Metaplanet posts $619 million net loss on bitcoin valuation as holdings climb to 35,102 BTC

Tokyo-based bitcoin (BTC) treasury company Metaplanet reported a net loss of 95 billion yen ($619 million) for the fiscal year ended Dec. 31, swinging from net income of 4.44 billion yen ($28.9 million) in 2024, according to its fiscal 2025 earnings presentation released Monday.

The loss was driven by a 102.2 billion yen ($665.8 million) valuation loss on its bitcoin holdings, which the company classifies as a non-operating expense with no impact on cash flows or operating activities, per the presentation. 

Despite the bottom-line volatility, the company emphasized the resilience of its capital structure. Metaplanet noted its balance sheet remains "robust," with liabilities and preferred stock fully covered even in the event of an “86% BTC price decline,” supported by an equity ratio of 90.7%.

As of Dec. 31, the company reported liabilities of 46.7 billion yen ($304.2 million) and net assets of 458.5 billion yen ($2.99 billion), with its bitcoin holdings valued at 481.5 billion yen ($3.1 billion).

On operations, Metaplanet’s revenue for FY2025 reached 8.91 billion yen ($58 million), up 738% from 1.06 billion yen ($6.9 million) in the prior year, while operating profit surged to 6.29 billion yen($41 million) from 350 million yen ($2.28 million), a 1,695% increase, according to the document. 

The company said its bitcoin-related operations generated 8.47 billion yen ($55.2 million) in revenue and 7.19 billion yen ($46.8 million) in operating income, driven primarily by premium income from bitcoin option transactions.

Bitcoin treasury operations and 2026 outlook

According to the financial disclosure, Metaplanet surpassed its fiscal 2025 target of 30,000 bitcoin, ending the year with 35,102 BTC — a 1,892% increase from 1,762 BTC at the end of 2024. 

That represents approximately 0.16% of the total bitcoin supply and makes Metaplanet the fourth-largest public company holder of the asset globally. While the firm's stack remains a fraction of the 714,644 BTC held by Strategy, valued at approximately $49.6 billion according to The Block’s data dashboard, Metaplanet has set a long-term acquisition target of 210,000 BTC, representing 1% of the total bitcoin supply.

To fund this expansion, Metaplanet said it raised 517.2 billion yen ($3.37 billion) cumulatively through the end of 2025, including 21.25 billion yen ($138 million) from the December issuance of Class B perpetual preferred shares.

For fiscal year 2026, the company forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), representing year-over-year growth of 79.7% and 81.3%, respectively. 

Metaplanet said it is not providing forecasts for ordinary income or net income due to bitcoin price volatility.