Metaplanet Inc. Posts Blockbuster FY2025 but Sits on a Huge Unrealized Bitcoin Loss

Metaplanet turned in eye-catching fiscal 2025 numbers, but the headline story is a tale of two realities: booming operating performance on the one hand, and a crippling paper loss on the other. For the year, the company recorded revenue of ¥8.905 billion, a jump of 738% from the prior year, and an operating profit of ¥6.287 billion, up a staggering 1,694% year-on-year.

Those gains were driven largely by the firm’s Bitcoin-related operations, especially premium income from option transactions that picked up pace in the third quarter and beyond. At the same time, Metaplanet dramatically increased its Bitcoin holdings. As of December 31, 2025, it held 35,102 BTC, compared with just 1,762 BTC a year earlier, an aggressive accumulation that reshaped the company’s balance sheet.

Broader Outlook

That bigger position exposed the company to market swings. The firm recorded an unrealized valuation loss on Bitcoin of roughly ¥102.2 billion for the period, a figure large enough to wipe out consolidated accounting profits and push the group into a pre-tax and net loss on paper.

The balance sheet looked very different as a result. Total assets swelled to ¥505.286 billion and net assets rose to ¥458.592 billion by year-end, reflecting both the enlarged BTC inventory and the cash generation from trading and option activities.

The board has framed operating (or “core”) profit as the key measure of business performance, preferring cash-focused metrics over volatile mark-to-market movements, and said it plans to use future premium income partly for dividends on perpetual preferred stock and partly to add to its Bitcoin stash.

Metaplanet’s results show the trade-off facing pure-play Bitcoin treasury firms. Steady, sometimes generous cash flows from trading and options can coexist with headline-grabbing valuation swings tied to the very asset that drives the business. For investors, fiscal 2025 was a vivid example of growth and scale on one side and market-driven accounting pain on the other.