TLDR
- Metaplanet posted a $619 million net loss in fiscal 2025 due to a $665.8 million valuation loss on its bitcoin holdings despite strong operational performance
- The company increased bitcoin holdings to 35,102 BTC from 1,762 BTC, making it Japan’s largest corporate holder and fourth-largest globally
- Revenue jumped 738% to $58 million while operating profit surged 1,695% to $41 million, with bitcoin operations driving 95% of total revenue
- Unrealized losses hit $1.35 billion with average BTC purchase price at $107,716 versus current trading price of $68,821
- Shares declined 28.63% year-to-date as the company forecasts 79.7% revenue growth for fiscal 2026
Metaplanet reported a net loss of 95 billion yen ($619 million) for fiscal year 2025. The Tokyo-based bitcoin treasury company swung from net income of 4.44 billion yen ($28.9 million) in the previous year.
A 102.2 billion yen ($665.8 million) valuation loss on bitcoin holdings drove the decline. The company classifies this as a non-operating expense with no cash flow impact.
Revenue climbed 738% to 8.91 billion yen ($58 million) from 1.06 billion yen the prior year. Operating profit jumped 1,695% to 6.29 billion yen ($41 million) from 350 million yen.
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Metaplanet reported a $619 million net loss in Q4, driven by unrealized losses on its Bitcoin, though its revenue surged 738% to $58 million as its holdings climbed to 35,102 BTC. pic.twitter.com/pYy9VkV4Bo
— CoinMarketCap (@CoinMarketCap) February 16, 2026
Bitcoin-related operations generated 8.47 billion yen ($55.2 million) in revenue. Premium income from bitcoin option transactions accounted for most of this growth.
Massive Bitcoin Accumulation Strategy
The company ended 2025 with 35,102 BTC, up 1,892% from 1,762 BTC at the close of 2024. This surpassed its fiscal 2025 target of 30,000 bitcoin.
The holdings represent approximately 0.16% of total bitcoin supply. Metaplanet ranks as the fourth-largest public corporate holder globally and the largest in Japan.
The firm raised 517.2 billion yen ($3.37 billion) cumulatively through 2025 to fund acquisitions. This included 21.25 billion yen ($138 million) from Class B perpetual preferred shares issued in December.
Metaplanet targets 210,000 BTC long-term, representing 1% of total bitcoin supply. This remains well below Strategy’s 714,644 BTC valued at approximately $49.6 billion.
Valuation Pressure Intensifies
The company’s average acquisition cost sits at $107,716 per BTC. With bitcoin trading at $68,821, Metaplanet faces roughly $1.35 billion in unrealized losses.
These paper losses could reverse if bitcoin rebounds. The company emphasized its balance sheet strength, noting liabilities and preferred stock would remain covered even with an 86% bitcoin price drop.
As of December 31, liabilities totaled 46.7 billion yen ($304.2 million) and net assets reached 458.5 billion yen ($2.99 billion). Bitcoin holdings were valued at 481.5 billion yen ($3.1 billion). The equity ratio stands at 90.7%.
The shareholder base expanded from 47,200 to around 216,500 during 2025. Total assets rose from 30.3 billion yen ($197.89 million) to 505.3 billion yen ($3.30 billion).
Shares dropped 28.63% year-to-date, tracking bitcoin’s price movements closely. MicroStrategy faces similar pressure with unrealized losses exceeding $5.33 billion.
For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million). This represents 79.7% and 81.3% growth respectively. The company won’t forecast net income due to bitcoin volatility.
The post Metaplanet Stock Slides as Bitcoin Strategy Drives Heavy Losses appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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