Metaplanet Annual Financial Report: HODLing Results in $6.658 Billion Loss, but Balance Sheet Still "Strong"

BlockBeats News, February 16th, Bitcoin treasury company Metaplanet released its 2025 fiscal year financial report on Monday, reporting a net loss of 95 billion yen (approximately $6.19 billion) for the year ended December 31st, compared to a net profit of 4.44 billion yen (approximately $28.9 million) in the 2024 fiscal year, shifting from profit to loss.

The financial report indicates that this loss was mainly due to a 102.2 billion yen (approximately $6.658 billion) valuation loss on its held Bitcoin. The company categorizes this loss as a non-operating expense, stating that it has no impact on cash flow or operating activities.

Despite the significant swing in net profit, the company emphasized the resilience of its capital structure. Metaplanet noted that its balance sheet remains "robust," with its liabilities and preferred shares fully covered even in an "86% drop in Bitcoin price" scenario, thanks to its high equity ratio of 90.7%.

As of December 31st, the company reported liabilities of 46.7 billion yen (approximately $304.2 million), net assets of 458.5 billion yen (approximately $2.99 billion), and a Bitcoin holding value of 481.5 billion yen (approximately $3.1 billion).

Operationally, Metaplanet's revenue for the 2025 fiscal year reached 8.91 billion yen (approximately $58 million), a 738% increase from the previous year's 1.06 billion yen (approximately $6.9 million); meanwhile, operating profit surged from 350 million yen (approximately $2.28 million) to 6.29 billion yen (approximately $41 million), a remarkable 1695% increase.

The company stated that its Bitcoin-related business generated revenue of 8.47 billion yen (approximately $55.2 million) and operating income of 7.19 billion yen (approximately $46.8 million), with this growth primarily driven by premium income from Bitcoin options trading.