Tokyo-based Metaplanet posted a 738% year-over-year revenue increase to 8.9 billion yen ($58.12 million) in its fiscal year 2025 results, but a non-cash Bitcoin (BTC) valuation loss of 102.2 billion yen ($667.52 million) dragged the company into a net loss of 95 billion yen ($620.17 million) for the period.
What Happened: Revenue Surge, Net Loss
The company's Bitcoin income business, launched in Q4 2024, generated roughly 95% of total revenue. Operating profit rose 1,694.5% year over year to 6.28 billion yen ($41.01 million).
"We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth," the report read.
Total assets ballooned from 30.3 billion yen ($197.89 million) to 505.3 billion yen ($3.30 billion), while the shareholder base grew from 47,200 to around 216,500. Metaplanet now holds 35,102 BTC — up from 1,762 BTC at end of 2024 — making it Japan's largest corporate Bitcoin holder and the fourth-largest publicly listed corporate holder globally.
The company projected FY2026 revenue of 16 billion yen ($104.49 million), a 79.7% increase, with operating profit expected to reach 11.4 billion yen ($74.45 million). Metaplanet said its liabilities and preferred stock would remain fully covered even if Bitcoin's price dropped 86%, supported by an equity ratio of 90.7%.
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Why It Matters: Volatility Risk Exposed
Metaplanet's average acquisition cost stands at $107,716 per BTC, while Bitcoin currently trades near $68,821. Across its entire 35,102 BTC position, that translates into approximately $1.35 billion in unrealized losses.
The firm is not alone. MicroStrategy's holdings have also fallen below its average acquisition price, leaving the U.S.-based company with unrealized losses exceeding $5.33 billion.
Metaplanet's share price is down 28.63% year-to-date, underscoring how tightly the company's equity performance is now tied to Bitcoin's price movements. The unrealized losses remain on paper and could reverse with a recovery, but they illustrate the concentration risk embedded in corporate treasury strategies built around digital assets.
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