Tokyo-based Bitcoin treasury firm Metaplanet has revealed a staggering net loss of 95 billion yen ($619 million) for the fiscal year 2025. This financial setback is primarily attributed to a significant 102.2 billion yen ($665.8 million) decline in the valuation of its bitcoin holdings. The announcement underscores the challenges faced by corporate buyers of bitcoin as the cryptocurrency”s price has experienced a notable drop from its all-time highs reached in October.
As of December 31, Metaplanet reported holding 35,102 BTC, which is valued at approximately $2.4 billion, positioning the company as the fourth-largest public corporate holder of bitcoin globally, trailing only behind Strategy. Since the onset of its bitcoin accumulation strategy 21 months ago, Metaplanet has invested nearly $3.8 billion in the cryptocurrency, acquiring coins at an average price of $107,000 each. However, the company”s holdings have depreciated by approximately 37% on paper, reflecting an unrealized loss of around $1.4 billion. In the fourth quarter alone, the value of its bitcoin stash diminished by 102 billion yen ($664 million).
Despite the substantial valuation losses, Metaplanet”s operational performance has shown remarkable growth. The company”s revenue surged 738%, reaching 8.91 billion yen ($58 million), compared to just 1.06 billion yen ($6.9 million) in the previous fiscal year. Furthermore, its operating profit skyrocketed by 1,695% to 6.29 billion yen ($41 million). This impressive performance was largely driven by premiums from bitcoin option transactions, which constituted about 95% of total revenue.
The firm made its largest acquisitions while bitcoin was trading above $100,000, including a significant 25% increase in its holdings with a $630 million purchase in September at an average price of roughly $106,000 per coin, followed closely by a $615 million acquisition in October near $108,000 per coin. To finance these purchases, Metaplanet has relied heavily on common stock issuances and has introduced preferred shares to bolster its capital base.
In a strategic move to strengthen its balance sheet and mitigate risks associated with market volatility, Metaplanet launched its first preferred share offerings in Japan, named MERCURY and MARS. Looking ahead to fiscal 2026, the company anticipates revenue of 16 billion yen ($104 million) and an operating profit of 11.4 billion yen ($74.3 million), projecting roughly 80% growth for both metrics. However, Metaplanet did not provide guidance on net income due to ongoing fluctuations in bitcoin prices, although it reiterated its long-term objective of acquiring 210,000 BTC by 2027, which would represent about 1% of the total bitcoin supply.
Following the release of its financial results, Metaplanet”s stock saw a slight uptick, rising to 326 yen on Monday, as reported by Yahoo Finance, after enduring a six-month decline exceeding 62%. As of now, Bitcoin is trading near $68,000, reflecting the current market dynamics.
