Yeliz Akmaca 
Metaplanet revealed its FY2025 financial results amid over $1 billion in unrealized Bitcoin losses. Revenues surged, yes—but digital assets dragged the company into a net loss. So, how does Japan’s largest corporate Bitcoin holder’s strategy really shape its future?
Metaplanet FY2025 Performance
Revenues exploded: from $6.92M in the previous year to $58.12M in 2025. About 95% of that came straight from Bitcoin. The main revenue stream, almost entirely digital.
Operating income also soared: a staggering 1,694.5% annual increase, reaching $41.01M. Shareholders? They skyrocketed from 47,200 to roughly 216,500. More people, more eyes on the company.
But here’s the catch: Bitcoin’s value drop caused a $667.52M non-cash loss, pushing the company into a net deficit. Metaplanet remains confident, noting that with a 90.7% equity ratio, even an 86% Bitcoin price drop wouldn’t endanger obligations.
Bitcoin Revenue Strategy and Asset Accumulation
Metaplanet launched its Bitcoin Revenue division in Q4 2024, and since then it’s become the core revenue driver. The asset accumulation is astonishing: from 1,762 BTC to 35,102 BTC. Yes, you read that right—almost 35 thousand Bitcoin.
Of course, high risk comes with high reward. The average acquisition cost was $107,716 per BTC, while Bitcoin currently trades at $68,821. This equals around $1.35B in unrealized losses. On paper, it’s just “unrealized,” but a portfolio this concentrated is naturally volatile.
Metaplanet now stands as Japan’s largest corporate Bitcoin holder and the fourth largest among publicly traded companies worldwide.
Operational Strength and Future Outlook
The company’s operational performance is impressive, with record revenue and soaring operating income. Metaplanet expects FY2026 revenue to reach $104.49M, a 79.7% increase. Operating profit is projected to climb 81.3%, reaching $74.45M.
Short-term losses may occur, but the company’s strategy remains aggressive and solid for the long term.
Market Impact and Stock Performance
Bitcoin’s price drop also hit the stock: shares are down 28.63% YTD. The company’s performance is now closely tied to Bitcoin price movements. Good news? The strong balance sheet provides a buffer during volatile periods.
Metaplanet is expanding its revenues via a digital asset-focused strategy but faces inherent risks. Analysts note that while the company’s long-term potential is strong, Bitcoin price volatility will continue to impact short-term balance sheets and stock performance.
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