#How did Metaplanet perform financially in fiscal year 2025?
Metaplanet reported a significant net loss of $621 million for the fiscal year 2025. This loss was largely attributed to a sharp decline in Bitcoin valuations, which overshadowed the company’s impressive operating performance. Despite the tough financial numbers, Metaplanet generated approximately $58 million in revenue, showcasing a remarkable increase of 738% compared to the previous year. The company also posted an operating profit of about $41 million. However, this positive operating performance could not mitigate the impact of a $668 million valuation loss in Bitcoin, resulting in pre-tax losses nearing $628 million.
The substantial loss reflects mark-to-market accounting practices rather than actual cash flow losses. In its earnings breakdown, Metaplanet clarified that the operating profit was substantially offset by the Bitcoin valuation loss along with some minor non-operating items.
#What is Metaplanet’s current position in Bitcoin holdings?
As of December 31, 2025, Metaplanet holds 35,102 Bitcoin, exceeding its target of 30,000 Bitcoin, which positions it as the fourth-largest public company Bitcoin holder worldwide. The Bitcoin net asset value (NAV) stood at approximately $3.15 billion, with an equity ratio of 90.7%. Current Bitcoin prices hover around $68,000, suggesting that Metaplanet's holdings are valued at approximately $2.39 billion. This valuation indicates a steep potential drawdown of around 37%, given the average acquisition cost of roughly $107,000 per Bitcoin.
#What can we expect for Metaplanet’s financial projections for 2026?
Metaplanet has refrained from providing forecasts for net income due to the inherent volatility of Bitcoin prices. Nonetheless, the company projects a fiscal 2026 revenue of about $105 million and anticipates an operating profit of approximately $75 million.
Additionally, Bitcoin has been trading sideways since last Friday, fluctuating within the $68,000 to $70,000 range, as the broader cryptocurrency market remains relatively stable.
Note that all yen figures have been converted to US dollars using an exchange rate of 153 JPY per USD.