Metaplanet posts 95B yen Bitcoin-driven loss, CEO stays committed

Metaplanet books large Bitcoin loss

Japanese-listed company Metaplanet reported a net loss of about 95 billion yen for fiscal 2025. The loss equals about 95 billion yen, or around 619 million dollars as several outlets report for that period. Most of this result comes from revaluing its Bitcoin holdings and recognizing price declines as expenses. Reports link the loss directly to valuation changes on the company’s Bitcoin position.

Non-cash Bitcoin write-down drives result

The main driver was a non-cash valuation loss of around 102.2 billion yen on Metaplanet’s Bitcoin position. Non-cash means the company did not pay this amount out in money but recorded it as an accounting expense. Coverage describes the charge as a non-operating item, so it sits below operating profit in the income statement. Operating cash flow and day-to-day business activity therefore do not match the size of the reported loss.

Bitcoin holdings and long-term target

By 31 December 2025 Metaplanet held about 35,102 bitcoin (BTC), the main cryptocurrency on the market. One year earlier it held around 1,762 BTC, so the position expanded sharply in twelve months. Several reports describe Metaplanet as one of the largest public corporate Bitcoin holders. The company has a long-term target of 210,000 BTC, close to 1 percent of the maximum possible Bitcoin supply.

"However, Metaplanet's strategy has not changed. We will continue to steadily advance the ongoing accumulation of Bitcoin, the enhancement of profitability, and the various preparations for the next stage of growth.", 06 February 2026. — Simon Gerovich, CEO, Metaplanet

CEO repeats accumulation-only Bitcoin strategy

Chief executive officer Simon Gerovich has reaffirmed Metaplanet’s long-term Bitcoin accumulation plan after the reported loss. Public statements describe a strategy to continue buying Bitcoin rather than selling holdings in response to volatility. One report characterizes his position as a commitment to never sell, regardless of market conditions. These comments show management linking the company’s future to a large and persistent Bitcoin exposure.

Transparency on corporate Bitcoin addresses

Gerovich has also highlighted transparency around Metaplanet’s Bitcoin wallets, which are the digital addresses that hold the coins on the blockchain. He stated that all of the company’s Bitcoin addresses are public and trackable in real time. Shareholders can monitor balances through an external dashboard that reads blockchain data. This approach aims to give investors direct visibility into the size and movement of the Bitcoin position.