- $668M Bitcoin mark-to-market loss drove headline deficit
- Revenue surged 738% year over year despite volatility
- 35,102 BTC makes Metaplanet the fourth-largest public holder
Metaplanet reported a $619 million net loss for fiscal year 2025, but the number needs context. The company generated roughly $58 million in revenue, up 738% year over year, and delivered operating profit of about $41 million. What flipped the year into deep red territory was a $668 million Bitcoin valuation loss, not core business weakness.
Under mark-to-market accounting, unrealized Bitcoin price swings hit earnings immediately. That accounting treatment pushed pre-tax losses to roughly $628 million, even though the loss does not reflect realized cash outflows. It’s a paper hit, not an operational collapse.
Bitcoin Strategy Still Expanding
Metaplanet ended 2025 holding 35,102 BTC, exceeding its 30,000 BTC target and ranking as the fourth-largest public company Bitcoin holder globally. As of December 31, its Bitcoin NAV stood around $3.15 billion, with an equity ratio of 90.7%, signaling a heavily Bitcoin-centric balance sheet.
At current prices near $68,000, the company’s holdings are worth approximately $2.39 billion. Based on an average acquisition cost near $107,000 per BTC, Metaplanet is facing an estimated 37% drawdown. That’s meaningful, but it mirrors the broader market pullback rather than a company-specific misstep.
Accounting Volatility vs. Cash Reality
The key distinction here is unrealized valuation loss versus realized impairment. If Bitcoin recovers, those losses can reverse just as quickly on paper. If it falls further, the hit grows. That dynamic makes traditional earnings forecasting nearly impossible for Bitcoin-heavy treasuries.
Metaplanet acknowledged that volatility by declining to provide net income forecasts for fiscal 2026. Instead, it projects revenue of about $105 million and operating profit near $75 million, focusing attention on business fundamentals rather than price swings.
The Bigger Crypto Treasury Question
Metaplanet’s results highlight the tradeoff of aggressive Bitcoin accumulation. Companies gain asymmetric upside exposure but inherit extreme earnings volatility. Investors are effectively buying leveraged Bitcoin exposure wrapped in an operating company structure.
With Bitcoin trading sideways between $68,000 and $70,000, the market appears calm for now. But as 2025 showed, mark-to-market accounting can turn stability into headline losses very quickly.
Conclusion
Metaplanet’s $619 million loss is not a collapse in business performance. It is the visible cost of holding large amounts of Bitcoin during a downturn. The company remains operationally profitable and deeply committed to its BTC strategy. The real question for investors isn’t whether Metaplanet can operate. It’s whether Bitcoin’s long-term trajectory justifies the volatility along the way.
