sandmark.com
Japan’s largest corporate holder of Bitcoin posted a net loss of 95bn yen ($619mn) on an unrealized loss in the crypto asset, 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.
