Metaplanet Inc. delivered one of the most dramatic earnings reports of the season, combining triple-digit operational growth with a headline net loss tied directly to Bitcoin’s price volatility.
- Metaplanet’s revenue surged 738% in FY2025, with operating profit jumping nearly 1,700% thanks to its Bitcoin Income model.
- A ¥95 billion net loss was driven by non-cash Bitcoin valuation declines, not core operations.
- The company holds 35,102 BTC and aims to dramatically expand its treasury, targeting 100,000 BTC by 2026.
The Tokyo-listed company reported that revenue for fiscal year 2025 surged 738.3% year-over-year to ¥8.905 billion (around $58 million), as its newly established Bitcoin-focused income model became the dominant engine of the business.
Operating profit climbed even faster, rising 1,694.5% to ¥6.287 billion (approximately $40.8 million). However, despite the explosive operating performance, the company posted a net loss of roughly ¥95 billion ($619–$633 million).
The red ink was not driven by core operations. Instead, it stemmed from a non-cash valuation loss of about ¥102.2 billion ($660 million), reflecting the decline in Bitcoin’s market price at the fiscal year-end mark-to-market calculation.
Japan’s Largest Corporate Bitcoin Holder
As of December 31, 2025, Metaplanet held 35,102 BTC, making it the largest corporate Bitcoin holder in Japan. With Bitcoin currently trading near $70,000, the company’s treasury position remains a central pillar of its balance sheet and long-term strategy.
Management has made clear that volatility is part of the model. While accounting standards require unrealized losses to be recorded when prices fall, those losses can reverse just as quickly during price recoveries.
The Rise of the “Bitcoin Income” Model
Metaplanet’s transformation into what it calls a “Bitcoin Income” company is now nearly complete. Roughly 95% of total revenue is derived from Bitcoin-linked activities rather than traditional operations.
At the core of this strategy is an options-writing approach. The company primarily sells cash-secured put options, collecting upfront premiums while committing to purchase additional Bitcoin at predetermined strike prices if markets decline.
This premium-harvesting strategy generated about $58.2 million in revenue during fiscal 2025 alone. Management measures performance using a metric called “BTC Yield per diluted share,” which reportedly increased 568% over the past year.
Aggressive 2026 Outlook
Looking ahead, Metaplanet issued ambitious guidance for fiscal year 2026.
The company projects revenue of ¥16 billion (around $103–$104.6 million) and operating profit of ¥11.4 billion ($73–$74.5 million), representing an expected 81.3% increase in operating income.
Beyond short-term growth, management has outlined a bold long-term objective: accumulating approximately 1% of Bitcoin’s total global supply – or around 210,000 BTC – by 2027.
Capital Raise Fuels “555 Million Plan”
To accelerate its accumulation strategy, Metaplanet recently launched a substantial capital raise tied to its so-called “555 Million Plan,” targeting 100,000 BTC by the end of 2026.
The company secured up to ¥21 billion (around $137 million) through a third-party allotment to overseas investors. The structure included:
24.53 million new common shares issued at ¥499 per share, raising about ¥12.2 billion upfront
159,440 stock acquisition rights (warrants) priced at ¥547, exercisable until February 15, 2027
Proceeds are earmarked primarily for direct Bitcoin purchases (¥14 billion), partial repayment of a $500 million credit facility (¥5.19 billion), and expansion of its Bitcoin-Income derivatives and options operations (¥1.56 billion).
Balancing Volatility and Scale
Metaplanet’s results underscore the dual nature of corporate Bitcoin treasury strategies. On one side, the company is delivering explosive revenue and operating growth. On the other, accounting volatility can produce massive swings in reported net income.
With Bitcoin trading near $70,000 and the company aggressively expanding both its treasury and derivatives activities, 2026 is shaping up to be a defining year for Japan’s most prominent corporate Bitcoin accumulator.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/metaplanet-revenue-surges-738-despite-massive-bitcoin-driven-loss/