Metaplanet from Tokyo reported its financial results for the fiscal year 2025, with revenue increasing by 738% compared to the previous year.
Although revenue increased significantly, the price correction of Bitcoin heavily impacted the company, resulting in a loss from non-cash valuation of 102.2 billion yen (667.52 million USD), leading the company to experience a net loss this year.
Revenue surges, net loss: A deep dive into Metaplanet's FY2025 performance
Metaplanet's fiscal year 2025 earnings report reveals that revenue increased to 8.9 billion yen (58.12 million USD) from 1.06 billion yen (6.92 million USD) last year, with the Bitcoin revenue business generating approximately 95% of total revenue
We launched the Bitcoin Income business in the fourth quarter of 2024, and since then, this strategy has become our main source of revenue and is expected to continue being a key driver of profit growth
Operating profit increased significantly to 6.28 billion yen (41.01 million USD), a rise of 1,694.5% compared to the previous year. The shareholder base expanded significantly, increasing from 47,200 at the end of 2024 to approximately 216,500 at the end of 2025
Total assets also surged from 30.3 billion yen (197.89 million USD) to 505.3 billion yen (3.30 billion USD) during the same period
Despite strong operational results, the company still had to report a net loss of 95 billion yen (620.17 million USD) after previously having a net profit of 4.44 billion yen (29.00 million USD) in 2024, with most of the losses stemming from the decrease in the value of Bitcoin held by the company
But Metaplanet also emphasizes the strength of its balance sheet, stating that liabilities and preferred stock will still be fully covered, even as the price of Bitcoin fell by 86%, supported by an equity ratio of 90.7%
The company has also disclosed its outlook for this year, with Metaplanet projecting revenue of 16 billion yen (104.49 million USD) in fiscal year 2026, which is an increase of 79.7% compared to the previous year. Operating profit is expected to rise to 11.4 billion yen (74.45 million USD), up 81.3% from last year
The largest public company holding Bitcoin in Japan faces unrealized losses of over 1.35 billion USD
According to the latest data, Metaplanet holds 35,102 BTC, significantly up from just 1,762 BTC at the end of 2024. This accumulation strategy has made the company the largest holder of Bitcoin in the business sector in Japan and the fourth largest among public companies worldwide
Nevertheless, the rapid expansion of the Bitcoin treasury has become a significant pressure, with the average cost of acquiring Metaplanet at 107,716 USD per BTC while Bitcoin is trading at 68,821 USD
For the total holding of 35,102 BTC, this has resulted in unrealized losses of approximately 1.35 billion USD. Although these losses are still on paper and may reverse if Bitcoin recovers, they reflect the existing volatility risk in the company's treasury management strategy that focuses primarily on digital assets
Metaplanet is not the only one facing valuation pressure, as the overall correction of the Bitcoin market has caused MicroStrategy's holdings to drop below the average purchase price, resulting in this U.S. company experiencing unrealized losses exceeding 5.33 billion USD according to the latest data
The impact is not limited to the balance sheet alone, as Metaplanet's stock performance has decreased by 28.63% since the beginning of the year, reflecting that the performance of this company's stock is now closely linked to the price movements of Bitcoin