Key Highlights
- Metaplanet Ventures K.K. will deploy roughly JPY 4 billion ($26M) over two to three years in Bitcoin-focused startups.
- First investment will target JPYC Inc., a Japanese stablecoin issuer, with future focus on lending, payments, custody, and compliance tech.
- Metaplanet holds 35,102 BTC, guides for $104M revenue in FY2026, and aims to reach 100,000 BTC by year-end.
Metaplanet Inc. (TYO: 3350), Japan’s largest publicly listed corporate Bitcoin holder, has announced the creation of a new venture capital subsidiary focused on building out Bitcoin financial infrastructure in the country.
The company disclosed the move through regulatory filings on the Tokyo Stock Exchange on March 11. CEO Simon Gerovich followed up with a post on X outlining the purpose behind the new entity.
According to the filing, the new subsidiary, Metaplanet Ventures K.K., will deploy roughly JPY 4 billion (approximately $26 million) over a two to three-year period. The funding will come from its Bitcoin income business, which generated the bulk of the company’s revenue in fiscal 2025 through options premiums.
What will Metaplanet Ventures do?
Metaplanet Ventures will invest in companies working across Bitcoin lending, payments infrastructure, Lightning Network development, stablecoin settlement, derivatives platforms, custody solutions, compliance technology, tokenization, and investment product tooling. The focus will be primarily on Japan, though the company said it will selectively look at global opportunities.
The subsidiary will also operate as an incubator for early-stage firms and offer grants for developers and educators working in the Bitcoin space. The stated goal is to position Japan as a competitive player in digital asset infrastructure as the sector grows globally.
The first planned investment under Metaplanet Ventures will be in JPYC Inc., a Japanese stablecoin issuer. Additional details around deal size and terms were not shared in the filing.
Comes amid an eight-week BTC buying pause
The announcement arrives at a time when Metaplanet has not made any new Bitcoin purchases for eight consecutive weeks. The company currently holds 35,102 BTC, a position it aggressively built up throughout 2025 when it went from 1,762 BTC at the start of that year.
Bitcoin has dropped significantly from its all-time high near $125,000 in October 2025 and is now trading in the $65,000 to $70,000 range. With an average acquisition cost of around $107,716 per BTC, Metaplanet is currently sitting on unrealized losses of roughly $680 million across its entire position, and with the current Bitcoin prices, after the drop, the loss is calculated at around $1.35 billion.
The company’s stock has also taken a hit. Shares have fallen about 63% over the past six months and were recently trading around 331 yen on the Tokyo Stock Exchange.
FY2025 results told a split story
Metaplanet shared its fiscal year 2025 results in mid-February. Revenue came in at 8.91 billion yen ($58 million), up 738% year-over-year. Operating profit hit 6.29 billion yen ($41 million), a 1,695% jump. Nearly all of that revenue was driven by its Bitcoin income business, primarily through writing options.
On the other hand, the company posted a net loss of 95 billion yen ($619 million) for the year. That loss was almost entirely driven by a 102.2 billion yen ($665.8 million) non-cash valuation loss on its Bitcoin holdings under Japan’s mark-to-market accounting rules.
CEO Gerovich has repeatedly said that net profit is not an appropriate metric for evaluating a Bitcoin treasury company. He pointed to operating profit and BTC Yield, which grew 568% in 2025, as better indicators of performance.
Road ahead
For fiscal 2026, Metaplanet has guided for revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74 million). The company declined to forecast net income due to Bitcoin price volatility.
The broader target of accumulating 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027 still stands. However, with 35,102 BTC currently in hand and no purchases since early January, meeting the 2026 target would require acquiring roughly 65,000 more BTC in the remaining nine months of this year.
The company’s 27th annual shareholders’ meeting is scheduled for March 25 at Pia Arena MM in Yokohama. Only shareholders of record as of December 31, 2025, are eligible to attend.
Also Read: Strategy Posts $551M Bitcoin Yield Gain in 2026’s First Two Months
