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Tokyo-based Bitcoin treasury firm Metaplanet reported a 95 billion yen net loss for fiscal 2025 after a sharp decline in the value of its Bitcoin holdings. The company recorded a 102.2 billion yen drop in valuation as Bitcoin retreated from record highs reached in October. Metaplanet ended the year with 35,102 BTC, worth about $2.4 billion.
The disclosure places Metaplanet among corporate Bitcoin buyers facing pressure from recent market volatility. Its holdings as of December 31 reflected a 37% unrealized loss from an average purchase price of $107,000 per coin. On paper, that equals nearly $1.4 billion in losses.
Despite the decline in asset value, Metaplanet maintained its long-term target of holding 210,000 BTC by 2027, or about 1% of the total Bitcoin supply.
Metaplanet spent nearly $3.8 billion on Bitcoin over the past 21 months. The company built its position through steady accumulation during periods when prices traded above $100,000. Its largest purchases came in September and October.
In September, the firm increased holdings by 25% through a $630 million acquisition at around $106,000 per coin. In October, it added another $615 million in Bitcoin at $108,000 per coin. Those transactions formed the bulk of its high-cost basis.
During the fourth quarter alone, the Bitcoin treasury lost about 102 billion yen in value. The quarterly decline drove the full-year net loss. Even so, Metaplanet now ranks as the fourth-largest public corporate Bitcoin holder globally, behind Strategy.
The company’s equity ratio stands at 90.7%, which signals a strong capital base. However, the market has priced in a 22% probability this year that a firm like Metaplanet may sell holdings to raise funds. This risk ties directly to the unrealized $1.4 billion loss.
While Bitcoin valuations declined, operating performance improved sharply. Revenue rose 738% to 8.91 billion yen, or about $58 million, compared with 1.06 billion yen a year earlier. The growth stemmed largely from Bitcoin option premiums.
Premium income from Bitcoin option transactions accounted for about 95% of total revenue. As a result, operating profit climbed 1,695% to 6.29 billion yen, or approximately $41 million. The company’s core operations scaled rapidly during the fiscal year.
For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen and operating profit of 11.4 billion yen. Those projections reflect about 80% growth in both metrics. The company did not issue net income guidance due to Bitcoin price volatility.
Operational cash flow now plays a central role in sustaining the treasury strategy. Projected operating profit for the current fiscal year stands at $74.3 million, marking an 81.3% increase. The cash generation funds are accumulated without drawing from the Bitcoin reserve.
Also Read: Metaplanet Builds BTC Treasury as Yen Weakness Pressures Sector Stocks
Metaplanet’s long-term accumulation plan depends on two forces: sustained operating income and Bitcoin price recovery. A sustained move above the $107,000 average entry price would erase the current unrealized loss. This shift would convert the treasury from a balance sheet drag into a potential asset.
Until that level returns, the company relies on operating growth to support its strategy. Management funded purchases primarily through common stock issuances. In addition, the firm introduced MERCURY and MARS, Japan’s first preferred share offerings, to strengthen its capital buffer.
Those preferred shares provide additional flexibility against crypto market swings. The approach seeks to avoid a forced sale of holdings. However, one question is raising concerns for investors: Will rising operational cash flow and a potential price rebound close the 37% paper loss gap?
Metaplanet continues to pursue its 210,000 BTC target by 2027 while monitoring market conditions. For now, the balance between cash generation and Bitcoin volatility defines the company’s financial trajectory.
