How Big Was the Revenue Jump?
Japanese public company Metaplanet reported a sharp revenue increase after restructuring its business around Bitcoin. In its fiscal year 2025 earnings report, the company said revenue rose to 8.9 billion yen ($58 million), up from $7 million a year earlier — a 738% year-on-year increase.
The growth followed the launch of its Bitcoin income operations in the fourth quarter of 2024. “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 company wrote in its report.
According to the revenue breakdown, roughly 95% of total income came from Bitcoin-related operations. Most of that was generated through premium income from BTC options transactions. The shift effectively replaced the company’s previous focus on hotel and media activities, which had formed the basis of its earlier business model.
Investor Takeaway
Why Did the Company Post a Net Loss?
Despite reporting operating profit of about $40 million, Metaplanet still recorded a net loss of roughly $619 million. The gap was driven by accounting treatment of its Bitcoin holdings.
Because the company holds a large reserve of Bitcoin on its balance sheet, it must mark those holdings to market. During the fiscal year, a valuation decline of more than $664 million outweighed operating gains and resulted in the reported net loss.
This dynamic highlights the financial impact of holding digital assets at scale. Revenue from trading and options activity can be offset by unrealized price declines, even when underlying operations remain profitable.
How Large Is Metaplanet’s Bitcoin Treasury?
The company has rapidly expanded its Bitcoin reserves. Holdings grew from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, making Metaplanet the largest corporate Bitcoin holder in Japan.
Since adopting its treasury strategy, the firm has raised more than $3.2 billion in capital. It describes its approach as a long-term Bitcoin treasury model designed to “acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation.”
The scale of accumulation places Metaplanet among a small group of public companies that have tied their balance sheets closely to Bitcoin price movements. That strategy can amplify both upside and downside effects on earnings.
Investor Takeaway
What Does the Company Expect Next?
Metaplanet expects further expansion in fiscal year 2026. It forecasts revenue of about $104 million and operating profit of $74 million, reflecting continued reliance on Bitcoin-related income streams.
Earlier this month, CEO Simon Gerovich reaffirmed that the company would continue with its Bitcoin-focused strategy despite broader market weakness. In a post on X, he said there would be no change in direction during the downturn.
The company also approved an overseas capital raise of up to $137 million last month to expand its Bitcoin holdings and reduce debt. Together, the forecast and capital plan indicate that Metaplanet intends to deepen rather than moderate its exposure to Bitcoin.
With revenue now largely tied to crypto derivatives and treasury appreciation, the company’s financial results will remain closely linked to Bitcoin’s price trajectory and volatility patterns in the year ahead.
