Japanese company Metaplanet has released preliminary financial results for the 2025 fiscal year, noting an unrealized loss of $680 million due to the depreciation of Bitcoin on the company’s balance sheet. According to the company, this figure did not affect its current operational activities.
This is reported by Finway
Financial Results and Operational Activities of Metaplanet
Metaplanet holds a portfolio of 35,102 BTC, which is valued at $3.08 billion at the current exchange rate. The average acquisition cost of Bitcoin for the company is $107,607 per coin, while the Net Market Asset Value (mNAV) ratio stands at 1.21.
In addition to the unrealized loss from cryptocurrency investments, the company also recorded an ordinary loss of 98.56 billion yen (approximately $640 million) and a consolidated net loss of 76.63 billion yen ($498 million). The total net loss for the year amounts to 54.02 billion yen ($351 million).
Business Growth and Market Reaction
Despite significant losses, Metaplanet’s management notes an increase in revenues from Bitcoin-related activities. According to forecasts, the company’s revenue is expected to reach 8.9 billion yen ($57.8 million) in 2025, which is 31% higher than the previous estimate. The anticipated operating profit will be 6.3 billion yen ($41 million).
The growth in financial indicators is attributed to the diversification of revenue sources: Metaplanet has expanded its financing through the issuance of convertible bonds, Series B shares, and securing a $500 million credit line, allowing for more efficient capital allocation and increased investments in Bitcoin revenue-generating business.
“As a result, we were able to allocate capital more flexibly than initially anticipated, expanding investments in the Bitcoin revenue-generating business,” the release states.
The company also announced its intention to continue increasing its Bitcoin portfolio. The full annual report is expected to be published on February 16, 2026, and forecasts for key financial indicators for the next fiscal year have been revised upward.
The news of the losses triggered an immediate market reaction: Metaplanet’s shares on the Tokyo Stock Exchange fell by more than 7% in one day.
Previously, financial experts expressed the opinion that most companies holding Bitcoin as reserves may trade at a discount in the future, leading to a decrease in their mNAV ratio below one.