realization: accumulation at such scale reveals a series of systemic inefficiencies that can be monetized.

Indeed, Metaplanet’s Bitcoin play has already been paying off. According to the company, Bitcoin income generation has already delivered record Q3 2025 revenues of $16.25 million, up 115% quarter-over-quarter. 

There’s more to come, however.

Phase II introduces three complementary business lines designed to fund perpetual preferred issuance capacity without diluting common equity. 

As of today, Metaplanet has three main business lines: 

Bitcoin Income Generation (Live): Premium monetization through proprietary options by institutional-grade trading teams. The operation has scaled to more than $16 million in Q3 2025 from about $4.6 million in Q4 2024, demonstrating solid quarter-over-quarter growth trajectory.

Bitcoin.jp Platform (Launching): Positioned as “The Gateway to Everything BTC in Japan,” this premium domain will leverage SEO dominance and organic traffic for multi-channel partnerships, advertising, white-label services, and affiliate programs. The platform targets becoming Japan's definitive Bitcoin content, news, education, and services hub.

Project NOVA (Building): Classified but positioned to solve inefficiencies discovered through the company’s $3.3 billion deployed for acquisitions. The initiative focuses on vertically integrating Bitcoin Treasury Operations while positioning Metaplanet at the center of Japan's Bitcoin ecosystem.

Stacking Sats Inc.

Founded by veteran Bitcoin advocates, Stacking Sats is a pioneering Bitcoin treasury company built on transparency, integrity, and proof-of-work principles.

The firm strategically grows its BTC reserves through equity issuance, debt financing, and steady operating profits from Framework IT, a managed IT and cybersecurity subsidiary generating over 85% recurring revenue from multi-year contracts.

Learn more:

The perpetual preferred revolution

The financial engineering behind Phase II centers on perpetual preferred shares — permanent leverage without refinancing risk. 

With $7.5 trillion in Japanese household savings earning -0.5% in domestic short-end yields, Metaplanet's potential 6%+ dividend yield has the potential to create massive structural demand.

Japan’s tax structure amplifies this advantage. The country imposes a 55% tax on direct cryptocurrency gains, effectively creating a regulatory moat around Bitcoin proxies like Metaplanet. Japanese investors seeking Bitcoin exposure face a choice: pay punitive taxes on direct holdings or access Bitcoin through equities with standard capital gains treatment. 

This tax arbitrage positions Metaplanet's preferred shares as the most tax-efficient vehicle for yield-seeking Japanese capital that’s currently looking to gain leveraged Bitcoin exposure. It fills the need that Japanese savers are feeling: financial upside in a tax-advantaged wrapper.

Moreover, Metaplanet’s mathematics are compelling. At 25% NAV target capacity, preferred issuance increases BTC yield without common equity dilution. The company explicitly states its intention to “be the dominant issuer of Bitcoin-backed Fixed Income in the Japanese Capital Market.”

That accretion model demonstrates why preferreds outperform common equity issuance at any reasonable dividend rate. With high Bitcoin appreciation rates, utilizing preferred shares dramatically enhances shareholder value.

In fact, the equivalent mNAV table shows multiples reaching 48x at 50% Bitcoin annual return rates with 4% dividend yields. 

By deploying over $3.3 billion to Bitcoin acquisitions, Metaplanet discovered a wide breadth of systemic market inefficiencies: fragmented liquidity across Japanese exchanges, high execution costs for institutional-scale purchases, excessive dependency on third-party custodians, and limited local infrastructure for Bitcoin operations. 

Project NOVA transforms these inefficiencies into competitive advantages through vertical integration. Instead of outsourcing critical functions, Metaplanet is building end-to-end control. That means in-house custody, internal treasury management, and potential expansion into lending and financial services.  

Select any public company, set your own weights, and benchmark against Bitcoin or major equity indices: BitcoinTreasuries Portfolio Tracker.

Meanwhile, Bitcoin.jp represents Japan's most valuable Bitcoin digital real estate. 

