TLDR
- Metaplanet recorded a $619 million net loss in fiscal 2025 as bitcoin valuation losses of $665.8 million overwhelmed strong operational results
- Bitcoin holdings grew 1,892% to 35,102 BTC from 1,762 BTC, positioning the company as Japan’s top corporate holder and fourth-largest worldwide
- Operating metrics impressed with revenue up 738% to $58 million and operating profit climbing 1,695% to $41 million from bitcoin operations
- The company carries $1.35 billion in unrealized losses with average BTC cost at $107,716 compared to current market price of $68,821
- Stock performance declined 28.63% year-to-date while fiscal 2026 projections call for revenue growth of 79.7% and operating profit up 81.3%
Metaplanet disclosed a net loss of 95 billion yen ($619 million) for the fiscal year ending December 31, 2025. The result marks a sharp reversal from the previous year’s net income of 4.44 billion yen ($28.9 million).
The Tokyo-based firm attributed the loss to a 102.2 billion yen ($665.8 million) decline in bitcoin valuation. This non-cash charge doesn’t affect operating cash flows but severely impacted reported earnings.
Operational performance painted a contrasting picture. Revenue soared 738% to 8.91 billion yen ($58 million) from 1.06 billion yen in fiscal 2024. Operating profit exploded 1,695% to 6.29 billion yen ($41 million) from 350 million yen.
Bitcoin-related activities contributed 8.47 billion yen ($55.2 million) to total revenue. The company earned most of this through premium income from bitcoin option transactions, which became its primary revenue driver.
Aggressive Bitcoin Buying Continues
Metaplanet closed 2025 holding 35,102 BTC, representing a 1,892% increase from the 1,762 BTC held at year-end 2024. The accumulation exceeded the company’s stated goal of 30,000 bitcoin for fiscal 2025.
These holdings constitute roughly 0.16% of bitcoin’s total supply. The position makes Metaplanet Japan’s largest corporate bitcoin holder and the fourth-largest publicly traded company holder globally.
Capital raising totaled 517.2 billion yen ($3.37 billion) through the end of 2025. The company issued 21.25 billion yen ($138 million) in Class B perpetual preferred shares during December as part of its funding strategy.
Management set a long-term acquisition target of 210,000 BTC, equal to 1% of total bitcoin supply. This ambitious goal remains far below Strategy’s market-leading position of 714,644 BTC worth approximately $49.6 billion.
Financial Strain From Price Decline
Metaplanet’s average purchase price per bitcoin stands at $107,716. Current bitcoin prices around $68,821 create approximately $1.35 billion in unrealized losses across the entire portfolio.
The company stressed its financial resilience despite these paper losses. Management stated the balance sheet could withstand an 86% bitcoin price decline while still covering all liabilities and preferred stock.
December 31 figures showed liabilities of 46.7 billion yen ($304.2 million) against net assets of 458.5 billion yen ($2.99 billion). Bitcoin holdings carried a book value of 481.5 billion yen ($3.1 billion). The equity ratio measured 90.7%.
Shareholders grew from 47,200 to approximately 216,500 during the year. Total assets expanded from 30.3 billion yen ($197.89 million) to 505.3 billion yen ($3.30 billion).
The stock fell 28.63% year-to-date, mirroring bitcoin’s price trajectory. Other bitcoin treasury companies face similar challenges, including MicroStrategy with over $5.33 billion in unrealized losses.
Fiscal 2026 guidance projects revenue reaching 16 billion yen ($104 million) and operating profit hitting 11.4 billion yen ($74.3 million). These figures represent growth of 79.7% and 81.3% respectively. Management declined to forecast net income given bitcoin’s volatility.
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