If you’re looking for a company that treats Bitcoin like both a religion and a revenue stream, meet Metaplanet. The Tokyo-listed firm just posted a 17-fold explosion in operating profit for the past fiscal year — and now says it expects another 81% jump in 2026. Not bad for a company whose core strategy is essentially “own a lot of Bitcoin and sell options on it.”

Here’s the twist: despite the operating fireworks, the bottom line still bled red ink thanks to hefty mark-to-market losses on its BTC stash. So yes, they’re making serious money from derivatives. And yes, accounting rules are making it look painful anyway. Welcome to the glamorous world of corporate crypto treasury management.

Let’s call this what it is: financial engineering layered on top of digital gold maximalism.

Metaplanet isn’t just sitting on Bitcoin and praying for number-go-up. It’s actively monetizing volatility by writing options — collecting premiums while the market churns. In sideways or moderately bullish conditions, that’s a beautiful trade. You generate yield from an otherwise idle treasury asset and signal to investors that you’re more than just a proxy ETF with office space.

But here’s the catch: mark-to-market accounting doesn’t care about your clever strategy. When Bitcoin dips, paper losses dominate headlines. That disconnect — strong operating cash flow versus ugly net income — creates narrative whiplash for equity investors.

For traders, this is the real takeaway: Metaplanet is morphing into a leveraged volatility play on Bitcoin, not just a directional bet. If BTC stabilizes or grinds higher, the options machine hums and those paper losses reverse. If volatility spikes downward, premiums help cushion the blow — but only to a point.

Zooming out, this signals a broader evolution among public Bitcoin treasury firms. The next phase isn’t just hoarding BTC — it’s structuring around it. Yield strategies, derivatives overlays, capital efficiency. The companies that survive won’t be the loudest bulls. They’ll be the ones who can turn volatility into revenue without blowing themselves up.

Metaplanet is betting it can thread that needle. Bold move. Let’s see if Bitcoin cooperates.

The market started Tuesday on the back foot, shrugging off a mild weekend rally and rotating back into consolidation mode. Bitcoin failed to sustain above the $70k area and is drifting sideways, while majors like Ethereum and XRP wobble in narrow ranges. Overall tone is cautious with sentiment stuck between profit-taking and tentative buying.

Market Overview

Notable Movers

News & Sentiment Drivers

Institutionally, a notable rotation story emerged with Harvard trimming Bitcoin and adding ETH exposure, which has framed a narrative shift in some corners of the market today.

Macro headwinds persist — profit-taking post-weekend and lower retail demand are dominating intraday flows. That said, a recent relief rally from softer macro data earlier in the week still underpins the idea that volatility isn’t purely one-directional right now.

Bottom Line

Crypto’s story today is range-bound, not directional. BTC and ETH are stuck in well-defined bands with weak conviction, while select alts eke out relative strength. Until stronger catalysts (macro, on-chain demand, or institutional flow acceleration) appear, expect choppy sideways action rather than clear breakout moves.