Tokyo-based Bitcoin treasury firm Metaplanet has reported a staggering net loss of 95 billion yen ($619 million) for the fiscal year 2025, largely driven by a significant decline in the valuation of its bitcoin holdings, which dropped by 102.2 billion yen ($665.8 million). This disclosure underscores the mounting pressure faced by corporate entities that ventured into bitcoin investment, particularly following the cryptocurrency’s fall from its record highs reached in October.
As the year closed, Metaplanet held 35,102 BTC, which are valued at approximately $2.4 billion, positioning the company as the fourth-largest public corporate bitcoin holder globally, trailing behind Strategy. Since it commenced its bitcoin accumulation strategy 21 months ago, Metaplanet has invested approximately $3.8 billion, averaging $107,000 per coin. However, as of December 31, the firm’s bitcoin holdings were down about 37% on paper, indicative of an unrealized loss around $1.4 billion. In just the fourth quarter, the value of its bitcoin reserves plummeted by 102 billion yen ($664 million).
Despite the dramatic valuation loss, Metaplanet’s operational performance showcased remarkable gains. The company’s revenue witnessed a staggering increase of 738%, soaring to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) the previous year. Operating profit also saw unprecedented growth, skyrocketing by 1,695% to 6.29 billion yen ($41 million), primarily fueled by premiums from bitcoin option transactions, which constituted approximately 95% of the total revenue. The firm’s most substantial acquisitions occurred when bitcoin prices surged above $100,000. Key transactions included a 25% increase in its holdings with a $630 million acquisition in September at about $106,000 per coin, followed by another substantial purchase of $615 million in October when prices were nearing $108,000.
Funding for these acquisitions has largely been sourced through common stock issuances, along with the introduction of preferred shares designed to secure additional capital. Notably, Metaplanet rolled out its first preferred share offerings in Japan, known as MERCURY and MARS, in a bid to bolster its balance sheet and provide a buffer against the volatile nature of the cryptocurrency market.
Looking ahead, for fiscal 2026, Metaplanet anticipates revenue of 16 billion yen ($104 million) and operating profit of approximately 11.4 billion yen ($74.3 million), indicating a projected growth of around 80% for both metrics. While the company refrained from providing specific net income guidance due to ongoing fluctuations in bitcoin prices, it reaffirmed a long-term ambition of amassing 210,000 BTC by 2027, which would represent about 1% of the total bitcoin supply.
In market activity on Monday, Metaplanet’s stock experienced a slight uptick to 326 yen, according to Yahoo Finance, following a prolonged decline that had exceeded 62% over the past six months. At the same time, Bitcoin was trading near $68,000, reflecting the continued volatility characterizing the cryptocurrency landscape.
