#Metaplanet just reminded the market how wild the Bitcoin treasury game can be.
The Tokyo-listed firm is preparing to report a massive 2025 loss—almost $700 million—thanks entirely to a non-cash Bitcoin write-down triggered by year-end mark-to-market rules. On paper, it looks brutal.
But here’s the twist: Metaplanet’s actual business is doing far better than expected.
Its Bitcoin income operation blew past projections in Q4, pushing full-year revenue higher and prompting the company to raise its 2025 and 2026 forecasts.
Even more striking, Metaplanet grew its BTC holdings from 1,762 to more than 35,000 BTC in one year, boosting per-share Bitcoin exposure by over 500%.
So yes, the 2025 headline number will be ugly—but the underlying trend is the opposite. The company is leaning deeper into its Bitcoin strategy and expects 2026 to be a breakout year, with revenue projected to hit $103 million.
A fascinating contrast: huge accounting loss today, but aggressive growth and conviction for tomorrow.
