Bitcoin Strategy Fuels Massive Revenue Growth
Japanese public company Metaplanet has reported a dramatic surge in revenue after pivoting its core business toward Bitcoin. According to its fiscal year 2025 earnings report, the company’s revenue climbed to 8.9 billion Japanese yen (approximately $58 million), up from just $7 million the previous year — marking an impressive 738% year-on-year increase.
The sharp growth followed the launch of Metaplanet’s Bitcoin income operations in the fourth quarter of 2024. Since then, cryptocurrency-related activities have become the company’s primary revenue engine. In fact, around 95% of total revenue now comes from Bitcoin-related operations, largely generated through premium income from BTC options transactions.
This move represents a major transformation for the company, which previously focused on traditional business segments such as hotel and media operations. Bitcoin has now replaced those legacy divisions as the foundation of Metaplanet’s financial model.
The company has also significantly expanded its Bitcoin reserves. Holdings grew from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, making Metaplanet the largest corporate Bitcoin holder in Japan. Since adopting its Bitcoin treasury strategy, the firm has raised more than $3.2 billion in capital to support its aggressive accumulation plan.
Metaplanet describes its approach as a long-term Bitcoin treasury strategy designed to hedge against fiat currency dilution and benefit from potential long-term price appreciation.
Net Loss Widens Despite $40 Million Operating Profit
Despite strong operating performance, Metaplanet reported a net loss of roughly $619 million for the fiscal year. The company generated approximately $40 million in operating profit, but accounting rules related to digital asset holdings significantly impacted the bottom line.
Because Metaplanet holds substantial Bitcoin reserves, it must reflect market price fluctuations in its financial statements. A valuation drop exceeding $664 million during the Bitcoin price decline erased the year’s operating gains, pushing the company into a net loss position.
Even with recent market volatility, company leadership remains committed to its Bitcoin-first strategy. CEO Simon Gerovich recently reaffirmed that the company will not shift direction despite broader crypto market downturns.
In addition, Metaplanet approved an overseas capital raise of up to $137 million to further expand its Bitcoin holdings and reduce debt. Looking ahead, the company forecasts continued growth, projecting revenue of about $104 million and operating profit of $74 million in the coming year.
