Metaplanet Inc. has announced impressive financial results for fiscal year 2025, showcasing a remarkable operating performance while simultaneously confronting a significant unrealized loss in Bitcoin. The company reported revenues of ¥8.905 billion, reflecting a staggering increase of 738% compared to the previous year, alongside an operating profit soaring to ¥6.287 billion, marking a 1,694% year-on-year growth.
A substantial portion of these gains can be attributed to Metaplanet”s operations linked to Bitcoin, particularly through premium income derived from option transactions that gained momentum in the latter half of the fiscal year.
Significantly, Metaplanet has aggressively expanded its Bitcoin holdings, accumulating a total of 35,102 BTC as of December 31, 2025, compared to just 1,762 BTC at the end of the previous year. This strategic move has had profound implications for the company”s balance sheet.
However, this increased exposure to the Bitcoin market has resulted in substantial volatility. The firm recorded an unrealized valuation loss of approximately ¥102.2 billion for the fiscal year, a figure substantial enough to negate the consolidated accounting profits and push the company into a pre-tax and net loss on paper.
As a result, Metaplanet”s balance sheet presents a contrasting picture. Total assets surged to ¥505.286 billion, while net assets climbed to ¥458.592 billion by year-end, reflecting both the expanded Bitcoin inventory and robust cash generation from its trading and option activities.
The board of directors has emphasized that operating profit, or “core” profit, is the key indicator of business performance, favoring cash-centric metrics over fluctuating mark-to-market valuations. The company plans to utilize future premium income to fund dividends on perpetual preferred stock and to further increase its Bitcoin reserves.
Metaplanet”s results illustrate the inherent trade-offs faced by firms focused solely on accumulating Bitcoin. While they can experience steady and sometimes generous cash flows from trading and options, they also contend with significant valuation fluctuations linked to the very asset that fuels their operations. For investors, fiscal year 2025 serves as a vivid case study of impressive growth juxtaposed with the market-driven challenges of accounting losses.
