The Japanese investment company Metaplanet has released its preliminary financial results for 2025, revealing that it ranks fourth in the world among public companies in terms of Bitcoin reserves. The company emphasized that in 2025, the unrealized loss from the revaluation of Bitcoin on its balance sheet reached approximately 102.2 billion yen (equivalent to $668.7 million).
This is reported by Business • Media
Growth in Financial Indicators and Portfolio Expansion
Over the past year, revenue from operations with the leading cryptocurrency increased more than 12 times — from 0.69 billion yen to 8.46 billion yen (from $4.5 million to $55.4 million). Metaplanet’s total revenue surged by 738% to 8.91 billion yen ($58.2 million), while operating profit skyrocketed by 1694% to 6.29 billion yen ($45.1 million).
By the end of 2025, the company owned 35,102 BTC, nearly 20 times more than the previous year (1,762 BTC at the end of 2024). At the same time, Metaplanet’s total raised capital increased from 10 billion yen ($65.4 million) to 517.2 billion yen (almost $3.4 billion).
“We have become the fourth largest public company in the world by Bitcoin on our balance sheet.”
The majority of revenue in 2025 came from premium income generated by Bitcoin options trading. The company also noted that financial results significantly exceeded initial forecasts: preliminary estimates had projected revenue of 6.8 billion yen ($44.5 million) and operating profit of 4.7 billion yen ($30.8 million).
Key Strategy and Ambitious Goals of Metaplanet
Metaplanet emphasizes that in its financial reporting, the key indicator is realized cash flow, rather than unrealized profits or losses from the revaluation of Bitcoin.
“Our focus remains on realized cash flow.”
Going forward, the company plans to direct premium income towards dividend payments on perpetual preferred shares, with part of the funds being used for further expansion of its Bitcoin portfolio and accelerating the implementation of its growth strategy.
In January 2025, Metaplanet’s CEO Simon Gerovich announced plans to increase the company’s portfolio to 10,000 BTC. By June, Metaplanet had surpassed Coinbase in terms of Bitcoin on its balance sheet and reached this target.
In September, at an extraordinary shareholders’ meeting in Tokyo, an even more ambitious goal was announced — to accumulate 210,000 BTC by 2027, which would represent 1% of the total Bitcoin supply. To achieve this, the company launched Metaplanet Prefs perpetual preferred shares, following the example of Strategy. Gerovich believes that low interest rates in Japan may stimulate an increase in the value of this financial instrument.
