Metaplanet Books $605M Loss as Bitcoin Slump Hits Treasury Strategy

• Metaplanet reported a full-year loss of ¥95 billion driven by a sharp mark-to-market decline in its 35,100 Bitcoin holdings.
• The company’s Bitcoin stash is currently valued at roughly US$2.4 billion against an accumulation cost of US$3.8 billion, leaving it approximately 37% underwater.
• Similar treasury strategies are struggling across the sector as Strategy reported a US$17.4 billion unrealised loss for Q4 2025 following the market downturn.

Well, Metaplanet’s Bitcoin (BTC) treasury strategy is starting to look painful on the income statement. 

The Japanese firm reported a full-year loss of ¥95 billion, which it pegged at about US$605 million (AU$925 million), on revenue of ¥8.9 billion, or about AU$88 million, after Bitcoin slid sharply from its October highs.

The hit was obviously driven by the mark-to-market decline in its Bitcoin holdings. 

Metaplanet said it held 35,100 BTC, valued at about US$2.4 billion (AU$3.6 billion) as of Monday. It has spent nearly US$3.8 billion (AU$5.8 billion) accumulating that stash over roughly 21 months at an average cost of about US$107,000 per Bitcoin (AU$163,710).

With BTC recently around US$68,000 (AU$104,040), the company is sitting on large paper losses. It referenced roughly US$1.2 billion (AU$1.8 billion) in unrealised losses, and elsewhere characterised the drawdown as roughly 37% and about US$1.4 billion (AU$2.1 billion) underwater. 

In the three months ended Dec. 31, it said the stash fell by ¥102 billion, or about US$664 million (AU$1,01 billion).

Read more: Bitcoin Back in the Red as Analysts Warn $60K is “Liquidation Trigger”

Treasury Firms Suffering From The Market Downturn

Metaplanet’s operating business did not offset the market move. It generates most of its revenue from option-writing premiums, which it said jumped to ¥7.9 billion, or about US$51 million (AU$78 million), from ¥691 million, or about US$4.5 million (AU$6.8 million). 

It forecast full-year revenue of 16 billion yen in 2026, up nearly 80%, and operating profit of 11.4 billion yen. The stock is down more than 62% over the past six months.

The drawdown has not been unique to Metaplanet. Strategy (formerly MicroStrategy), the template for many Bitcoin treasury companies, released Q4 2025 results as BTC dropped below about US$63K (AU$96K) and said the quarter included an unrealised loss on its digital assets of US$17.4 billion (AU$26 billion). 

Related: Australia’s SMSFs Embrace Crypto as Regulation and ETFs Fuel New Wave of Adoption

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