Metaplanet reported a fiscal 2025 net loss of ¥95 billion ($619 million), largely driven by a ¥102.2 billion ($665.8 million) valuation decline in its bitcoin holdings.
The Tokyo-based bitcoin treasury firm ended the year with 35,102 BTC valued at about $2.4 billion, making it the fourth-largest public corporate holder globally behind Strategy.
The company said its holdings were down roughly 37% on paper as of December 31, representing an unrealised loss of around $1.4 billion following bitcoin’s slide from October record highs.
Despite the markdown, revenue surged 738% year-on-year to ¥8.91 billion ($58 million), while operating profit jumped 1,695% to ¥6.29 billion ($41 million), primarily driven by premiums from bitcoin option transactions that accounted for about 95% of total revenue.
Metaplanet accumulated much of its position when bitcoin traded above $100,000, including a $630 million purchase in September at roughly $106,000 per coin and a $615 million acquisition in October near $108,000.
The firm funded acquisitions mainly through common stock issuances and introduced Japan’s first preferred share offerings under its MERCURY and MARS programmes to bolster its balance sheet against crypto volatility.
For fiscal 2026, Metaplanet forecast revenue of ¥16 billion ($104 million) and operating profit of ¥11.4 billion ($74.3 million), while reiterating a long-term goal of holding 210,000 BTC by 2027, equivalent to about 1% of total bitcoin supply, as its shares edged up to ¥326 after a six-month decline of more than 62%.
At the time of reporting, Bitcoin price was $68,827.93.