Metaplanet Posts $619M Loss Despite Bitcoin Holdings Surge to 35,102

Metaplanet, a Tokyo-based company, reported a net loss of 95 billion yen ($619 million) for the fiscal year ending December 31, primarily due to valuation losses on its Bitcoin holdings. Despite the loss, the company swung from a net income of 4.44 billion yen ($28.9 million) in 2024 to substantial losses this year. The decline was driven by a 102.2 billion yen ($665.8 million) valuation loss on Bitcoin, classified as a non-operating expense. Metaplanet emphasized that its balance sheet remains strong, with liabilities and preferred stock fully covered even in an 86% Bitcoin price decline, supported by a 90.7% equity ratio.

The company's revenue for FY2025 reached 8.91 billion yen ($58 million), a 738% increase from the prior year. Operating profit surged to 6.29 billion yen ($41 million), up 1,695% from the previous year. Bitcoin-related operations generated 8.47 billion yen ($55.2 million) in revenue and 7.19 billion yen ($46.8 million) in operating income, primarily from premium collections on Bitcoin option transactions.

Metaplanet exceeded its fiscal 2025 target of 30,000 Bitcoin, ending the year with 35,102 Bitcoin. This represents a 1,892% increase from 1,762 Bitcoin at the end of 2024, positioning the company as the fourth-largest public holder globally. The firm has set a long-term target of acquiring 210,000 Bitcoin, or 1% of the total supply. Metaplanet raised 517.2 billion yen ($3.37 billion) cumulatively to fund expansion, including 21.25 billion yen ($138 million) from a December issuance of Class B perpetual preferred shares.

For fiscal year 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), representing year-over-year growth of 79.7% and 81.3%, respectively. However, the company declined to forecast ordinary income or net income due to cryptocurrency price volatility.