Metaplanet has seen a dramatic change in its recent results after shifting the majority of its business to Bitcoin. Revenue soared more than 700% year-on-year to close to 9 billion yen (approximately $58 million), which is a significant amount of growth when it comes to revenue from BTC options and related services. The change was fast. The company only launched its Bitcoin earning business in late 2024, and these activities now account for almost its entire revenue.
Revenue and Business Transformation
About 95% of its revenue is tied to Bitcoin-related operations, according to its fiscal 2025 filing. Premiums from selling options and commissions from commodity trading accounted for most of the cash flow.
Hello Planet. Based on recent stock price trends, we are fully aware that a strict situation continues for our shareholders. However, there is no change in Metaplanet’s strategy. We continue to build Bitcoin, increase revenue, and prepare for the next phase of growth.
— Simon Gerovich (@gerovich) February 6, 2026
Traditional lines such as hotel and media operations have been replaced by the cryptocurrency sector. These moves quickly translated into sales, but concentrated the company’s fortunes in one highly volatile asset.
CEO reaffirms long-term financial planning
Simon Gerovich reiterated that despite the recent market downturn, their strategy will remain the same. I posted that there will be no change in direction and the accumulation will continue. These public commitments are important for continuity, but they do not eliminate accounting and market risks.
Source: Metaplanet
The numbers behind the headlines
Metaplanet’s operating profit was positive at approximately 6.28 billion yen (about $40 million). According to the report, the company still recorded a net loss of about $620 million even after the valuation of its Bitcoin holdings fell.
When fair value accounting was applied, its market value fell by more than $660 million, wiping out most of its operating profits. Capital markets have been hit hard. The company has raised more than $3 billion since switching to its financial model.
Source: Metaplanet
Comparison of accounting losses and sales power
The gap between operating profit and net loss is a clear example of how accounting rules interact with volatile assets. Profits from option premiums have been accrued and reported. At the same time, unrealized losses on stored coins appear on the balance sheet, turning net income into deficit.
bitcoin price action
At the center of this story is the market itself. Bitcoin’s volatility has driven much of Metaplanet’s year. Prices plummeted during widespread selling, confirming the company’s valuation, and during periods of calm trading, its options business was able to generate steady profits.
Traders pointed to headline risk and an overall risk-off move when markets fell, and that pressure was reflected in the company’s financial statements.
Assets and Strategies
According to the report, holdings increased from approximately 1,762 BTC at the end of 2024 to approximately 35,102 BTC at the end of 2025, making Metaplanet one of the largest corporate Bitcoin holders in Japan.
The company describes this plan as a long-term financial approach. This means acquiring and holding Bitcoin to prevent fiat dilution and capture potential long-term appreciation. These are explicit bets on future returns that are offset by short-term volatility.
Featured image from Unsplash, chart from TradingView
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