Metaplanet, a publicly-traded Japanese conglomerate, reported a 738% year-over-year revenue surge to approximately $58 million for fiscal 2025. Nearly all revenue came from Bitcoin options trading. Despite an operating profit of around $40 million, the company posted a net loss of $619 million due to a large accounting impairment on its Bitcoin holdings, which grew to 35,102 BTC, making it Japan’s largest corporate holder.
Metaplanet has remarkably posted 738% year-over-year revenue growth to about $58 million. Approximately 95% of total revenue came from Bitcoin-related activities, mainly premium income from BTC options trades according to its consolidated results.
The company’s operating profit jumped to about $40 million. A net loss of $619 million was recorded primarily due to a $664 million mark-to-market impairment on its Bitcoin investment.
The company increased its Bitcoin holdings from 1,762 BTC to 35,102 BTC during the fiscal year. This makes Metaplanet the largest corporate holder of Bitcoin in Japan.
The “Bitcoin Income” business unit generated about $56 million in premium income by writing cash-secured put options. This strategy now accounts for close to 100% of the company’s operating activities.
The divergence between operating profit and net loss is due to Japanese accounting standards. These rules require unrealized losses on digital asset holdings to be reflected on financial statements.
CEO Simon Gerovich reiterated the company’s adherence to the Bitcoin treasury model. He emphasised that the company is not changing its direction despite the market volatility in a public statement.
The company anticipates 2026 revenues of around $104 million and operating profit of nearly $74 million. Its strategy focuses on generating cash flow through Bitcoin options while maintaining a long-term treasury position.
