Tokyo-listed Metaplanet reported a 738% year-over-year revenue increase for fiscal year 2025, with Bitcoin-related activities generating approximately 95% of total sales.
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The company, which has positioned itself as Japan's answer to MicroStrategy, posted roughly $40 million in operating profit — a 17-fold surge from the prior year — driven largely by its options writing strategy on its growing Bitcoin holdings.
However, the headline figures tell only part of the story. Metaplanet simultaneously recorded a non-cash Bitcoin valuation loss of 102.2 billion yen (approximately $619–$650 million), stemming from the cryptocurrency's price decline during the reporting period.
The gap between operating performance and net income underscores the accounting complexities that face publicly traded companies with large Bitcoin treasury positions.
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How Metaplanet's Bitcoin Treasury Model Works
Metaplanet's pivot toward a Bitcoin-centric corporate strategy has been one of the more closely watched developments in Asian crypto markets. The company has been aggressively accumulating Bitcoin on its balance sheet and monetizing those holdings through put option writing — a strategy that generates premium income while the company maintains long-term exposure to the asset.
The options writing approach has proven to be a significant revenue engine. By selling put options on Bitcoin, Metaplanet collects premiums upfront, which flow directly into operating income. This strategy performed exceptionally well in 2025, driving the 17-fold increase in operating profit.
According to CoinDesk, the company projects operating profit to rise an additional 81% in fiscal year 2026, suggesting management remains confident in the sustainability of this model.
The 95% revenue concentration in Bitcoin-related activities marks a dramatic transformation for a company that originally operated in the hotel and hospitality sector. Metaplanet has effectively become a Bitcoin investment vehicle listed on the Tokyo Stock Exchange, drawing comparisons to Michael Saylor's Strategy (formerly MicroStrategy) in the United States.
The Valuation Loss Problem
Despite the strong operational performance, Metaplanet's bottom line was heavily impacted by non-cash valuation losses on its Bitcoin holdings. The $619 million net loss reported by the company is a direct consequence of how cryptocurrency assets are marked to market under accounting standards.
Under both Japanese and international accounting frameworks, companies holding Bitcoin must recognize unrealized losses when the asset's market price falls below its carrying value. For Metaplanet, this meant that a decline in Bitcoin's price during the fiscal year resulted in a massive paper loss — one that dwarfed the $40 million in operating profit the company generated from its active treasury management.
Metaplanet recorded a non-cash bitcoin valuation loss of 102.2 billion yen ($650 million) due to the cryptocurrency's price drop, despite achieving approximately $40 million in operating profit.
This dynamic is not unique to Metaplanet. Companies with large Bitcoin balance sheet positions — including Strategy, Tesla, and others — have historically faced similar accounting headwinds during periods of price decline.
The key distinction is that these are unrealized losses: the company has not sold its Bitcoin, and the losses would reverse if the asset's price recovers.
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Revenue Breakdown and Growth Trajectory
The 738% revenue jump represents one of the most aggressive growth trajectories among publicly listed Bitcoin treasury companies globally. As CoinTelegraph reported, Bitcoin now accounts for the overwhelming majority of Metaplanet's revenue, with the company's legacy hospitality operations contributing only a small fraction of total sales.
The revenue composition highlights both the potential and the risk of Metaplanet's strategy. On one hand, the company has successfully built a high-margin business around Bitcoin accumulation and options monetization.
On the other, the near-total dependence on a single volatile asset means the company's financial results will remain tightly correlated to Bitcoin's price movements.
Key financial metrics from the fiscal year include:
Revenue growth: 738% year-over-year
Bitcoin share of revenue: 95% of total sales
Operating profit: $40 million (17x increase from prior year)
Net loss: $619 million (driven by non-cash Bitcoin valuation write-downs)
FY2026 operating profit forecast: 81% projected increase
Broader Context: Corporate Bitcoin Treasuries
Metaplanet's results arrive at a time when the corporate Bitcoin treasury trend continues to expand. Strategy, the largest corporate Bitcoin holder, has similarly navigated periods of significant unrealized losses while maintaining its accumulation strategy.
The model — buy and hold Bitcoin while generating income through financial engineering — has attracted both advocates and critics on Wall Street and in Tokyo alike.
In Japan specifically, Metaplanet occupies a unique position. The country's regulatory framework for digital assets has been evolving, and the company's performance will likely serve as a case study for Japanese regulators and corporate boards evaluating similar strategies.
The Tokyo Stock Exchange listing gives Metaplanet a level of visibility and legitimacy that few crypto-focused companies in the region enjoy.
What to Watch
Several factors will determine whether Metaplanet can sustain its growth trajectory. The 81% projected increase in operating profit for 2026 depends on continued success in options writing, which in turn requires sufficient market volatility and demand for Bitcoin derivatives. A prolonged period of low volatility could compress the premiums Metaplanet earns.
Bitcoin's price trajectory will also be critical — not just for the company's valuation marks, but for its ability to raise capital and expand its holdings. Investors will be watching whether the gap between strong operating performance and large non-cash losses narrows or widens in the quarters ahead.
For now, Metaplanet's results offer a clear illustration of both the upside and the accounting complexity inherent in the corporate Bitcoin treasury model.
