Japanese publicly traded firm Metaplanet has reported a dramatic surge in revenue after shifting its focus to Bitcoin, with the cryptocurrency now driving nearly all of its business activity.
According to its fiscal year 2025 earnings, revenue jumped to 8.9 billion yen ($58 million), up from 1.06 billion yen ($7 million) the previous year — a 738% year-over-year increase. The growth followed the launch of the company’s Bitcoin income operations.
“We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth,” the company stated.
A breakdown of revenue shows that around 95% of total income came from Bitcoin-related activities, primarily from premium income generated via BTC options transactions. The initiative, which began in late 2024, replaced legacy business lines such as hotel and media operations as the centerpiece of Metaplanet’s financial model.
Bitcoin price decline pushes Metaplanet into net loss
Despite recording an operating profit of roughly $40 million, Metaplanet reported a net loss of about $619 million for fiscal 2025. The shortfall was driven by accounting rules: the firm holds significant Bitcoin reserves, which must be marked to market on its financial statements. A $664 million drop in BTC valuation wiped out the year’s operating income.
The company has aggressively expanded its Bitcoin holdings alongside its business pivot, increasing reserves from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, making it Japan’s largest corporate Bitcoin holder. Metaplanet has also raised over $3.2 billion in capital since adopting its treasury strategy.
Metaplanet describes its model as a long-term Bitcoin treasury approach, aiming to “acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation.” The firm projects continued growth next year, forecasting revenue of around $104 million and operating profit near $74 million.
CEO reaffirms Bitcoin strategy amid market downturn
Earlier this month, CEO Simon Gerovich reiterated that the company will maintain its Bitcoin-focused strategy despite recent market volatility. In a post on X, he confirmed that no change in direction is planned.
Additionally, Metaplanet approved an overseas capital raise of up to $137 million last month, aimed at expanding its Bitcoin holdings and reducing debt.
