Tokyo-based Bitcoin treasury firm Metaplanet posted a net loss of 95 billion yen ($619 million) for fiscal 2025, driven by a 102.2 billion yen ($665.8 million) valuation decline on its bitcoin holdings. 

The disclosure marks the latest example of a corporate bitcoin buyer facing pressure as the cryptocurrency’s price slid from .

The company the year with 35,102 BTC, valued at approximately $2.4 billion, making Metaplanet the fourth-largest public corporate bitcoin holder globally, behind . Since it began accumulating bitcoin 21 months ago, Metaplanet has spent nearly $3.8 billion, averaging $107,000 per coin.

As of December 31, the company’s holdings were down roughly 37% on paper, representing an unrealized loss of about $1.4 billion. In the fourth quarter alone, the stash lost 102 billion yen ($664 million) in value.

Metaplanet’s revenue surge

Despite the valuation loss, the firm’s operating performance showed significant improvement. Revenue jumped 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) the previous year, the company said.

Operating profit surged 1,695% to 6.29 billion yen ($41 million), driven primarily by premiums from bitcoin option transactions, which accounted for about 95% of total revenue.

The company’s largest acquisitions occurred when bitcoin traded above $100,000. Notable purchases included 25% growth of its bitcoin holdings with a $630 million buy in September at roughly $106,000 per coin, followed by a $615 million acquisition in October near $108,000.

The firm has funded its purchases largely , while also adopting preferred shares to secure additional capital. Metaplanet MERCURY and MARS, its first preferred share offerings in Japan, as a means to strengthen its balance sheet and create a buffer against crypto market volatility. 

For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), reflecting roughly 80% growth in both metrics. The company did not provide net income guidance, citing ongoing bitcoin price volatility, but reaffirmed a long-term target of 210,000 BTC by 2027, equivalent to about 1% of the total bitcoin supply.

Metaplanet’s stock edged up slightly to 326 yen on Monday, to Yahoo Finance, after a six-month decline exceeding 62%.

At the time of writing, Bitcoin is trading near $68,000.

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