Key Highlights
- Metaplanet’s revenue surged 738% to ¥8.905B and operating profit +1,694% to ¥6.287B, almost entirely from Bitcoin options income (¥8.6B).
- The firm’s Bitcoin holdings jumped 20X to 35,102 BTC (fourth largest globally), but a ¥102.2B unrealized BTC loss led to a ¥95B net loss.
- The hotel-management firm turned Bitcoin-first company is now targeting holding 210,000 BTC by 2027.
Metaplanet Inc., the Tokyo-listed Bitcoin treasury firm that is also called ‘Japan’s MicroStrategy,’ delivered a breakout year in 2025, with its revenue exploding 738% to ¥8.905 billion and operating profit leaping 1,694% to ¥6.287 billion.
As per the firm’s recently published financial report for the Fiscal Year Ended December 31, 2025, almost all the gains came from Metaplanet’s “Bitcoin Income Generation” business, a sophisticated options desk that sells cash-secured put contracts on Bitcoin (BTC) and pockets the premiums. That segment alone brought in roughly ¥8.6 billion, dwarfing the tiny contribution from its legacy hotel properties.
The numbers underscore a radical pivot to Bitcoin that has reshaped the former hotel operator into one of Asia’s most aggressive corporate crypto treasuries. As a result of this, Metaplanet’s operating margins soared and turned what was once a sleepy small-cap into a high-octane profit machine on the top line.
Metaplanet’s unrealized loss on Bitcoin deepens
While the headline numbers tell only half the story, Metaplanet noted a whopping ¥102.2 billion (approximately $680 million) unrealized loss on its Bitcoin holdings. This is a result of mark-to-market accounting applied to the firm’s hoard of Bitcoin treasury that ballooned 20x to 35,102 BTC by year-end.
This amount pushed the company to a ¥95 billion net loss and a ¥96.1 billion ordinary loss.
The fourth largest Bitcoin treasury company worldwide, and positioned first in Japan, it bought Bitcoin aggressively throughout 2025, often at prices well above the December 31 close. Its total assets surged to ¥505.3 billion from ¥30.3 billion a year earlier while net assets stood at ¥458.6 billion, delivering an enviable 90.7% equity ratio.
The company’s cash from operations turned solidly positive at ¥6.6 billion. While ¥544 billion in fresh capital, which was raised through equity, perpetual preferred stock, and a $500 million BTC-backed credit line, funded the Bitcoin buying spree.
What’s ahead for the firm?
Metaplanet is no longer a hotel company that dabbles in crypto, it has now completely become a Bitcoin treasury first and foremost, following the footsteps of Strategy. Its executives have openly spoken of targeting 210,000 BTC by 2027—roughly 1% of the entire supply. They measure success not in yen earnings per share but in “BTC yield,” the growth in Bitcoin per fully diluted share. For 2025 that metric hit a staggering 568%.
Noting the current trend around institutional Bitcoin purchases, analysts and crypto watchers are divided. All the optimists point to the fortress-like balance sheet and the structural advantage of Japan’s accounting rules, whereas skeptics warn that a prolonged Bitcoin bear market could turn the mark-to-market losses into permanent damage.
Also read: Europe’s First Treasury Firm Capital B Continues BTC Purchases
