TLDR
- Metaplanet’s revenue jumped 738%, driven by Bitcoin income in FY2025.
- The company posted a $620 million net loss due to Bitcoin valuation losses.
- Metaplanet holds 35,102 BTC, facing unrealized losses of $1.35 billion.
- Bitcoin’s volatility continues to impact Metaplanet’s stock performance.
Tokyo-based Metaplanet recently announced its fiscal year 2025 financial results, showing a remarkable increase in revenue. However, despite a record surge in earnings, the company faced significant financial strain due to the depreciation of its Bitcoin holdings. The firm reported unrealized losses exceeding $1 billion, pushing it into a net loss position for the year.
Metaplanet Revenue Soars Amid Bitcoin Strategy
Metaplanet’s revenue skyrocketed by 738% in FY2025, reaching a total of 8.9 billion yen ($58.12 million), up from 1.06 billion yen ($6.92 million) in the previous year. The company attributed this growth to its Bitcoin income business, which has become the primary driver of its revenue. Approximately 95% of Metaplanet’s total income came from this sector, following the launch of the Bitcoin Income business in Q4 2024.
Japan-listed Bitcoin treasury firm Metaplanet reported FY2025 revenue of ¥8.905 billion (+738% YoY) and operating profit of ¥6.287 billion (+1,694% YoY). As of December 31, 2025, it held 35,102 BTC, up from 1,762 BTC a year earlier, and recorded an unrealized Bitcoin valuation…
— Wu Blockchain (@WuBlockchain) February 16, 2026
“We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source,” said Metaplanet in its financial report. Despite the robust operational results, Metaplanet’s Bitcoin holdings led to a non-cash valuation loss, marking a stark contrast to its revenue surge.
Bitcoin’s Impact on Metaplanet’s Financials
While Metaplanet’s revenue increased dramatically, it was also heavily impacted by Bitcoin’s price volatility. The company reported a non-cash Bitcoin valuation loss of 102.2 billion yen ($667.52 million), pushing its net income for FY2025 into a negative position.
Metaplanet posted a net loss of 95 billion yen ($620.17 million) for the year, a significant decline from the 4.44 billion yen ($29.00 million) in net income recorded in 2024.
Despite the financial setback, the company emphasized the strength of its balance sheet. Metaplanet highlighted that its liabilities and preferred stock would remain fully covered, even in the event of an 86% drop in Bitcoin’s price. The company’s equity ratio stood at 90.7%, indicating a robust financial structure despite the Bitcoin valuation losses.
Metaplanet’s Bitcoin Holdings and Market Volatility
Metaplanet’s position as Japan’s largest corporate Bitcoin holder came under scrutiny due to its increasing Bitcoin accumulation. As of the end of FY2025, Metaplanet held 35,102 BTC, a sharp increase from just 1,762 BTC at the close of 2024. This strategy has made Metaplanet the fourth-largest publicly listed corporate holder of Bitcoin globally.
The company’s average acquisition cost for its Bitcoin holdings was $107,716 per BTC. However, with Bitcoin’s current price at $68,821, Metaplanet is facing unrealized losses of approximately $1.35 billion.
These losses are on paper and could potentially reverse if Bitcoin’s value rises. Nonetheless, they underscore the risks associated with corporate treasuries heavily invested in volatile digital assets like Bitcoin.
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