Tokyo-based Bitcoin treasury company Metaplanet reported a net loss of approximately 95 billion yen ($619 million) for the fiscal year 2025, primarily due to a 102.2 billion yen ($665.8 million) decline in the value of its Bitcoin assets. This loss emerged as cryptocurrency prices fell from their record highs in October, putting pressure on many corporate Bitcoin holders. As of the year-end, Metaplanet held 35,102 Bitcoins valued at around $2.4 billion, making it the fourth-largest publicly traded corporate Bitcoin holder globally, behind only Strategic. The company began accumulating Bitcoin 21 months ago, spending about $3.8 billion at an average price of roughly $107,000 per coin.
By December 31, the market value of Metaplanet’s Bitcoin holdings had dropped by about 37%, resulting in an unrealized loss of approximately $1.4 billion. The fourth quarter alone saw a 102 billion yen ($664 million) decrease in asset value. Despite the decline in Bitcoin valuation, Metaplanet’s operating results showed significant improvement, with revenue increasing 738% to 8.91 billion yen ($58 million) and operating profit rising 1,695% to 6.29 billion yen ($41 million). This growth was largely driven by premiums from Bitcoin option transactions, which accounted for about 95% of total revenue.
Most of Metaplanet’s Bitcoin purchases occurred when prices were above $100,000, including a notable $630 million acquisition in September when Bitcoin traded near $106,000, and another $615 million purchase in October. The company financed these purchases through the issuance of common and preferred shares, introducing Japan’s first “Mercury” and “Mars” preferred shares to strengthen its balance sheet and mitigate crypto market volatility.
For fiscal year 2026, Metaplanet expects revenue and operating profit to increase by approximately 80%, although it has not provided net income guidance due to price uncertainty. The company has set a long-term target of holding 210,000 Bitcoins by 2027, representing about 1% of the total Bitcoin supply. Metaplanet’s shares have recently seen slight gains, while Bitcoin is currently trading near $68,000.
Source: bitcoinmagazine
