Bitcoin strategy transforms Metaplanet’s business model
Japanese public company Metaplanet has reported a dramatic rise in revenue after restructuring its operations around Bitcoin, with the digital asset now accounting for the vast majority of its income.
In its fiscal 2025 results, the company posted revenue of 8.9 billion yen ($58 million), up 738% from roughly $7 million a year earlier. The sharp increase followed the rollout of its Bitcoin income business in the fourth quarter of 2024, which has since become the company’s primary source of revenue.
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According to the report, approximately 95% of total income came from Bitcoin-related activities, largely generated through premium income from BTC options strategies. The pivot marks a decisive shift away from its previous hotel and media ventures toward a capital markets model centered on digital assets.
Metaplanet revenue surge. Source: Metaplanet
Accounting rules erase operating gains amid Bitcoin slide
Despite generating around $40 million in operating profit, Metaplanet recorded a net loss of roughly $619 million for the year. The loss was driven not by operational weakness but by accounting treatment of its Bitcoin holdings.
Under mark-to-market rules, the company must reflect changes in the value of its Bitcoin reserves on its balance sheet. A more than $664 million decline in valuation during the reporting period effectively wiped out operating income and pushed the firm into the red.
The results highlight a growing tension for publicly listed Bitcoin treasury companies: while crypto-based strategies can drive revenue growth, earnings remain highly sensitive to price swings.
Aggressive accumulation cements Japan’s largest corporate Bitcoin holder
Metaplanet continued to expand its Bitcoin reserves throughout the year. Holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC by the close of 2025, making it Japan’s largest publicly listed corporate Bitcoin holder.
Since adopting its treasury-focused strategy, the company has raised more than $3.2 billion in capital to fund acquisitions. It also approved a potential $137 million overseas capital raise last month to further expand its
Bitcoin position and manage debt.
CEO Simon Gerovich has reiterated that the firm remains committed to its long-term Bitcoin strategy, even amid broader crypto market volatility. The company frames its approach as a permanent treasury allocation designed
to hedge against fiat currency dilution and capture long-term appreciation.
Looking ahead, Metaplanet forecasts revenue of about $104 million and operating profit of $74 million for the next fiscal year, signaling confidence that its Bitcoin-centered model can sustain growth despite short-term market fluctuations.