The Japanese company Metaplanet has released preliminary financial results for the fiscal year 2025, indicating that the unrealized loss from its investments in Bitcoin has reached $680 million. These losses are associated with the depreciation of the cryptocurrency on the company’s balance sheet; however, Metaplanet emphasizes that this does not affect its operational activities.
This is reported by Business • Media
Financial Indicators and Investment Structure
According to the company’s official website, Metaplanet owns 35,102 BTC, which is equivalent to $3.08 billion at the current exchange rate. The average purchase price of the Bitcoins in the portfolio is $107,607, and the mNAV (Net Market Asset Value) stands at 1.21. The company also reported an ordinary loss of 98.56 billion yen ($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).
At the same time, Metaplanet is experiencing revenue growth in its Bitcoin-related business. Revenue is projected to reach 8.9 billion yen ($57.8 million) in 2025, which is a 31% increase over the previous estimate. Operating profit is expected to be around 6.3 billion yen ($41 million).
Revenue Diversification and Market Reaction
The company explained the positive dynamics of its indicators through revenue source diversification: in addition to convertible bonds, Metaplanet issued Series B shares and secured a $500 million credit line. This has significantly expanded business operations, particularly in generating income from Bitcoin.
“As a result, we were able to allocate capital more flexibly than initially anticipated, expanding investments in the Bitcoin income-generating business,” the release states.
The full financial report will be published by the company on February 16, 2026. Additionally, Metaplanet has raised its forecast for key financial indicators for the next fiscal year.
The news of significant losses caused a drop in Metaplanet’s stock prices: within a day, their value decreased by more than 7%.
Despite the current results, the company stated its intention to continue increasing its Bitcoin portfolio.
Market experts, including Bitwise CIO Matt Hougan, expect that most treasury companies (DATs) will continue to trade at a discount, which may lead to their mNAV falling below one.