Metaplanet’s Bitcoin Woes: A Billion-Dollar Joke?

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A Tokyo-based entity released its fiscal year 2025 results, which, in a twist of fate, saw a 738% year-over-year increase in revenue. 

Despite the revenue surge, Bitcoin’s drawdown weighed heavily on the firm, as a non-cash valuation loss of 102.2 billion yen ($667.52 million) cast a shadow over the company’s finances, a gilded cage of numbers that gleamed but crumbled under scrutiny.

Revenue Soars, Net Loss Follows: Inside Metaplanet’s FY2025 Results 

Metaplanet’s FY2025 earnings report revealed revenue climbed to 8.9 billion yen ($58.12 million), up from 1.06 billion yen ($6.92 million) a year earlier-a meteoric rise that would make even a magician blink in disbelief. The company’s Bitcoin income business generated roughly 95% of total revenue, a testament to the allure of digital gold, or perhaps a fool’s errand.

“We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth,” the report read, as if reciting a mantra from a cult.

Operating profit rose sharply to 6.28 billion yen ($41.01 million), marking a 1,694.5% increase year over year, a figure that would make even a magician blink in disbelief. Its shareholder base expanded significantly, growing from 47,200 at the end of 2024 to around 216,500 by the close of 2025-a snowball in a hurricane, perhaps, but a snowball nonetheless.

Total assets also surged, rising from 30.3 billion yen ($197.89 million) to 505.3 billion yen ($3.30 billion) over the same period, a testament to the alchemy of modern finance, where even shadows can be spun into gold.

Despite the strong operational performance, the company posted a net loss of 95 billion yen ($620.17 million), after recording net income of 4.44 billion yen ($29.00 million) in 2024. The loss was primarily driven by valuation declines on its Bitcoin holdings, a cruel joke played by the market, as if to say, “You thought you had it all?”

Still, Metaplanet emphasized the strength of its balance sheet. The company said its liabilities and preferred stock would remain fully covered even in the event of an 86% drop in Bitcoin’s price, supported by an equity ratio of 90.7%-a statistical mirage, perhaps, but a comforting one.

The company also outlined its outlook for this year. Metaplanet expects revenue to reach 16 billion yen ($104.49 million) in FY2026, representing a 79.7% increase year over year. Operating profit is projected to rise to 11.4 billion yen ($74.45 million), up 81.3% from the previous year, a forecast as optimistic as a gambler’s prayer.

Japan’s Largest Corporate Bitcoin Holder Faces $1.35 Billion Unrealized Loss

According to the latest data, Metaplanet holds 35,102 BTC, a major increase from just 1,762 BTC at the end of 2024. The accumulation strategy has positioned the company as the largest corporate Bitcoin holder in Japan and the fourth-largest publicly listed corporate holder globally, a title that comes with both prestige and peril.

However, the rapid expansion of its Bitcoin treasury now comes with significant pressure. Metaplanet’s average acquisition cost stands at $107,716 per BTC, while Bitcoin is currently trading at $68,821-a gap that could make a seasoned investor weep, or at least question their life choices.

Across its entire 35,102 BTC position, this translates into approximately $1.35 billion in unrealized losses. While these losses remain on paper and could reverse if Bitcoin recovers, they highlight the inherent volatility risk tied to corporate treasury strategies heavily concentrated in digital assets, a gamble as risky as playing Russian roulette with a loaded gun.

Metaplanet is not alone in facing valuation pressure. Bitcoin’s broader market drawdown has also pushed MicroStrategy’s holdings below its average acquisition price, leaving the US-based firm with unrealized losses exceeding $5.33 billion as of the latest data-a reminder that even the mightiest can falter in the face of market whims.

The impact extends beyond balance sheets. Metaplanet’s share price is down 28.63% year-to-date, reflecting how closely the company’s equity performance is now tied to Bitcoin’s price movements-a dance of joy and despair, where every dip in the market feels like a personal betrayal.

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2026-02-17 08:41