On February 16, 2026, Metaplanet reported a $619 million net loss for FY2025, swinging from a $28.9 million profit in 2024, primarily due to a $665.8 million valuation loss on its Bitcoin holdings, The Block. Despite the non-cash expense, the Tokyo-listed firm emphasised its robust balance sheet, with an 90.7% equity ratio and coverage for an 86% BTC price decline, in the earnings presentation. Metaplanet closed the year with 35,102 BTC, up 1,892% from 1,762 BTC in 2024, ranking fourth among public corporate holders behind MicroStrategy (714,644 BTC), according to The Block’s dashboard.
Metaplanet surpassed its 30,000 BTC target, holding 0.16% of Bitcoin’s total supply, with a long-term goal of 210,000 BTC (1%). Revenue soared 738% to $58 million, driven by Bitcoin-related options generating $55.2 million, mainly from option premiums. Operating profit jumped 1,695% to $41 million. The firm raised $3.37 billion in total, including $138 million from Class B preferred shares in December, to fund aggressive BTC purchases. X posts from @Metaplanet_JP celebrate the 35,102 BTC milestone.
Metaplanet’s stock reflects Bitcoin volatility, with BTC at $113,234 amid ETF outflows and Fear & Greed Index at a record low 5. The $619M loss highlights valuation risks in Bitcoin treasury strategies, while MicroStrategy remains resilient. Harvard trimmed IBIT holdings by 21% but retained $265.8M. Metaplanet forecasts 79.7% revenue growth to $104 million in 2026, excluding. This positions it as a Bitcoin proxy, but leverage risks remain.
Metaplanet’s 35,102 BTC and $3.1B valuation underscore institutional conviction, with projections for $150,000 BTC by 2026 if adoption grows, CoinShares. Investors should track BTC support at $112,000 and Metaplanet’s filings on Nasdaq and TradingView. Diversify into USDC or ETH ($4,070) to hedge volatility. Follow @TheBlock__ on X for updates. While valuation losses sting, Metaplanet’s strategy mirrors MicroStrategy’s long-term bet, which could pay off in a bull run.
