Metaplanet Doubles Down on Bitcoin Strategy Despite $619M Loss

Tokyo-based Metaplanet, Japan’s largest corporate holder of Bitcoin, remains committed to its aggressive Bitcoin accumulation strategy despite reporting a $619 million net loss for fiscal year 2025. The loss, primarily attributed to mark-to-market accounting adjustments related to Bitcoin’s price fluctuations, has not deterred the company from its long-term vision of holding 175,000 BTC by 2027.

Financial Results and Bitcoin Holdings

Metaplanet’s $619 million net loss for FY2025 stemmed from a $665.8 million unrealized valuation loss on its Bitcoin holdings [Coinpedia]. Japan’s mark-to-market accounting standards require companies to value crypto assets at prevailing market prices, impacting reported earnings even without asset sales. The company clarified that this loss is a non-operating accounting adjustment and did not affect cash flow or liquidity.

Despite the loss, Metaplanet significantly increased its Bitcoin holdings, reaching 35,102 BTC as of December 31, 2025 – a 1,892% increase year-over-year [Coinpedia]. This demonstrates the company’s continued dedication to its Bitcoin treasury strategy.

CEO Reaffirms Long-Term Commitment

CEO Simon Gerovich addressed investor concerns, reiterating the company’s view of Bitcoin as a permanent reserve asset [Coinpedia]. He emphasized Bitcoin’s fixed supply, expanding global adoption, and its role as a store of value as key factors supporting its long-term value.

Gerovich stated the company has no plans to liquidate its Bitcoin holdings and that its balance sheet remains structurally strong, with an equity ratio of 90.7% [Coinpedia]. The company believes it could withstand an 86% decline in Bitcoin’s price.

Growth and Future Outlook

Metaplanet experienced a 738% revenue growth in FY2025, reaching 8.9 billion yen ($58.12 million) [BeInCrypto]. The Bitcoin income business generated approximately 95% of total revenue.

Looking ahead, Metaplanet anticipates revenue of 16 billion yen ($104.49 million) in FY2026, representing a 79.7% year-over-year increase [BeInCrypto]. The company maintains its ambitious goal of holding 210,000 BTC, roughly 1% of the total Bitcoin supply, by 2027 [Coinpedia].

Recent Developments

Metaplanet has as well been actively addressing concerns regarding its Bitcoin-backed borrowing, clarifying that it has been fully transparent about the borrowing amounts, collateral used, and interest terms [TipRanks].

As of February 21, 2026, Metaplanet holds 35,102 BTC [Metaplanet] and its share price is ¥319.00 [Metaplanet].