Metaplanet报告收入来源和BTC的影响

5月14日，Metaplanet Simon Gerovich发布了一个X帖子，总结了该公司的第1季度2025 Financials。该报告显示销售额为8.77亿日元。

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帖子报道了Stellar Q1 2025收入，展示了分流的销售和营业利润。该报告的标题为“ Metaplanet收益报告：第1季度第1季度的盈利能力和比特币回报”，还涉及3月的四分之一末期临时损失，比特币从比特币中造成了74亿Y74亿YS的损失，到5月12日，该损失已逆转为135亿YS135亿的未实现的收益。这些数字突出了比特币在塑造Metaplanet财务绩效中的重要作用。

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.

该报告用日语发表并由CCWIRE翻译，揭示了88％的收入是从比特币收入中产生的，因为该公司出售了高价比特币PIT期权。酒店业务贡献了少量，增加了1.04亿亿美元的收入。该报告进一步阐述了比特币价格波动如何影响该季度收益的方式。 3月的四分之一末意识到5月12日持有比特币的损失已逆转。

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.

这种转变凸显了BTC收益是该公司收益的主要推动力，该报告还涉及了这种价格波动对公司整体财务状况的影响。注意到，这些资本收益或损失是通过价格赞赏或折旧产生的，并且在出售资产时会实现它们。这些类型的收益对于像Metaplanet这样的公司至关重要，Metaplanet从事大规模的加密货币交易活动。

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.

该报告还指出，截至2025年5月12日，该公司累积了6,796 BTC，平均每枚硬币Y1327万。这个位置使Metaplanet跻身全球著名最大的公共比特币持有者之列，并展示了公司对比特币积累目标的承诺。

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.

今年早些时候，Metaplanet宣布了将Web3技术集成到酒店业务并扩展到新企业的计划。该公司正在制定一种独特的策略来资助其比特币积累目标，该目标设定为20,000 BTC。为了实现这一目标，Metaplanet正在利用资金机制的组合，包括零企业可转换债券的销售，包括Perpetual Preferred Spartes的发行，以及与MovingStrlike Parters Program相似的公司，以与您的股票相似。

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，他们已经筹集了Y766亿Y766亿的总目标的87％，并发行了超过2.1亿股。这些举动对市场稳定性产生了最小的影响，展示了公司在市场稳定上平衡增长的能力。

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.

尽管该公司忙于筹款活动，但他们还是设法保持债务低下，并使他们的资金组合不同。除了这些努力外，Metaplanet还引入了一个名为MNAV的新指标，该指标代表修改后的净资产价值。该度量标准调整了未来比特币产量和价格的净资产价值。该公司声称，该指标证明了其高估值是合理的，因为它将当前的比特币持有量与未来五年的建模利润预测相结合。

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，这种估值方法与标准会计规则不同，并且可能引起一些投资者的担忧。此外，批评家可能会认为，将价格模型用于未来的估值可能会导致对未来收益的高估。另一方面，这种方法的支持者强调，它承认比特币的独特特征是稀缺的资产，具有持续的欣赏。

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年将其策略转移到比特币以来，Metaplanet的股票的出色涨幅为3,577％，表现出异常高的波动率为183％。相比之下，Topix Core30指数在同一时期下降了4％。这种鲜明的对比展示了对比特币的大胆赌注如何推动股票市场的大量资本增值。

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，该公司的出色业绩吸引了一个广泛的投资者基础，包括来自日本，德国和美国的零售和机构投资者在内的63,000多家投资者到2025年3月持有Metaplanet的股票。该公司的股票在多个交易平台上很容易获得，这有助于其股东基础的快速扩张。这种趋势强调了投资者通过传统股票市场投资对比特币的需求不断增长。

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的战略是由一种宏观经济观点为基础的，该观点预计全球资本市场将在数字资产上发生实质性转变。该公司对比特币的稀缺性和可移植性的信念使他们认为它是不断发展的金融环境中令人信服的储备资产。

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

这与典型的宏观经济问题（例如通货膨胀或利率）形成鲜明对比，这些问题被视为短期担忧。来自Metaplanet