Metaplanet Forecast: Revenue Jumps 738% as Tokyo’s ‘Bitcoin Engine’ Targets $100M in 2026
Metaplanet (TSE: 3350), listed in Tokyo, has firmly established itself as 'Asia’s Leading Bitcoin Treasury Company.' In its 2025 earnings...
Quick overview
- Metaplanet reported a 738% increase in revenue for FY2025, primarily due to its transition to a Bitcoin-focused financial model.
- The company's 'Bitcoin Income Generation' segment now accounts for 95% of total revenue, significantly outperforming its previous hotel and media businesses.
- Despite a $1.35 billion unrealized loss on its treasury, Metaplanet maintains a strong equity ratio of 90.7%, indicating solid financial health.
- Looking ahead, Metaplanet aims for a revenue target of 16 billion yen ($104.49M) in FY2026, reflecting continued optimism in its Bitcoin strategy.
Metaplanet (TSE: 3350), listed in Tokyo, has firmly established itself as ‘Asia’s Leading Bitcoin Treasury Company.’ In its 2025 earnings report from February 16, the company reported a 738% jump in revenue, mainly due to its shift to a Bitcoin-focused financial model. Although Metaplanet is dealing with a $1.35 billion unrealized loss on its treasury, its main business, powered by Bitcoin derivatives, is bringing in record cash flows.
Operational Excellence: The ‘Bitcoin Income’ Machine
Metaplanet’s 2025 results show the strong performance of its ‘Bitcoin Income Generation’ business. Started in late 2024, this segment now makes up 95% of total revenue, taking over from the company’s old hotel and media businesses.
- Revenue Performance: In FY2025, revenue reached 8.9 billion yen ($58.12M), up from 1.06 billion yen ($6.92M) in 2024.
- Profit Explosion: Operating profit rose 1,694.5% to 6.28 billion yen ($41.01M).
- Capital Strategy: In the fourth quarter, the company set up a $500 million credit facility and issued perpetual preferred equity (MERCURY), allowing it to manage capital without being tied to short-term share price changes.
How Metaplanet Makes Money from Bitcoin
Instead of just holding Bitcoin, Metaplanet uses its treasury as collateral for structured option strategies. By selling put options, the company earns premium income, which counts as operational revenue, and also gets chances to buy more Bitcoin at good prices.
Metaplanet’s revenue surged 738% YoY to ~$58M.
In this context, BTC-related operations now make up 95% of total sales.
Q4 2024 pivoted the company from hotels & media to crypto income, largely via premium BTC options.
Despite reporting $40M in operating profit, a net loss of… pic.twitter.com/24vYyXhAzM
— Jas 🍌 (@JasCrypto_) February 17, 2026
The $1.35 Billion ‘Paper’ Loss: Accounting vs. Reality
The widely reported 95 billion yen ($620M) net loss for FY2025 is mostly due to accounting rules. Under Japanese GAAP, Metaplanet has to value its Bitcoin holdings at market prices at the end of each quarter.
The Treasury Breakdown:
| Metric | 2024 (Actual) | 2025 (Actual) | Change |
| Total BTC Holdings | 1,762 BTC | 35,102 BTC | +1,892% |
| Global Ranking | Unranked | 4th Largest Public Holder | – |
| Avg. Acquisition Cost | $107,716 | $107,716 | – |
| Unrealized Loss | – | $1.35 Billion | – |
Despite the paper loss, Director of Bitcoin Strategy Dylan LeClair said the company’s equity ratio is still 90.7%, which means all liabilities and preferred stock are fully covered, even in tough market conditions.
2026 Outlook: Aiming to Pass $100M in Revenue
Metaplanet has released a very optimistic forecast for 2026, suggesting that its ‘Bitcoin Engine’ is just getting started.
- FY2026 Revenue Target: 16 billion yen ($104.49M), a 79.7% increase from the previous year.
- Projected Operating Profit: 11.4 billion yen ($74.45M), up 81.3%.
- BTC Yield Goal: The company wants to raise its ‘BTC Yield,’ or the amount of Bitcoin backing each diluted share, which already jumped 568% in 2025
The Verdict: A High-Beta Alternative to the Nikkei 225
Metaplanet shares are down 28.63% this year as Bitcoin’s price has dropped to around $68,000, but the company’s business growth remains strong. With a goal to control 1% of the world’s Bitcoin supply (210,000 BTC) by 2027, Metaplanet is moving beyond being a small Japanese stock and is becoming a key link between Tokyo’s markets and the digital asset world.
Trader’s Note: “Metaplanet is following the MicroStrategy playbook with a Japanese twist. Watch the mNAV (market cap to crypto holdings ratio); if it dips below 1.0x, the stock could be significantly undervalued relative to its Bitcoin vault.”
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