Japan’s largest corporate holder of posted a net loss of 95bn yen ($619mn) on an unrealized loss in the , while total revenue surged 738%, driven by its new Bitcoin income generation business.
The Tokyo-listed company held 35,102 BTC as of Dec 31, 2025, and had warned in January that it expected to book a large Bitcoin impairment in FY2025 after marking its holdings to market at year’s end. In the fiscal year 2025 results report released on 16 Feb, Metaplanet – known as the Strategy of Asia – booked a 102.2bn yen ($665.8mn) valuation loss on its Bitcoin holdings.
Bitcoin options premiums lead
Bitcoin-related operations generated 8.47bn yen in revenue, representing approximately 95% of the total income, driven by revenue from Bitcoin options premiums.
As previously reported by Sandmark, the world’s fourth-largest public holder of Bitcoin forecast FY2026 revenue of 16 bn yen ($104mn) and operating income of 11.4bn yen ($74mn), a rise of 80% and 81% respectively from the 2025 actual results. The company also runs a hotel and media business, though these have been downsized following its 2024 pivot to a Bitcoin-focused treasury model.
Targeting 100K BTC
Despite the turmoil in the crypto market and the slide in Bitcoin, Metaplanet said it aims to reach 100,000 BTC by the end of 2026. It also asserted that its balance sheet is “robust” with an equity ratio of 90.7%, with liabilities fully covered even if there is an 86% decline in Bitcoin’s price.
Metaplanet shares showed little reaction to the results, closing at 326.00 yen on 16 Feb, up 0.31% and rising about 3% the day after.
