Tokyo-based Bitcoin tax firm Metaplanet reported a net loss of 95 billion yen ($619 million) for the 2025 fiscal year, driven by a 102.2 billion yen ($665.8 million) decline in the valuation of its bitcoin holdings.
The disclosure marks the latest example of a corporate bitcoin buyer facing pressure as the cryptocurrency’s price fell from record highs in October.
The company ended the year with 35,102 BTC, valued at approximately $2.4 billion, making Metaplanet the fourth largest public company bitcoin holder globally after Strategy. Since it began accumulating bitcoin 21 months ago, Metaplanet has spent nearly $3.8 billion, an average of $107,000 per transaction.
Per As of December 31, the company’s holdings were down about 37% on paper, representing an unrealized loss of about $1.4 billion. In the fourth quarter alone, caches lost 102 billion yen ($664 million) in value.
Metaplanet’s revenue growth
Despite the valuation loss, the company’s operating results showed significant improvement. Revenue rose 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) a year earlier, the company said.
Operating profit rose 1,695% to 6.29 billion yen ($41 million), driven primarily by premiums from bitcoin options transactions, which accounted for about 95% of total revenue.
The company’s biggest acquisition occurred when bitcoin traded above $100,000. Notable purchases included a 25% growth in its bitcoin holdings with a $630 million purchase in September at around $106,000 per share. coin, followed by a $615 million purchase in October near $108,000.
The firm has financed its acquisitions largely through equity issues, while also adopting preferred stock to secure additional capital. Metaplanet introduced MERCURY and MARS, its first preferred stock offering in Japan, as a means of strengthening its balance sheet and creating a buffer against crypto market volatility.
For fiscal 2026, Metaplanet expects 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 confirmed a long-term target of 210,000 BTC by 2027, equivalent to about 1% of the total bitcoin supply.
Metaplanet’s stock rose slightly to 326 yen on Monday, according to Yahoo Finance, after a six-month decline of more than 62%.
At the time of writing, Bitcoin is trading near $68,000.