Japanese investment firm Metaplanet (TSE: 3350) is emerging as a bold Bitcoin proxy on global markets, reporting a first-quarter operating profit of 592 million yen (roughly $4 million), driven overwhelmingly by crypto-based income strategies.

According to its Q1 2025 earnings report, 88% of the company’s 877 million yen in revenue came from harvesting option premiums on its growing Bitcoin position, now valued at over 6,796 BTC.

That marks an addition of more than 5,000 BTC in just one quarter—putting the firm at 68% of its ambitious 10,000 BTC accumulation goal, set just over four months ago when it adopted a Bitcoin standard on April 8, 2024.

The move has propelled Metaplanet to the 11th-largest public holder of Bitcoin globally—and the largest in Asia—surpassing even El Salvador’s sovereign holdings.

Financing this aggressive BTC buildup, Metaplanet deployed a multipronged strategy: issuing bonds, selling equity, and utilizing moving-strike stock warrants that trigger only as share prices climb. The company raised a total of 86.1 billion yen through these efforts, making it Japan’s largest public equity issuer so far this year.

Metaplanet also tracks its “BTC Yield”—a proprietary metric representing Bitcoin held per fully diluted share—which has climbed 170% year-to-date, highlighting the firm’s efficiency in converting capital into BTC exposure.

Despite closing 2.47% lower in the last session at 593 yen, Metaplanet’s stock has soared 65.8% in 2025—outpacing Bitcoin’s own 8.45% year-to-date gain. The firm’s strategic alignment with Bitcoin continues to attract attention from crypto-aligned investors and traditional market participants alike.

With nearly 7,000 BTC on its balance sheet and growing, Metaplanet is positioning itself as Asia’s premier institutional Bitcoin proxy.