Catenaa, Monday, February 16, 2026- Tokyo-based bitcoin treasury firm Metaplanet reported a net loss of 95 billion yen ($619 million) for the fiscal year ended Dec. 31, reversing net income of 4.44 billion yen a year earlier, after booking a sharp valuation loss on its bitcoin holdings.
The company recorded a 102.2 billion yen ($665.8 million) unrealized loss tied to bitcoin price fluctuations, classified as a non-operating expense with no impact on cash flow, according to its fiscal 2025 earnings presentation.
Despite the loss, Metaplanet said its balance sheet remains strong, citing an equity ratio of 90.7%. As of year-end, liabilities stood at 46.7 billion yen ($304.2 million) and net assets at 458.5 billion yen ($2.99 billion). Bitcoin holdings were valued at 481.5 billion yen ($3.1 billion).
Revenue surged 738% to 8.91 billion yen ($58 million), while operating profit rose to 6.29 billion yen ($41 million). Bitcoin-related operations accounted for most of the gains, generating 8.47 billion yen in revenue, largely from option premium income.
Metaplanet ended 2025 with 35,102 BTC, up from 1,762 BTC a year earlier, representing about 0.16% of total bitcoin supply. The firm ranks among the largest public holders globally, though far behind Strategy, which holds more than 700,000 BTC.
The company raised 517.2 billion yen ($3.37 billion) through 2025 to fund acquisitions and set a long-term target of 210,000 BTC.
For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen and operating profit of 11.4 billion yen but declined to project net income due to bitcoin price volatility.
