Tokyo-based technology company Metaplanet has announced its financial results for fiscal year 2025, revealing a dramatic rise in annual revenue. While the company achieved an impressive 738% jump in income, its balance sheet was heavily impacted by the sharp decline in Bitcoin prices, translating into a significant year-end loss.
Revenue Soars on Bitcoin-Driven Business
According to its financial statements, Metaplanet’s total revenue climbed to 8.9 billion yen in 2025, a substantial leap from the 1.06 billion yen reported the previous year. An estimated 95% of this revenue originated from the company’s Bitcoin-related operations, which began in the final quarter of 2024 and swiftly became its primary source of income. Metaplanet noted that this segment has rapidly evolved into both the main revenue stream and the engine for growth since its introduction.
“We launched our Bitcoin business in the fourth quarter of 2024. This strategy quickly became the core source of our revenue and growth, and we expect it to continue driving our performance,” Metaplanet stated.
Operating profit also saw a meteoric rise—up 1,694.5% year-on-year to 6.28 billion yen. The company’s shareholder base experienced robust expansion as well, reaching 216,500 by year-end. Assets on the balance sheet soared from 30.3 billion yen to an impressive 505.3 billion yen over the same period.
Bitcoin Loss Pushes Firm into Red
Despite these strong performance indicators, Metaplanet ultimately reported a 95 billion yen net loss for the year. This stands in stark contrast to the previous year when the company managed a net profit of 4.44 billion yen. The main culprit was the substantial loss in value of its Bitcoin holdings, which translated into a 102.2 billion yen write-down in the company’s financials.
Management, however, emphasized that Metaplanet’s financial structure remains resilient. Company projections show that even if Bitcoin were to lose 86% of its value, Metaplanet could still cover all its debts and preferred shares fully. Its equity ratio remained robust at 90.7%.
Looking ahead to 2026, Metaplanet forecasts that revenue will rise to 16 billion yen and anticipates operating profit will reach 11.4 billion yen, underlining management’s confidence in its business model despite volatility in digital asset prices.
Metaplanet Emerges as Japan’s Largest Corporate Bitcoin Holder
By the end of the fiscal year, Metaplanet’s Bitcoin reserves had surged to 35,102 BTC. This made the company the largest institutional Bitcoin holder in Japan and placed it among the world’s top four publicly listed companies in terms of Bitcoin assets. The average cost per Bitcoin was reported at $107,716.
In contrast, Bitcoin’s market price hovered around $68,821 at year-end. This left Metaplanet facing an unrealized loss of approximately $1.35 billion on its Bitcoin position. Such paper losses do not become actual losses unless the company decides to sell at current prices.
A similar scenario played out at US-based MicroStrategy, where the company’s Bitcoin stash is also valued below its average acquisition cost, resulting in substantial unrealized losses on its books.
These developments have made an impact on Metaplanet’s stock price as well. Since the start of the year, shares have dropped by 28.63%. The strong correlation between Metaplanet’s share value and Bitcoin prices remains clear in the wake of these swings.
