Metaplanet Posts $619 Million Loss Driven by Bitcoin Valuation Drop
Tokyo-based Bitcoin treasury firm Metaplanet reported a net loss of 95 billion yen ($619 million) for fiscal 2025, primarily caused by a 102.2 billion yen ($665.8 million) valuation decline on its bitcoin holdings. The disclosure is the latest example of a corporate bitcoin buyer facing pressure as the cryptocurrency's price slid from record highs in October.
As of December 31, the company held 35,102 BTC, valued at approximately $2.4 billion, making Metaplanet the fourth-largest public corporate bitcoin holder globally, behind Strategy (formerly MicroStrategy). Since beginning its bitcoin accumulation 21 months ago, Metaplanet has spent nearly $3.8 billion, averaging $107,000 per coin. At year-end, the holdings were down roughly 37% on paper, representing an unrealized loss of about $1.4 billion. In the fourth quarter alone, the stash lost 102 billion yen ($664 million) in value.
Metaplanet's Revenue Surge: 738% Jump on Bitcoin Option Premiums
Despite the valuation loss, operating performance showed significant improvement. Revenue jumped 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) a year earlier. Operating profit surged 1,695% to 6.29 billion yen ($41 million), driven primarily by premiums from bitcoin option transactions, which accounted for about 95% of total revenue.
The company's largest acquisitions occurred when bitcoin traded above $100,000. Notable purchases included a 25% growth of its bitcoin holdings with a $630 million buy in September at roughly $106,000 per coin, followed by a $615 million acquisition in October near $108,000. Metaplanet funded its purchases largely through common stock issuances, while also introducing MERCURY and MARS, its first preferred share offerings in Japan, to strengthen its balance sheet and create a buffer against crypto market volatility.
FY2026 Outlook and Long-Term Target
For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), reflecting roughly 80% growth in both metrics. The company did not provide net income guidance, citing ongoing bitcoin price volatility, but reaffirmed a long-term target of 210,000 BTC by 2027, equivalent to about 1% of the total bitcoin supply. Metaplanet's stock edged up slightly to 326 yen on Monday after a six-month decline exceeding 62%. At the time of writing, Bitcoin is trading near $68,000.