The platform strategy encompasses media through Bitcoin Magazine Japan for thought leadership, conferences with Bitcoin Japan 2027 connecting institutions to the ecosystem, and services as a future platform for financial products distribution.

Meanwhile, the domain’s already-established SEO keyword dominance, combined with Metaplanet’s operational credibility, positions it to capture significant revenue from advertising partnerships, exchange affiliations, and white-labeled products. 

This isn’t speculative. It’s leveraging a captured audience base with premium positioning to monetize Japan’s growing Bitcoin interest. 

The numbers validate execution. FY2025 consolidated revenue forecast doubled to $45 million from $22 million, with operating profit rising to $31 million from nearly $17 million. We’re talking 100% revenue growth and 88% operating profit growth. For context, FY2024 actuals were $7.1 million revenue and $2.3 million operating profit. 

Is it a buy?

Phase II transforms Metaplanet from Bitcoin treasury to Bitcoin infrastructure company. 

Think self-reinforcing cycle: revenue funds preferred dividends, then preferred enable more Bitcoin accumulation, while a bigger treasury supports more preferred issuance, which all flows into expanded operations that generate even more revenue. 

In short, Metaplanet is forgetting Michael Saylor’s pure accumulation play.

By building complementary revenue streams with minimal capex, Metaplanet reduces reliance on Bitcoin price appreciation while maintaining maximum leverage to upside. 

The perpetual preferred structure provides permanent capital without the refinancing cliffs that threaten convertible debt strategies.

Discover every move from large-cap Bitcoin Treasury companies in Asia.

Investors still haven’t fully processed the transformation. 

At current valuations, investors get: 30,823 BTC with a path to 210,000 BTC, revenue-generating platform businesses scaling rapidly, perpetual preferred capacity targeting 25% of NAV, and vertical integration of Japan's Bitcoin infrastructure.

Basically, the risk-to-reward ratio has shifted. Now, investors aren’t just betting on Bitcoin’s price appreciation but instead in the backbone of Japan’s burgeoning Bitcoin economy. 

As Project NOVA launches and preferred issuance scales, Metaplanet is transitioning from a volatile Bitcoin proxy to an infrastructure platform with multiple value drivers. 

The rocket metaphor in their presentation is apt. Phase I built the engine (treasury operations). Phase II adds the platform stage (revenue generation) and classified payload (Project NOVA). The trajectory targets not just accumulation leadership but ecosystem dominance.

For investors, the question isn't whether Metaplanet can execute — Q3 results prove they already are. The question is whether markets will recognize the transformation from Bitcoin holder to Bitcoin infrastructure before the valuation gap closes.

Did you enjoy this breakdown? Share this article with colleagues also tracking Bitcointreasury moves.

Special thanks to our partners

• Cryptio. The leading digital asset accounting and back-office platform bringing brings institutional-grade rigor to Bitcoin treasuries. The company aggregates on-chain activity, exchange data, and wallet records into GAAP/IFRS-compliant accounting, tax, and audit reports, enabling enterprises to confidently manage and report their Bitcoin holdings with full transparency and regulatory readiness. Learn more: Cryptio

• AnchorWatch. The first dedicated Bitcoin-native insurance provider, delivering Lloyd’s of London-backed coverage to institutions and individuals securing Bitcoin assets. From insured custody up to $100 million per client to specialized Kidnap & Ransom protection with professional hostage-negotiation services, AnchorWatch helps drive capital-markets adoption by giving companies the security and confidence to hold Bitcoin at scale. Learn more: AnchorWatch

• Stacking Sats Inc. Founded by veteran Bitcoin advocates, Stacking Sats is a pioneering Bitcoin treasury company built on transparency, integrity, and proof-of-work principles. The firm strategically grows its BTC reserves through equity issuance, debt financing, and steady operating profits from Framework IT, a managed IT and cybersecurity subsidiary generating over 85% recurring revenue from multi-year contracts. Learn more: Stacking Sats Inc.

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