Metaplanet Reports $619 Million Loss As Bitcoin Holdings Take Hit
Metaplanet Reports $619 Million Net Loss for Fiscal 2025
Tokyo-based Bitcoin treasury firm Metaplanet has disclosed a net loss of 95 billion yen ($619 million) for fiscal 2025. This loss was primarily driven by a valuation decline of 102.2 billion yen ($665.8 million) on its bitcoin holdings. The company’s financial struggles highlight the challenges faced by corporate bitcoin buyers as the cryptocurrency’s price has fluctuated significantly in recent months.
Metaplanet closed the fiscal year with 35,102 BTC, valued at approximately $2.4 billion, making it the fourth-largest public corporate bitcoin holder globally. Since initiating its bitcoin accumulation strategy 21 months ago, the company has invested nearly $3.8 billion, averaging $107,000 per coin. However, as of December 31, the company’s holdings had decreased by approximately 37%, resulting in an unrealized loss of about $1.4 billion. In the fourth quarter alone, the company’s bitcoin holdings lost 102 billion yen ($664 million) in value.
Revenue Growth Amidst Valuation Loss
Despite the significant valuation loss on its bitcoin holdings, Metaplanet reported a substantial increase in revenue for fiscal 2025. Revenue surged by 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) the previous year. Operating profit also saw a remarkable growth of 1,695% to 6.29 billion yen ($41 million), primarily driven by premiums from bitcoin option transactions, which contributed to 95% of total revenue.
The company’s strategic acquisitions were made during periods when bitcoin was trading above $100,000. Notable purchases included a $630 million buy in September at approximately $106,000 per coin, and a $615 million acquisition in October near $108,000 per coin. Metaplanet has financed its acquisitions through common stock issuances and the introduction of preferred shares like MERCURY and MARS to strengthen its balance sheet and mitigate market volatility.
For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), indicating an 80% growth in both metrics. The company did not provide net income guidance due to ongoing bitcoin price volatility but reaffirmed its long-term goal of accumulating 210,000 BTC by 2027, equivalent to about 1% of the total bitcoin supply.
Despite its financial challenges, Metaplanet’s stock price edged up slightly to 326 yen on Monday, according to Yahoo Finance, following a six-month decline of over 62%. As of the latest update, Bitcoin is trading near $68,000.
