Tokyo-based Bitcoin treasury firm Metaplanet posted a net loss of 95 billion yen ($619 million) for fiscal 2025, driven by a 102.2 billion yen ($665.8 million) valuation decline on its bitcoin holdings. 

The disclosure marks the latest example of a corporate bitcoin buyer facing pressure as the cryptocurrency’s price slid from record highs in October.

The company closed the year with 35,102 BTC, valued at approximately $2.4 billion, making Metaplanet the fourth-largest public corporate bitcoin holder globally, behind Strategy. Since it began accumulating bitcoin 21 months ago, Metaplanet has spent nearly $3.8 billion, averaging $107,000 per coin.

As of December 31, the company’s holdings were down roughly 37% on paper, representing an unrealized loss of about $1.4 billion. In the fourth quarter alone, the stash lost 102 billion yen ($664 million) in value.

Metaplanet’s revenue surge

Despite the valuation loss, the firm’s operating performance showed significant improvement. Revenue jumped 738% to 8.91 billion yen ($58 million) from 1.06 billion yen ($6.9 million) the previous year, the company said.

Operating profit surged 1,695% to 6.29 billion yen ($41 million), driven primarily by premiums from bitcoin option transactions, which accounted for about 95% of total revenue.

The company’s largest acquisitions occurred when bitcoin traded above $100,000. Notable purchases included 25% growth of its bitcoin holdings with a $630 million buy in September at roughly $106,000 per coin, followed by a $615 million acquisition in October near $108,000.

The firm has funded its purchases largely through common stock issuances, while also adopting preferred shares to secure additional capital. Metaplanet introduced MERCURY and MARS, its first preferred share offerings in Japan, as a means to strengthen its balance sheet and create a buffer against crypto market volatility. 

For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74.3 million), reflecting roughly 80% growth in both metrics. The company did not provide net income guidance, citing ongoing bitcoin price volatility, but reaffirmed a long-term target of 210,000 BTC by 2027, equivalent to about 1% of the total bitcoin supply.

Metaplanet’s stock edged up slightly to 326 yen on Monday, according to Yahoo Finance, after a six-month decline exceeding 62%.

At the time of writing, Bitcoin is trading near $68,000.