Metaplanet announced a net loss of $621 million for the fiscal year 2025, primarily driven by a significant decline in Bitcoin’s valuation that overshadowed its robust operational results, according to their financial report.
The company recorded revenues close to $58 million, marking an impressive 738% increase compared to the previous year, and achieved an operating profit near $41 million. Despite this strong performance, a substantial Bitcoin valuation loss amounting to $668 million resulted in a pre-tax loss of approximately $628 million for the period.
This deficit is attributed to mark-to-market accounting practices rather than actual cash outflows. Metaplanet’s financial breakdown highlights how operating profits were largely negated by the Bitcoin valuation losses along with minor non-operating expenses.
By the end of 2025, Metaplanet held 35,102 Bitcoins (BTC), exceeding its initial target of 30,000 BTC and positioning itself as the fourth-largest publicly traded company holder of Bitcoin worldwide. The net asset value (NAV) of its Bitcoin portfolio was estimated at around $3.15 billion as of December 31st, with an equity ratio standing at 90.7%.
At current market prices hovering near $68,000 per BTC, these holdings are valued at roughly $2.39 billion. However, this reflects an approximate drawdown of 37%, considering their average acquisition cost was about $107,000 per Bitcoin.
The firm indicated it will refrain from issuing net income forecasts due to ongoing volatility in Bitcoin prices but anticipates generating around $105 million in revenue and about $75 million in operating profit during fiscal year 2026.
Since last Friday, Bitcoin has traded within a narrow range between $68,000 and $70,000 amid relatively contained broader market fluctuations.
Note: All figures originally reported in Japanese Yen have been converted into US dollars using an exchange rate of 153 JPY per USD.