Metaplanet Reports $619 Million Loss As Bitcoin Holdings Take Hit

"Tokyo-based Bitcoin treasury firm Metaplanet posted a net loss of 95 billion yen ($619 million) for fiscal 2025, driven by a 102.2 billion yen ($665.8 million) valuation decline on its bitcoin holdings. The disclosure marks the latest example of a corporate bitcoin buyer facing pressure as the cryptocurrency's price slid from record highs in October. The company closed the year with 35,102 BTC, valued at approximately $2.4 billion, making Metaplanet the fourth-largest public corporate bitcoin holder globally, behind Strategy."

"Despite the valuation loss, the firm's operating performance showed significant improvement. Revenue jumped 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) the previous year, the company said. Operating profit surged 1,695% to 6.29 billion yen ($41 million), driven primarily by premiums from bitcoin option transactions, which accounted for about 95% of total revenue. The company's largest acquisitions occurred when bitcoin traded above $100,000."

"Notable purchases included 25% growth of its bitcoin holdings with a $630 million buy in September at roughly $106,000 per coin, followed by a $615 million acquisition in October near $108,000. The firm has funded its purchases largely through common stock issuances, while also adopting preferred shares to secure additional capital. Metaplanet introduced MERCURY and MARS, its first preferred share offerings in Japan, as a means to strengthen its balance sheet and create a buffer against crypto market volatility."

Metaplanet recorded a 95 billion yen net loss for fiscal 2025 driven by a 102.2 billion yen valuation decline on its bitcoin holdings. The firm held 35,102 BTC at year-end, valued at about $2.4 billion, representing an unrealized decline of roughly 37% since accumulation began 21 months earlier. Revenue rose 738% to 8.91 billion yen and operating profit increased 1,695% to 6.29 billion yen, largely due to premiums from bitcoin option transactions. Major purchases occurred when bitcoin traded above $100,000 and were funded through common stock issuances and new preferred-share offerings MERCURY and MARS.

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