Tokyo-based bitcoin treasury firm Metaplanet posted a net loss of 95 billion yen ($619 million) for the fiscal year ended Dec. 31, reversing a net profit of 4.44 billion yen ($28.9 million) the previous year.
The swing was largely driven by a 102.2 billion yen ($665.8 million) valuation loss on its bitcoin holdings, according to the company’s fiscal 2025 earnings presentation released Monday. Metaplanet classified the loss as a non-operating expense, noting that it had no impact on cash flow or core operating activity.
Bitcoin Volatility Hits the Bottom Line
The reported loss underscores how fluctuations in bitcoin prices can significantly affect corporate earnings for companies holding large digital asset reserves. Despite the accounting hit, Metaplanet emphasized that its financial structure remains strong.
The company reported an equity ratio of 90.7% and stated that its liabilities and preferred stock would remain fully covered even if bitcoin’s price were to fall by 86%. As of Dec. 31, Metaplanet listed liabilities of 46.7 billion yen ($304.2 million) and net assets of 458.5 billion yen ($2.99 billion). Its bitcoin holdings were valued at 481.5 billion yen ($3.1 billion) at year-end.
Operational Growth Accelerates
While valuation swings weighed on net income, operating performance told a different story. Revenue for fiscal 2025 climbed 738% year over year to 8.91 billion yen ($58 million), up from 1.06 billion yen. Operating profit surged to 6.29 billion yen ($41 million), a 1,695% increase from the previous year.
Bitcoin-related operations accounted for most of that growth. The company generated 8.47 billion yen ($55.2 million) in revenue and 7.19 billion yen ($46.8 million) in operating income from bitcoin-focused activities, largely driven by premium income from bitcoin options transactions.
Bitcoin Holdings Expand Sharply
Metaplanet continued to increase its bitcoin reserves throughout the year, surpassing its fiscal 2025 target of 30,000 BTC. By Dec. 31, the company held 35,102 BTC, up 1,892% from 1,762 BTC at the end of 2024.
The holdings represent roughly 0.16% of bitcoin’s total supply, making Metaplanet the fourth-largest public company holder of the cryptocurrency globally. For comparison, U.S.-based Strategy holds 714,644 BTC, according to industry data.
Looking ahead, Metaplanet has set a long-term goal of accumulating 210,000 BTC, or 1% of bitcoin’s total supply.
Funding and 2026 Outlook
To support its expansion, the company raised 517.2 billion yen ($3.37 billion) cumulatively through the end of 2025. That total includes 21.25 billion yen ($138 million) raised in December through the issuance of Class B perpetual preferred shares.
For fiscal year 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), reflecting projected year-over-year growth of 79.7% and 81.3%, respectively.
However, the company said it will not provide guidance for ordinary income or net income, citing ongoing bitcoin price volatility.
A High-Conviction Bitcoin Strategy
Metaplanet’s latest results highlight the dual nature of corporate bitcoin strategies: operational growth on one hand and earnings volatility on the other. As the company continues to expand its holdings, its financial performance will likely remain closely tied to bitcoin’s market cycles.
For investors and observers alike, the coming year will test whether its aggressive accumulation strategy can translate into sustained long-term value despite short-term price swings.
