Metaplanet suffered a dramatic swing in its latest results after shifting much of its business to Bitcoin. Revenues soared more than 700% year over year to nearly 9 billion yen (approximately $58 million), and the company achieved this jump coupled with revenue from BTC options and related services. Change was rapid, and the company had just launched its Bitcoin revenue business at the end of 2024. These businesses now account for almost all of the company’s sales.
Earnings and business trends
About 95% of its revenue was related to Bitcoin-related businesses, according to its fiscal year 2025 filing. Premiums from option writing and fees from traded products accounted for the majority of cash flow.
Good morning planet. We are fully aware that the situation continues to be difficult for our shareholders, given recent stock price trends. However, Metaplanet’s strategy remains unchanged. We are continuing to steadily accumulate Bitcoin, expand revenue, and prepare for the next phase of growth.
— Simon Gerovich (@gerovich) February 6, 2026
Traditional jobs such as hotel and media work have been replaced by the cryptocurrency sector. The move immediately led to sales, but it also concentrated the company’s fortunes in one volatile asset.
CEO reaffirms long-term financial plans
Simon Gerovich reiterated that his company’s strategy remains in place despite the recent market downturn. He posted that the direction will not change and that the accumulation will continue. While this public commitment is important for continuity, it does not eliminate accounting or market risk.
Source: Metaplanet
numbers behind the heading
Metaplanet’s operating income was approximately 6.28 billion yen (nearly $40 million), which was a surplus. According to the report, the company still recorded a net loss of nearly $620 million even after the valuation of its Bitcoin holdings fell.
If fair value accounting had been applied, most of the operating income would have been wiped out due to a decline in market value of more than $660 million. Capital markets have been heavily leveraged, with the company raising more than $3 billion since switching to a financial model.
Source: Metaplanet
Relationship between accounting loss and sales force
This gap between operating income and net loss is a clear example of how accounting rules interact with variable assets. Gains from option premiums were earned and reported. At the same time, it was necessary to show the unrealized loss on the coin stash on the balance sheet, and the final profit and loss fell into the red.
Bitcoin price fluctuation
At the center of this story is the market itself. Bitcoin fluctuations have driven Metaplanet for much of the year. The broad selloff sent prices plummeting and hurt the company’s valuation, but the options business was able to generate steady returns during periods of calm trading.
Traders pointed to headline risk and overall risk-off movements during market declines, and noted that pressure was reflected in the company’s financial statements.
Holdings and Strategy
According to the report, holdings increased from approximately 1,762 BTC at the end of 2024 to approximately 35,102 BTC by the end of 2025, making Metaplanet one of the largest corporate Bitcoin holders in Japan.
The company describes the plan as a long-term financial approach. The idea is to acquire and hold Bitcoin to prevent fiat currency dilution and capture potential long-term price appreciation. This is an explicit bet on future returns that is offset by short-term volatility.
Featured image from Unsplash, chart from TradingView
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