Metaplanet revenue jumps 738% as bitcoin strategy drives FY2025 results

The digital asset treasury company reported an exponential surge in revenue for fiscal year 2025, reflecting the uptick in its Bitcoin-focused operations.

Tokyo-listed Metaplanet released its FY2025 earnings report on Monday, showing revenue climbed 738% to 8.9 billion yen, or about $58 million, from 1.06 billion yen a year earlier.

The company is the fourth-largest publicly listed institutional BTC holder, with 35,102 coins, and generated 6.29 billion yen in operating profit during the fiscal year. Premium income from writing Bitcoin options rose to 7.98 billion yen, compared with 691 million yen in fiscal 2024.

A detailed financial summary from the report also revealed its operating profit expanded 1,694.5% year-on-year from 350 million yen in FY2024. The company’s total assets also surged to 505.3 billion yen from 30.3 billion yen, an increase of more than 1,500%. Net assets also jumped 2,609.6% to 458.6 billion yen from 16.9 billion yen the previous year.

Metaplanet lauds revenue growth, but losses emerge from Bitcoin revaluation

Despite its strong operating performance, Metaplanet’s earnings were heavily affected by the decline in Bitcoin prices during the last quarter of 2025. The company recorded a non-cash valuation loss of 102.2 billion yen, or about $650 million, due to King Coin’s 28% year-on-year price drop. 

Since bitcoin retreated from a peak near $126,000 to finish the year below $90,000, an accounting adjustment pushed Metaplanet’s ordinary profit into a loss of 96.1 billion yen, compared with a 5.99 billion yen profit 12 months prior. 

Net income also swung deeply into negative territory, posting a loss of 95.0 billion yen after counting a 4.44 billion yen profit in 2024. The company stressed that the loss was unrealized under mark-to-market accounting.

However, the firm’s Bitcoin-related operations generated 8.47 billion yen in revenue, accounting for 95% of total income. By contrast, the hotel business contributed 436.9 million yen in revenue, while corporate and other activities had a negligible or negative impact.

Gross profit from Bitcoin-related activities reached 8.45 billion yen, far exceeding the hotel segment’s 169.3 million yen in operating income, while corporate and other operations recorded a loss of 1.07 billion yen.

In fiscal 2024, before the Metaplanet fully became a digital asset treasury, its bitcoin holdings had generated just 689.9 million yen in revenue, while hotel operations brought in 372.4 million yen. The company effectively replaced its former hospitality- and media-linked revenue model with derivatives-driven cryptocurrency income within one year.

Metaplanet executives said they will keep the asset at the centre of the business operations, and anticipate its revenue to grow by 80% after boosting the portfolio to 100,000 bitcoins by the end of the FY 2026. 

The company’s shares were trading at ¥326 on Monday, up 0.31% on the day. However, the equity has fallen 7.39% over the past five days and 44.84% over the past month.

Japanese economic state looks weak, more reasons to buy Bitcoin?

Japan’s economy is struggling to pick up the pace, as government data showed Japan’s gross domestic product grew an annualised 0.2% in the October-to-December quarter. On a quarterly basis, GDP went up by a meagre 0.1%, missing expectations of a 0.4% increase.

The reading is only a modest rebound from a revised 2.6% contraction in the previous quarter, displaying fragile recovery conditions in the world’s fourth-largest economy.

“It shows that the economy’s recovery momentum is not very strong. Consumption, capital expenditure, and exports – areas we hoped would drive the economy – just haven’t been as strong as‌ we expected,” said Meiji Yasuda Research Institute economist Kazutaka Maeda.

Prime Minister Sanae Takaichi’s government, fresh from an election victory, is preparing a public spending initiative to support consumption and revitalise growth. At the same time, the Bank of Japan has reiterated plans to continue raising interest rates after years of ultra-low borrowing costs, even as inflation and currency weakness persist.

If you're reading this, you’re already ahead. Stay there with our newsletter.