Metaplanet’s $666M Bitcoin Hit: How a 738% Revenue Surge Got Buried Under Crypto Losses

Japanese firm Metaplanet reports net loss from $666M Bitcoin writedown, while core revenue soars 738%. Shares down 88% as new loyalty program aims to retain investors.

Metaplanet’s core business grew at a blistering pace last year, but the headline numbers tell a far darker story. The Japanese firm booked a net loss of roughly $619 million, almost entirely driven by a staggering $666 million impairment on its swelling Bitcoin stash. The company now holds 35,102 tokens — a near 1,900% expansion in its digital asset portfolio — but the sliding price of the cryptocurrency forced management to take a sledgehammer to the balance sheet.

Away from the crypto wreckage, the operating picture looks unrecognisable. Revenue surged 738% over the year, and the company posted an operating profit of 6.29 billion yen. The equity ratio remains solid at 90.7%, underscoring that the writedown is a mark-to-market hit rather than a cash crisis. For the current fiscal year ending 2026, management has set ambitious targets: revenue of 16 billion yen and operating profit of 11.4 billion yen.

The stock market, however, has priced in the volatility. Metaplanet’s shares tumbled 88.21% over the past twelve months, closing Friday at €1.30 — dangerously close to the all-time low of €1.20. The technical picture is bleak: the stock trades nearly 47% below its 200-day moving average, and annualised volatility sits at an extreme 62%. Short-term gyrations remain violent, and the equity continues to dance to Bitcoin’s tune.

Management is fighting back with a reshuffled loyalty programme designed to reward long-term holders. Starting June 2026, investors with at least 100 shares become eligible for a Bitcoin lottery hosted by the exchange Coincheck, with prizes totalling 20 million yen. Binance Japan will offer cashback on new accounts later this year, while OKJ is rolling out deep fee discounts from November. A separate Bitcoin promotion carries a 20% annual yield. The perks extend beyond crypto: hardware wallets from Blockstream and Tangem, airport transfers, Hulu streaming trials, and travel discounts are all part of the package.

The scheme is organised into four tiers, from Silver to the so-called Nakamoto status. To reach the top rank, an investor must hold more than 50,000 shares without interruption for at least 24 months. It is a deliberate attempt to anchor a retail shareholder base that has been battered by the stock’s freefall.

Yet none of these incentives have buoyed the share price so far. The proximity to the €1.20 floor raises the risk of a further sell-off if that support breaks. For now, the market remains fixated on Bitcoin’s trajectory — and until the digital asset recovers sustainably, Metaplanet’s impressive operational growth will remain a footnote to the crypto drama playing out on its balance sheet.