Metaplanet Revenue Surges 738% as Bitcoin Generates 95% of Income
Tokyo, Japan – March 2024 – Japanese publicly‑listed firm Metaplanet announced a dramatic increase in its fiscal‑year‑2025 earnings, with revenue climbing to ¥8.9 billion (≈ US$58 million) from ¥1.06 billion a year earlier – a 738 % year‑over‑year rise. The bulk of the growth stems from the company’s newly‑launched Bitcoin‑focused business, which now accounts for roughly 95 % of total revenue.
Bitcoin‑Centric Business Drives the Upswing
Metaplanet introduced its “Bitcoin Income” operation in the fourth quarter of 2024, shifting away from legacy activities in hospitality and media. The division primarily earns premium income from Bitcoin options contracts and other derivative products. According to the firm’s FY2025 earnings report, the Bitcoin segment alone contributed about ¥8.4 billion of the total revenue.
“The Bitcoin Income business has become our principal source of earnings and will continue to be a core driver of profitability,” the company stated in its filing.
Profitability in the Face of Market Volatility
Operating profit for the year reached approximately US$40 million, but the firm posted a net loss of around US$619 million. The loss is largely attributable to accounting rules that require unrealised gains and losses on Metaplanet’s sizable Bitcoin holdings to be reflected on the balance sheet. A valuation decline of over US$664 million on its crypto assets erased the operating surplus.
The company’s Bitcoin balance expanded dramatically, from 1,762 BTC at the close of 2024 to 35,102 BTC by the end of 2025, positioning Metaplanet as the largest corporate Bitcoin holder in Japan. Since adopting its treasury strategy, Metaplanet has raised more than US$3.2 billion in capital to fund further accumulation.
Outlook and Strategic Stance
Looking ahead, Metaplanet projects FY2026 revenue of roughly US$104 million and expects operating profit to rise to about US$74 million. CEO Simon Gerovich reiterated the firm’s commitment to its Bitcoin‑first approach despite recent market sell‑offs, noting on X that the company has no plans to pivot away from its long‑term treasury model.
In addition, Metaplanet recently secured a overseas financing round of up to US$137 million, earmarked for expanding its Bitcoin holdings and reducing existing debt.
Analysis
Metaplanet’s pivot underscores a growing trend among traditional corporations to incorporate cryptocurrency assets into core business models. The steep revenue jump demonstrates the earning potential of Bitcoin‑linked derivatives, especially in a market where the underlying asset’s price volatility can translate into significant premium income.
However, the firm’s net loss highlights the accounting risk tied to large, unhedged crypto positions. Even as operating earnings improve, valuation swings can wipe out profitability on paper, which may affect investor sentiment and credit metrics. The company’s aggressive acquisition strategy has also inflated its balance‑sheet exposure to Bitcoin, making it vulnerable to prolonged price depressions.
Regulators in Japan have yet to issue detailed guidance on crypto‑related financial reporting, leaving firms like Metaplanet to navigate a regulatory gray area. Future policy shifts could impact the firm’s ability to continue reporting unrealised losses in the same manner.
Key Takeaways
- Revenue Explosion: FY2025 revenue rose 738 % to ¥8.9 billion, with Bitcoin operations supplying about 95 % of the total.
- Profit vs. Loss: Operating profit topped US$40 million, but a net loss of US$619 million was recorded due to a US$664 million impairment on Bitcoin holdings.
- Scale of Holdings: Bitcoin balance grew to over 35,000 BTC, making Metaplanet Japan’s largest corporate holder of the cryptocurrency.
- Capital Support: The firm has raised more than US$3.2 billion since the strategy shift and secured an additional US$137 million overseas financing.
- Future Outlook: Revenue is forecast to exceed US$100 million in FY2026, with operating profit projected near US$74 million.
- Strategic Commitment: Management vows to maintain the Bitcoin‑centric model despite market volatility, betting on long‑term appreciation and a hedge against fiat inflation.
Metaplanet’s results illustrate both the upside potential and the accounting challenges of embedding crypto assets into a corporate treasury, a development that will likely be watched closely by investors and regulators alike.
Source: https://cointelegraph.com/news/metaplanet-revenue-jumps-738-percent-bitcoin-generates-95-percent-revenue?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
