Metaplanet's Financial Dichotomy: Surging Profits Masked by Bitcoin Accounting

Metaplanet JP3481200008

Japanese investment firm Metaplanet, known for its significant Bitcoin holdings, has released its financial results for the 2025 fiscal year, presenting a starkly contradictory picture. The company's core operations delivered explosive growth, yet its bottom line was swamped by a multi-billion yen loss stemming from accounting rules applied to its cryptocurrency assets.

Metaplanet's operational performance reached new heights. The company reported an operating profit of 6.3 billion yen for the year, marking a staggering increase of approximately 1,700% compared to the previous period. This remarkable surge was supported by a revenue climb of 738%, with total sales reaching 8.9 billion yen.

This operational success is primarily attributed to the firm's "Bitcoin Income Business," a segment that has evolved into its principal revenue generator. Through this operation, Metaplanet yields returns by executing options strategies anchored to its substantial Bitcoin reserves.

The Bitcoin Valuation Anchor

Despite this robust operational health, Metaplanet's consolidated statement shows a net loss of 95 billion yen. This figure is directly tied to an accounting impairment charge exceeding 100 billion yen, recorded against the value of its Bitcoin holdings at the fiscal year-end. Crucially, this write-down is a non-cash accounting entry that does not impact the company's operational cash flow.

The scale of Metaplanet's cryptocurrency position expanded dramatically. By the end of 2025, the firm held 35,102 Bitcoins, a massive jump from the 1,762 Bitcoins it reported one year earlier. The company's financial foundation remains solid, with an equity ratio standing at 90.7%.

Forward Guidance: Operational Momentum Continues

Looking ahead to the current 2026 fiscal year, management has provided an optimistic forecast for its continuing operations. Metaplanet anticipates revenues to grow to 16 billion yen, with an operating profit projected at 11.4 billion yen. This would represent an 81% increase in operating earnings year-over-year.

Notably, the company has deliberately refrained from issuing any net profit forecast. This approach clearly separates the predictable trajectory of its core business from the volatile accounting effects caused by fluctuations in Bitcoin's market price, which are inherently difficult to project.