Metaplanet報告收入來源和BTC的影響

5月14日，Metaplanet Simon Gerovich發布了一個X帖子，總結了該公司的第1季度2025 Financials。該報告顯示銷售額為8.77億日元。

On May 14, a X post by Metaplanet Simon Gerovich, סימפל (6561.TYO) (6561.TYO)Metaplanet Inc (6561.TYO)reported stellar Q1 2025 earnings, showcasing staggering sales and operating profit. The report, titled 'Metaplanet Earnings Report: Record Profitability & Bitcoin Payoff in Q1 2025,' also touched upon a March quarter-end temporary loss of Y7.4 billion from Bitcoin, which by May 12 had reversed into an unrealized gain of Y13.5 billion. These figures highlight the significant role of Bitcoin in shaping Metaplanet's financial performance.

5月14日，Metaplanet Simon Gerovich（6561.TYO）（6561.TYO）METAPLANET INC（6561.TYO）的X帖子報導了Stellar Q1 2025收入，展示了分流的銷售和營業利潤。該報告的標題為“ Metaplanet收益報告：第1季度第1季度的盈利能力和比特幣回報”，還涉及3月的四分之一末期臨時損失，比特幣從比特幣中造成了74億Y74億YS的損失，到5月12日，該損失已逆轉為135億YS135億的未實現的收益。這些數字突出了比特幣在塑造Metaplanet財務績效中的重要作用。

The report, which was published in Japanese and translated by CCWire, unveiled that 88% of revenue was generated from Bitcoin income as the company sells high-premium Bitcoin put options. Hotel operations contributed a smaller amount, adding Y104 million to the total revenue. The report further elaborated on how Bitcoin price swings impacted the quarter’s earnings. A March quarter-end realized holding loss of Bitcoin was reversed by May 12.

該報告用日語發表並由CCWIRE翻譯，揭示了88％的收入是從比特幣收入中產生的，因為該公司出售了高價比特幣PIT期權。酒店業務貢獻了少量，增加了1.04億億美元的收入。該報告進一步闡述了比特幣價格波動如何影響該季度收益的方式。 3月的四分之一末意識到5月12日持有比特幣的損失已逆轉。

This shift highlights how BTC gains are the primary driver of earnings for the company, and the report also touched upon the implication of such price volatility on the company’s overall financial standing. It is noted that these capital gains or losses are generated through price appreciation or depreciation, and they are realized when the asset is sold. These types of gains are crucial for companies like Metaplanet, which are engaging in large-scale cryptocurrency trading activities.

這種轉變凸顯了BTC收益是該公司收益的主要推動力，該報告還涉及了這種價格波動對公司整體財務狀況的影響。注意到，這些資本收益或損失是通過價格讚賞或折舊產生的，並且在出售資產時會實現它們。這些類型的收益對於像Metaplanet這樣的公司至關重要，Metaplanet從事大規模的加密貨幣交易活動。

The report also noted that as of May 12, 2025, the company had accumulated 6,796 BTC at an average cost of Y13.27 million per coin. This placement puts Metaplanet among the top 11 largest-known public Bitcoin holders worldwide and showcases the company’s commitment to its Bitcoin accumulation goal.

該報告還指出，截至2025年5月12日，該公司累積了6,796 BTC，平均每枚硬幣Y1327萬。這個位置使Metaplanet躋身全球著名最大的公共比特幣持有者之列，並展示了公司對比特幣積累目標的承諾。

Earlier this year, Metaplanet had announced plans to integrate Web3 technologies into its hotel business and expand into new ventures. The company is engaging in a unique strategy to fund its Bitcoin accumulation goal, which is set at 20,000 BTC by the end of 2025. To achieve this, Metaplanet is utilizing a combination of funding mechanisms, including the sale of zero-coupon convertible bonds, issuance of perpetual preferred shares, and a moving-strike stock warrant program similar to the at-the-market deals used by U.S. companies.

