The Tokyo-based Bitcoin treasury firm, Metaplanet, has reported a substantial net loss of 95 billion yen (approximately $619 million) for fiscal year 2025, attributed primarily to a 102.2 billion yen (around $665.8 million) decline in the valuation of its bitcoin holdings.
This disclosure serves as the latest instance of corporate bitcoin investors facing significant challenges as the cryptocurrency’s price experienced a downturn from its peak levels in October.
At the close of the fiscal year, Metaplanet held 35,102 BTC, valued at approximately $2.4 billion, positioning the firm as the fourth largest public corporate bitcoin holder globally, trailing only Strategy. Since initiating its bitcoin accumulation strategy 21 months ago, Metaplanet has invested nearly $3.8 billion, averaging $107,000 per coin.
As of December 31, the company’s holdings reflected a paper loss of approximately 37%, translating to an unrealized loss nearing $1.4 billion. In the fourth quarter alone, the value of its bitcoin holdings declined by 102 billion yen ($664 million).
Metaplanet’s Revenue Surge
Despite the challenges related to its bitcoin valuation, the firm reported a remarkable improvement in operating performance. Revenue surged 738%, increasing from 1.06 billion yen ($6.9 million) in the previous year to 8.91 billion yen ($58 million).
Additionally, operating profit escalated by 1,695%, reaching 6.29 billion yen ($41 million), largely driven by premiums from bitcoin option transactions, which constituted approximately 95% of total revenue.
Noteworthy acquisitions by the company occurred while bitcoin traded above $100,000. Significant purchases included a noteworthy 25% expansion of its bitcoin holdings, represented by a $630 million investment in September at approximately $106,000 per coin, followed by a $615 million acquisition in October at nearly $108,000.
To finance these purchases, Metaplanet has primarily relied on common stock issuances and has also employed preferred shares to secure additional capital. The company recently introduced its first preferred share offerings in Japan, MERCURY and MARS, as a strategy to bolster its balance sheet and mitigate exposure to cryptocurrency market volatility.
Looking ahead to fiscal year 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and an operating profit of 11.4 billion yen ($74.3 million), which reflect an anticipated growth of approximately 80% in both categories. Although the company did not provide specific guidance on net income due to the ongoing volatility of bitcoin prices, it reiterated its long-term objective of accumulating 210,000 BTC by 2027, which would represent about 1% of the total bitcoin supply.
On Monday, Metaplanet’s stock experienced a slight increase to 326 yen, as reported by Yahoo Finance, following a remarkable six-month decline exceeding 62%.
At the time of this report, bitcoin is trading near $68,000.
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