Metaplanet’s operating profits are growing despite the ultimate loss due to valuation losses
Metaplanet, a publicly traded company whose core assets are Bitcoin (BTC ($68,310.00 · Live)), announced on February 16 that it had a net loss of 95 billion yen in its financial results for the full year ended December 2025. On the other hand, its operating profit grew to 6.28 billion yen, about 17 times the previous year’s level.
According to the company, the main reason for the final shortfall was a valuation loss of 102.2 billion yen recorded due to the revaluation of Bitcoin based on its market price as of the end of December 2025. This valuation loss is recorded as non-operating expenses and is considered a non-cash expense loss that does not affect cash flow or daily business operations.
On the business side, revenue was 8.9 billion yen, an increase of 738% compared to the previous year. The main reason for the increase in operating income is an increase in premium income from Bitcoin-related options trading. Revenue from the Bitcoin Income business grew to approximately 8.6 billion yen for the full year, exceeding previous expectations.
The company is positioning options trading using its Bitcoin holdings as one of its revenue sources, saying this activity has grown especially in the fourth quarter of 2025.
At the end of December 2025, the amount of Bitcoin owned was 35,102 BTC, a significant increase from 1,762 BTC at the end of last year. This is the largest publicly traded company in Japan and accounts for approximately 0.16% of the total Bitcoin supply.
Financially, the equity ratio on the same day was 90.7%. The company says it can hedge its debt and preferred stock even if Bitcoin’s price falls 86%. On the balance sheet, liabilities are 46.7 billion yen, net assets are 458.5 billion yen, and Bitcoin asset valuation is 481.5 billion yen.
In January, the company revised upward its profit forecast for the fiscal year ending December 2025, increasing revenue to 8.9 billion yen from 6.8 billion yen and operating profit from 4.7 billion yen to 6.287 billion yen. The current financial results are in line with these revised figures.
Furthermore, Metaplanet continues with a capital policy that uses preferred shares based on the continued acquisition of Bitcoin. At the extraordinary general meeting of shareholders in December 2024, a proposal regarding the issuance of Class A and Class B shares was approved, and the company plans to use the funds primarily to acquire additional Bitcoin through the issuance of Class B shares through third-party allocation.
In response to the capital markets, we established a sponsored Level 1 ADR (American Depositary Receipt) program in the United States in December 2025. The ticker is “MPJPY” and the exchange ratio with the underlying shares is 1 ADR = 1 share. The goal is to increase access for U.S. investors in a way that doesn’t involve raising funds.
Moreover, according to the company’s earnings forecast for the fiscal year ending December 2026 announced in January this year, it expects revenue of 16 billion yen and operating profit of 11.4 billion yen. This is an increase of 79.7% and 81.3% respectively compared to the previous year. On the other hand, due to the volatility of Bitcoin prices, the company has decided not to make public numerical forecasts for regular profit and final profit.
Based on a strategy of holding and managing Bitcoin as a key financial asset, Metaplanet is simultaneously expanding its operating profits and improving its capital policies.
Profit presentation for the 2025 financial year
Explanatory full year financial results for the fiscal year ending December 2025
English: https://t.co/KJjgnOXsqj
Japanese version: https://t.co/M9w0PjnvHT pic.twitter.com/WsXCrNtdI5
— Simon Gerovich (@gerovich) February 16, 2026
Reference: Financial Results Briefing Material/Notice Regarding the Revision of the Full Year Earnings Forecast for the Fiscal Year Ending December 2025, the Recording of Bitcoin’s Valuation Loss and the Announcement of the Full Year Earnings Forecast for the Fiscal Year Ending December 2026
Image: PIXTA
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- Metaplanet establishes American Depositary Receipts. Improving investment barriers for foreign investors
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