Metaplanet Reports $619M Loss Despite Record Revenue Growth

Metaplanet Inc. (TYO: 3350) reported a net loss of $619 million for the fiscal year ended December 31, 2025, primarily driven by a $665.8 million non-cash valuation loss on its Bitcoin holdings.

Despite the headline loss, the company delivered strong operating growth as it expanded its Bitcoin-focused strategy.

As of February 16, 2026, Metaplanet shares trade near $2.17 (converted from ¥326), with a market capitalization of approximately $2.53 billion. The stock remains more than 60% below levels seen six months ago, reflecting Bitcoin price volatility rather than operational deterioration.

Revenue and Operating Growth Accelerate

For FY2025:

• Revenue: $58 million (up 738%)
• Operating profit: $40.8 million (17-fold increase)

Bitcoin-related activities accounted for roughly 95% of total revenue, with premium income from BTC options driving most of the gains.

By year-end 2025, Metaplanet held 35,102 BTC, up from 1,762 BTC at the end of 2024, making it the largest corporate Bitcoin holder in Japan.

Unrealized Bitcoin Losses

With Bitcoin trading around $68,550, Metaplanet is currently sitting on approximately $1.2 billion in unrealized losses.

These losses are accounting-based and non-cash, but they significantly impact reported net income under mark-to-market rules.

2026 Outlook and Accumulation Strategy

Metaplanet has raised its guidance for fiscal 2026:

• Revenue forecast: $104 million (up nearly 80%)
• Operating profit forecast: $74 million (up 81%)

The company aims to increase its Bitcoin holdings to 100,000 BTC by the end of 2026. Longer term, it has set a goal of accumulating 210,000 BTC (1% of total supply) by 2027.

Strategic Perspective

Metaplanet’s financial results illustrate the dual nature of corporate Bitcoin treasury strategies. Core operating revenue is expanding rapidly, but reported earnings remain highly sensitive to Bitcoin’s market price.

With 35,102 BTC already on its balance sheet and aggressive accumulation targets ahead, the company’s financial trajectory will continue to closely track Bitcoin’s performance throughout 2026.

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