How Japan's Biggest Bitcoin Holder Profits When Crypto Falls

When Bitcoin Falls, This Company Still Wins

While most bitcoin investors watched their portfolios shrink in 2025, Metaplanet found a way to turn crypto volatility into cold, hard cash. Japan's largest corporate bitcoin holder saw operating profits surge 17-fold to 6.28 billion yen ($40.8 million), even as bitcoin's price tumbled from near $125,000 to below $90,000.

The secret wasn't lucky timing or market predictions. It was options premiums—7.98 billion yen worth of them, up from just 691 million yen the year before.

The Options Money Machine

Metaplanet owns 35,102 BTC, currently worth about $2.4 billion. Instead of just holding and hoping, the company systematically sells options against its bitcoin stack, collecting premiums regardless of price direction.

Here's how it works: Other traders pay Metaplanet for the right to buy bitcoin at specific prices. Whether those options expire worthless or get exercised, Metaplanet keeps the premium. It's like being the house in a casino—you profit from the action, not just the outcome.

The strategy generated nearly 90% of the company's 8.9 billion yen in total revenue. Even with a massive 102.2 billion yen non-cash valuation loss on paper, the company's core business model proved profitable.

The Institutional Playbook Goes Mainstream

This isn't just a Japanese curiosity. Metaplanet's approach signals how institutional bitcoin strategies are evolving beyond simple accumulation. Traditional finance is meeting crypto, and the results are profitable—if you know what you're doing.

For 2026, Metaplanet forecasts 80% revenue growth to 16 billion yen and 81% higher operating profits at 11.4 billion yen. The company expects to generate nearly all revenue from its bitcoin holdings, making it essentially a crypto yield play with a corporate wrapper.

The Catch: Complexity and Risk

But there's a flip side. Metaplanet is currently sitting on roughly $1.2 billion in unrealized losses as bitcoin trades around $68,550. Options strategies can cap upside potential—if bitcoin rockets past strike prices, the company might have to sell at below-market rates.

This approach also requires sophisticated risk management and deep derivatives expertise. It's not a strategy retail investors can easily replicate with a few clicks on a trading app.