Tokyo-based Bitcoin treasury company Metaplanet reported a net loss of 95 billion yen, or about $619 million, for fiscal 2025. The main reason was not a collapse in its operating business, but a sharp mark-to-market decline in the value of its Bitcoin holdings. According to the company, the valuation of its BTC treasury fell by 102.2 billion yen, equal to roughly $665.8 million, which heavily weighed on the full-year result.
The disclosure is another example of how public companies that adopt Bitcoin as a treasury asset can face intense financial statement pressure when the market turns lower. While such strategies can amplify balance-sheet gains during strong rallies, they can also magnify reported losses once Bitcoin retreats from record highs. In Metaplanet’s case, that sensitivity is now especially visible because it has become one of the largest public corporate Bitcoin holders in the world.
Why Metaplanet’s Bitcoin treasury became the main drag on earnings
As of December 31, 2025, Metaplanet held 35,102 BTC, valued at approximately $2.4 billion. That placed the firm fourth globally among publicly listed corporate Bitcoin holders, behind Strategy and other larger treasury-style buyers. Since it began accumulating Bitcoin 21 months earlier, the company has spent nearly $3.8 billion building the position, with an average acquisition cost of around $107,000 per coin.
The timing of those purchases matters. Much of the company’s most aggressive buying happened when Bitcoin was already trading above $100,000. After the cryptocurrency later fell from its October record highs, the position moved deeply underwater. By December 31, Metaplanet’s holdings were down about 37% on paper, representing roughly $1.4 billion in unrealized losses. In the fourth quarter alone, the stash lost around 102 billion yen, or about $664 million, in value.
The article highlights two especially notable acquisitions. In September, Metaplanet increased its Bitcoin holdings by roughly 25% through a $630 million purchase at about $106,000 per coin. It then followed with another major buy in October, spending $615 million at close to $108,000 per coin. Those entries explain why the company is now particularly exposed to downside when Bitcoin trades far below its average cost basis.
Operating metrics improved sharply despite the mark-to-market damage
Although the valuation loss was severe, Metaplanet’s operating business improved significantly. The company said revenue surged from 1.06 billion yen in the previous year to 8.91 billion yen, or about $58 million, in fiscal 2025. That represents a 738% year-over-year increase and suggests the company materially expanded its ability to generate income outside simple balance-sheet appreciation.
Operating profit rose even faster. It jumped 1,695% to 6.29 billion yen, or around $41 million. The primary driver was premiums generated from Bitcoin options transactions, which accounted for roughly 95% of total revenue. In other words, Metaplanet is not only holding Bitcoin passively. It is also using derivative-linked activity around that treasury position to create cash flow and improve operating performance.
That model, however, has a built-in tension. On one side, options-related income can cushion the business during periods of weaker spot prices. On the other, the company’s net result can still be dominated by unrealized valuation changes on a very large BTC reserve. This means strong operating growth does not automatically translate into positive net income if Bitcoin remains well below the company’s average entry price.
How the company financed its aggressive Bitcoin accumulation
Metaplanet funded most of its Bitcoin purchases through common stock issuance. The strategy effectively converts access to public equity capital into purchasing power for BTC accumulation. For investors, this is a familiar treasury-company playbook: raise money from the stock market, acquire more Bitcoin, and attempt to benefit from long-term appreciation or treasury leverage.
The company also expanded beyond ordinary equity financing by introducing preferred-share structures. Specifically, it launched MERCURY and MARS, described as its first preferred share offerings in Japan. Management said these instruments were designed to strengthen the balance sheet and create a buffer against crypto market volatility. That is important because a firm with such a large digital asset position must manage not only market exposure, but also liquidity, capital flexibility, and investor confidence.
Still, this approach raises clear questions. Repeated equity issuance can dilute existing shareholders, and buying more BTC at levels above the current market can increase pressure if the drawdown continues. Metaplanet nevertheless appears committed to expansion rather than retrenchment, signaling that management still views Bitcoin accumulation as the core of its long-term strategy.
2026 guidance and the long-term target for 2027
For fiscal 2026, Metaplanet projected revenue of 16 billion yen, or about $104 million, and operating profit of 11.4 billion yen, or roughly $74.3 million. Those forecasts imply about 80% growth in both metrics compared with fiscal 2025. The guidance suggests management remains confident that the company’s operating platform, particularly its revenue-generating activities around Bitcoin, can continue to scale.
At the same time, the firm did not issue net income guidance. The reason was straightforward: Bitcoin price volatility remains too high to provide a stable projection for bottom-line earnings. That omission reflects the reality of any company that holds a large amount of BTC on its balance sheet. Even when operations improve, swings in Bitcoin’s market price can overwhelm traditional accounting outcomes.
Metaplanet also reaffirmed a far more ambitious long-term objective: holding 210,000 BTC by 2027. That would be equivalent to about 1% of Bitcoin’s total supply. If the company reaches that target, it would further solidify its position in the corporate Bitcoin treasury landscape. But the plan also implies a much greater need for disciplined financing, careful risk management, and continued investor support.
Stock reaction and Bitcoin’s current price context
After the earnings disclosure, Metaplanet shares edged slightly higher to 326 yen on Monday, according to Yahoo Finance. The muted move may indicate that much of the bad news had already been priced in. Over the prior six months, the stock had already declined by more than 62%, showing that investors had been reassessing the risks of high-cost Bitcoin accumulation well before this report was released.
At the time of writing, Bitcoin was trading near $68,000. That is far below Metaplanet’s reported average purchase price of around $107,000 per coin. As long as BTC remains at these levels, the company is likely to continue showing substantial unrealized pressure on paper. For anyone studying the corporate Bitcoin treasury model, Metaplanet offers a vivid case study: rapid operating growth, large equity-funded accumulation, derivatives income, and heavy mark-to-market risk can all exist at the same time, with each factor closely tied to the next.