Metaplanet reported a sharp rise in revenue after pivoting its business around Bitcoin, with crypto operations now driving nearly all of its income.
Key Takeaways
- Revenue surged 738% year over year to 8.9 billion yen in fiscal 2025.
- Operating profit jumped nearly 1,700% as Bitcoin options premiums fueled growth.
- The company holds 35,102 BTC, making it Japan’s largest corporate Bitcoin holder.
- Despite strong operating gains, a non cash Bitcoin valuation loss pushed the company into a net loss.
What Happened?
Tokyo based Metaplanet released its fiscal year 2025 earnings, revealing explosive growth after launching its Bitcoin income business in late 2024. The shift away from traditional segments such as hotel and media operations toward a Bitcoin focused treasury model significantly reshaped its financial performance.
Revenue climbed to 8.9 billion yen, up from roughly 7 million dollars a year earlier, marking a 738% year over year increase. Operating profit reached 6.29 billion yen, reflecting growth of approximately 1,694%.
🚨ICYMI: @Metaplanet reports ¥8.9B FY2025 revenue (+738% YoY).$BTC holdings jumped to 35,102 (from 1,762).
— The Crypto Times (@CryptoTimes_io) February 16, 2026
~¥102.2B in unrealized valuation losses. pic.twitter.com/Z0V9ezxNeM
Bitcoin Income Business Becomes Core Revenue Driver
Metaplanet said it launched its Bitcoin Income business in the fourth quarter of 2024. Since then, the strategy has become the company’s primary revenue source.
The company wrote:
A breakdown of earnings shows that about 95% of total revenue came from Bitcoin related operations. Much of this income was generated through premiums earned from Bitcoin options transactions. Premium revenue surged to 7.98 billion yen, compared with 691 million yen in 2024.
The company described its approach as a long term Bitcoin treasury strategy, aiming to acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long term value appreciation.
Massive Bitcoin Holdings and Global Ambitions
Metaplanet dramatically expanded its Bitcoin reserves over the past year. Holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025. This represents about 0.16% of the total global Bitcoin supply, positioning the company as the fourth largest public Bitcoin holder worldwide and the largest in Japan.
At current market prices, the company holds more than 2.4 billion dollars worth of Bitcoin. However, following a drop in Bitcoin’s price from nearly 125,000 dollars to below 90,000 dollars by year end, the company reported a non cash valuation loss of 102.2 billion yen, or about 650 million dollars.
As a result, despite reporting operating profit of about 40 million dollars, Metaplanet posted a net loss of roughly 95 billion yen, or about 605 to 619 million dollars, due to accounting rules that require marking Bitcoin holdings to market value. The company is currently sitting on approximately 1.2 billion dollars in unrealized losses, with Bitcoin recently trading around 68,550 dollars.
Capital Raising and 2026 Forecast
Since adopting its Bitcoin treasury strategy, Metaplanet has raised more than 3.2 billion dollars in capital. Last month, the company approved an overseas capital raise of up to 137 million dollars to expand its Bitcoin holdings and reduce debt.
CEO Simon Gerovich recently reaffirmed the company’s commitment to its Bitcoin focused approach, stating on X that there would be no shift in direction despite recent crypto market volatility.
Metaplanet FY2025 Results
— Simon Gerovich (@gerovich) February 16, 2026
🟧 Revenue: ¥8.91b (+738% YoY)
🟧 Operating Profit: ¥6.29b (+1,695% YoY)
🟧 Net Assets: ¥458.59b (+2,603% YoY)
🟧 BTC Yield: 568%
🟧 Operating Margin: 70.6%
FY2026 Forecasts:
🟧 Revenue: ¥16.00b (+80% YoY)
🟧 Operating Profit: ¥11.40b (+81%… https://t.co/iPPvoD2KOo
Looking ahead, Metaplanet expects full year revenue to grow nearly 80% to around 16 billion yen in 2026. Operating profit is projected to reach 11.4 billion yen, or roughly 74 million dollars. The company has also set an ambitious target of holding 1% of the global Bitcoin supply by 2027.
Shares of Metaplanet rose slightly to 326 yen following the earnings release.
CoinLaw’s Takeaway
In my experience, very few public companies commit this aggressively to a single asset class. Metaplanet has effectively transformed itself into a Bitcoin operating company rather than a traditional business. I believe the strategy is bold and carries high risk, especially with large valuation swings hitting net income. However, if Bitcoin prices recover over the long term, this model could significantly amplify shareholder returns. The company is clearly betting that volatility today will translate into strength tomorrow.
