Metaplanet’s latest fiscal year results show how deeply its financial performance is tied to Bitcoin.
The Tokyo-based company reported rapid revenue expansion after shifting toward Bitcoin-related income streams, but falling cryptocurrency valuations erased bottom-line gains.
The company’s operating business grew strongly, with rising profits, expanding assets, and a larger shareholder base.
However, the decline in Bitcoin’s market price resulted in significant valuation losses.
Bitcoin drives revenue
Metaplanet reported revenue of 8.9 billion yen for fiscal year 2025, compared with 1.06 billion yen in the previous year, making a 738% increase year over year.
The Bitcoin income business contributed approximately 95% of total revenue after its launch in the fourth quarter of 2024, becoming the company’s main earnings source.
Operating profit rose to 6.28 billion yen, marking a 1,694.5% increase from fiscal year 2024.
Total assets climbed to 505.3 billion yen from 30.3 billion yen in the previous year.
Investor participation increased sharply.
Metaplanet’s shareholder base grew from 47,200 at the end of 2024 to about 216,500 by the end of 2025.
Valuation losses hit net income
Despite strong operating growth, Metaplanet reported a net loss of 95 billion yen for the fiscal year 2025.
This compares with the net income of 4.44 billion yen in the previous year.
The shift was driven mainly by a non-cash valuation loss of 102.2 billion yen on its Bitcoin holdings.
These losses reflect market price declines rather than realised losses, even though it reduced reported earnings.
Metaplanet said its financial structure remains strong.
Its liabilities and preferred stock would remain fully covered even if Bitcoin’s price fell by 86%, supported by an equity ratio of 90.7%.
Bitcoin holdings expand
Metaplanet significantly increased its Bitcoin reserves during fiscal year 2025.
The company now holds 35,102 BTC, up from 1,762 BTC at the end of 2024.
This makes Metaplanet the largest corporate Bitcoin holder in Japan and the fourth-largest publicly listed corporate holder globally.
However, its acquisition price remains higher than current market levels.
The company’s average purchase price is $107,716 per Bitcoin, while Bitcoin is currently trading at $68,345.84.
Source: CoinMarketCap
This creates unrealised losses of approximately $1.35 billion across its holdings.
These losses remain unrealised and could change depending on Bitcoin price movements.
The effect has also been visible in Metaplanet’s stock performance.
Its share price has fallen 28.63% year to date, showing the close link between its equity valuation and Bitcoin’s market price.
FY2026 projections rise
Metaplanet expects continued growth in fiscal year 2026. The company forecasts revenue of 16 billion yen, representing a 79.7% increase from fiscal year 2025.
Operating profit is projected to rise to 11.4 billion yen, up 81.3% year over year.
Metaplanet’s experience mirrors broader industry trends.
US-based Strategy (previously known as Microstrategy) has also faced valuation pressure, with unrealised losses exceeding $5.33 billion as Bitcoin trades below its average acquisition price.
https://invezz.com/news/2026/02/17/metaplanet-revenue-surges-but-btc-valuation-slump-drives-net-loss/
