Bitcoin treasury firm Metaplanet has just delivered its strongest quarter ever, with revenue rising by 41% compared to the previous quarter.Metaplanet Has Seen A Sharp Flip In Net IncomeIn a new post on X, Metaplanet has shared the numbers related to its Q2 2024 performance, revealing significant quarter-over-quarter growth in several key metrics. The Japanese company recorded a revenue of ¥1.239 billion ($8.4 million) and gross profit of ¥816 million ($5.5 million), up 41% and 38% compared to the last quarter, respectively. The bigger story, however, is the dramatic turnaround in ordinary profit and net income.The former stood at a loss of ¥6.9 billion in Q1, but flipped to a profit of ¥17.4 billion ($117.8 million) in Q2. Similarly, the latter went from -¥5.0 million to +¥11.1 billion ($75.1 million). The firm’s net assets also surged to ¥201.0 billion ($1.36 billion), corresponding to a quarter-over-quarter increase of a whopping 299%. “This is the strongest quarter in Metaplanet’s history,” commented Simon Gerovich, the company’s president.Metaplanet, which transitioned to a Bitcoin treasury model last year, says its strategy is simple: “to prudently and rapidly accumulate as much Bitcoin as possible on behalf of our shareholders.” This approach is similar to the one adopted by Michael Saylor’s Strategy (formerly Microstrategy).In the past quarter, the strategy has seemingly worked out for Metaplanet, with its record-breaking quarter being backed by the appreciation of its BTC reserves and continued accumulation efforts.On Tuesday, Gerovich announced a new acquisition for the company involving 518 BTC. These tokens were bought at an average price of $118,519, meaning the total stack cost the firm $61.4 million.Following this purchase, Metaplanet’s Bitcoin reserve has grown to 18,113 BTC, with a cost basis of $1.85 billion. At the current exchange rate, these holdings are worth $2.18 billion, putting the firm into a profit of 17.8%.While treasuries like Strategy and Metaplanet are busy buying, some veteran players in the market have been using the bull run prices to sell, as revealed by institutional DeFi solutions provider Sentora (previously IntoTheBlock) in an X post.From the above chart, it’s visible that Bitcoin long-term holders have been shedding their holdings recently. This isn’t anything unusual, as the diamond hands of the sector have historically moved to take their hard-earned profits during major bull rallies.What’s different this time, however, is the fact that the selloff has been more gradual than previous cycles. Only time will, though, whether this is an indication that the current cycle is going to be different or if this fact will have no effect on its length.Bitcoin PriceAt the time of writing, Bitcoin is floating around $120,200, up more than 5% over the last seven days.