Metaplanet posts large bitcoin-driven gains in 2025, expects operating profit to rise 81% in 2026

Metaplanet said operating profit will rise 81% in 2026 after operating profit soared 17-fold in 2025, driven largely by income from writing options on bitcoin; the company also recorded a non‑cash bitcoin valuation loss of ¥102.2 billion (about $650 million) amid falling crypto prices ^[1].

The Tokyo-listed firm reported a 738% revenue surge in FY2025, with bitcoin-related operations accounting for roughly 95% of sales, according to multiple reports covering the results and the company's financial filings ^[4][5][6].

Metaplanet holds more than 35,000 BTC (reported at about 35,102 BTC), making it one of Japan’s largest public bitcoin holders, and the company has signalled plans to expand its treasury toward a 100,000 BTC target ^[2][6].

Company executives highlighted the strong 2025 financials as validation of the bitcoin-focused strategy while noting that mark-to-market swings in the value of their crypto holdings produced sizeable non‑cash losses in the period ^[3][1].

Net result: Metaplanet reported outsized revenue and operating gains tied to bitcoin activities in 2025, offset in part by a large non‑cash bitcoin valuation loss, and expects operating profit growth in 2026 as it continues to expand its bitcoin holdings ^[1][6].