Metaplanet Posts $619 Million Net Loss as BTC Dips 52% from All-time High

TL;DR

• Tokyo-based Bitcoin treasury company Metaplanet reported a net loss of $619 million for the fiscal year ended Dec. 31. 

• The company revealed that it closed the year with 35,102 BTC, a 1,892% increase from the prior year’s 1,762 BTC.

Metaplanet Posts a 95 billion Yen Loss for 2025

Metaplanet, one of the leading Bitcoin treasury companies in the world, announced on Monday that it recorded a net loss of 95 billion yen ($619 million) for the fiscal year ended Dec. 31, swinging from net income of 4.44 billion yen ($28.9 million) in 2024.

In its earnings presentation, the company stated that the loss was driven by a 102.2 billion yen ($665.8 million) valuation loss on its bitcoin holdings, which the company classifies as a non-operating expense with no impact on cash flows or operating activities.

Metaplent assured investors of the resilience of its capital structure amid the current volatility in the cryptocurrency market. The company added that its balance sheet remains "robust," with liabilities and preferred stock fully covered even in the event of an “86% BTC price decline,” supported by an equity ratio of 90.7%.

In the previous fiscal year, Metaplanet reported liabilities of 46.7 billion yen ($304.2 million) and net assets of 458.5 billion yen ($2.99 billion), with its bitcoin holdings valued at 481.5 billion yen ($3.1 billion).

In terms of operations, the company’s revenue for 2025 hit 8.91 billion yen ($58 million), up 738% from 1.06 billion yen ($6.9 million) in the prior year. Furthermore, operating profit surged to 6.29 billion yen($41 million) from 350 million yen ($2.28 million), a 1,695% increase.

According to the official documents, Metaplanet’s bitcoin-related operations generated 8.47 billion yen ($55.2 million) in revenue and 7.19 billion yen ($46.8 million) in operating income. The income primarily came from bitcoin option transactions.

In terms of its target, Metaplanet surpassed its fiscal 2025 target of 30,000 bitcoin, ending the year with 35,102 BTC, an astonishing 1,892% increase from 1,762 BTC at the end of 2024. 

Metaplanet currently holds 0.16% of the total bitcoin supply, making it the fourth-largest public company holder of the asset globally. The company has set a long-term acquisition target of 210,000 BTC, representing 1% of the total bitcoin supply.

To fund its acquisitions, Metaplanet said it raised 517.2 billion yen ($3.37 billion) cumulatively through the end of 2025.

For the current fiscal year, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million).