今年早些時候，Metaplanet宣布了將Web3技術集成到酒店業務並擴展到新企業的計劃。該公司正在製定一種獨特的策略來資助其比特幣積累目標，該目標設定為20,000 BTC。為了實現這一目標，Metaplanet正在利用資金機制的組合，包括零企業可轉換債券的銷售，包括Perpetual Preferred Spartes的發行，以及與MovingStrlike Parters Program相似的公司，以與您的股票相似。

By the second quarter of 2025, they had already raised 87% of their total goal of Y76.6 billion and issued over 210 million shares. These moves had minimal impact on market stability, showcasing the company’s ability to balance growth with market stability.

到2025年的第二季度，他們已經籌集了Y766億Y766億的總目標的87％，並發行了超過2.1億股。這些舉動對市場穩定性產生了最小的影響，展示了公司在市場穩定上平衡增長的能力。

Despite the company’s busy fundraising activities, they managed to keep debt low and diverse their funding mix. In addition to these efforts, Metaplanet also introduced a new metric called mNAV, which stands for modified net asset value. This metric adjusts the net asset value for future Bitcoin yield and price. The company claims that this metric justifies its high valuation as it combines the current Bitcoin holdings with a modeled profit forecast over the next five years.

儘管該公司忙於籌款活動，但他們還是設法保持債務低下，並使他們的資金組合不同。除了這些努力外，Metaplanet還引入了一個名為MNAV的新指標，該指標代表修改後的淨資產價值。該度量標準調整了未來比特幣產量和價格的淨資產價值。該公司聲稱，該指標證明了其高估值是合理的，因為它將當前的比特幣持有量與未來五年的建模利潤預測相結合。

However, this method of valuation differs from standard accounting rules, and it may raise concerns among some investors. Moreover, critics may argue that using a price model for future valuation could lead to an overestimation of future gains. On the other hand, supporters of this approach highlight that it acknowledges the unique characteristics of Bitcoin as a scarce asset with the potential for sustained appreciation.

但是，這種估值方法與標準會計規則不同，並且可能引起一些投資者的擔憂。此外，批評家可能會認為，將價格模型用於未來的估值可能會導致對未來收益的高估。另一方面，這種方法的支持者強調，它承認比特幣的獨特特徵是稀缺的資產，具有持續的欣賞。

Since pivoting its strategy to Bitcoin in 2020, shares of Metaplanet have experienced a remarkable surge of 3,577%, displaying an exceptionally high volatility rate of 183%. In comparison, the Topix Core30 index registered a smaller decline of 4% during the same period. This stark contrast showcases how bold bets on Bitcoin can drive significantly larger capital appreciation in the stock market.

自2020年將其策略轉移到比特幣以來，Metaplanet的股票的出色漲幅為3,577％，表現出異常高的波動率為183％。相比之下，Topix Core30指數在同一時期下降了4％。這種鮮明的對比展示了對比特幣的大膽賭注如何推動股票市場的大量資本增值。

Furthermore, the company’s strong performance has attracted a broad investor base, with over 63,000 investors, including retail and institutional investors from Japan, Germany, and the U.S., holding shares in Metaplanet by March 2025. The company’s shares are easily accessible on multiple trading platforms, which has contributed to the rapid expansion of its shareholder base. This trend underscores the increasing demand among investors for exposure to Bitcoin through traditional stock market investments.

此外，該公司的出色業績吸引了一個廣泛的投資者基礎，包括來自日本，德國和美國的零售和機構投資者在內的63,000多家投資者到2025年3月持有Metaplanet的股票。該公司的股票在多個交易平台上很容易獲得，這有助於其股東基礎的快速擴張。這種趨勢強調了投資者通過傳統股票市場投資對比特幣的需求不斷增長。

Metaplanet's strategy is underpinned by a macroeconomic view that anticipates a substantial shift in global capital markets towards digital assets. The company's belief in Bitcoin's scarcity and portability leads them to perceive it as a compelling reserve asset in an evolving financial landscape.

Metaplanet的戰略是由一種宏觀經濟觀點為基礎的，該觀點預計全球資本市場將在數字資產上發生實質性轉變。該公司對比特幣的稀缺性和可移植性的信念使他們認為它是不斷發展的金融環境中令人信服的儲備資產。

This stands in contrast to typical macroeconomic concerns such as inflation or interest rates, which are viewed as short-term worries. From Metaplanet

這與典型的宏觀經濟問題（例如通貨膨脹或利率）形成鮮明對比，這些問題被視為短期擔憂。來自Metaplanet