95% Of Metaplanet’s Revenue Comes From Crypto

Metaplanet posted a dramatic swing in its latest results after shifting much of its business toward Bitcoin. Revenue surged by over 700% year-on-year to close to ¥9 billion (about $58 million), a jump the company ties to income from BTC options and related services. The change was rapid — the firm only launched its Bitcoin income operations late in 2024 — and now those activities make up almost the entire top line.

Revenue And Business Shift

According to the fiscal 2025 filing, roughly 95% of revenue was tied to Bitcoin-related operations. Premiums from options writing and fees from trading products accounted for the bulk of that cash flow.

おはプラネット。最近の株価動向を踏まえ、株主の皆さまにとって厳しい状況が続いていることは、私たちも十分に認識しています。しかしながら、メタプラネットの戦略に変更はありません。私たちは引き続き、ビットコインの積み上げ、収益の拡大、そして次の成長フェーズに向けた準備を、着実に進めてい…

— Simon Gerovich (@gerovich) February 6, 2026

Traditional lines such as hotel and media work were replaced by the crypto arm. That move translated quickly into sales, but it also concentrated the company’s fortunes around one volatile asset.

CEO Reaffirms Long-Term Treasury Plan

Simon Gerovich has reiterated that their strategy will remain in place despite the recent market slump. He posted that there will be no change in direction, and that accumulation will continue. That public commitment matters for continuity, but it does not remove the accounting and market risks.

Source: Metaplanet

The Numbers Behind The Headlines

Metaplanet’s operating profit was positive, at about ¥6.28 billion (close to $40 million). Reports note the company still recorded a net loss nearly $620 million after a valuation hit on its Bitcoin holdings.

A drop in market value of more than $660 million wiped out most of the operating gain when fair-value accounting was applied. Capital markets were tapped heavily: the firm has raised over $3 billion since switching to the treasury model.

Source: Metaplanet

Accounting Losses Versus Operating Strength

That gap between operating profit and net loss is a clear example of how accounting rules interact with volatile assets. Gains from option premiums were earned and reported. At the same time, unrealized losses on the coin stash had to be shown on the balance sheet, pushing the bottom line into the red.

Bitcoin Price Action

In the middle of this story sits the market itself. Bitcoin’s swings have driven much of Metaplanet’s year. Prices fell sharply during the broader selloff and checked the company’s valuation, while periods of calmer trading allowed the option business to generate steady income.

Traders pointed to headline risk and overall risk-off moves when the market slid, and that pressure fed into the company’s financial statements.

Holdings And Strategy

Reports say holdings rose from about 1,762 BTC at the end of 2024 to roughly 35,102 BTC by the close of 2025, making Metaplanet one of Japan’s largest corporate Bitcoin holders.

The company describes the plan as a long-term treasury approach: acquire and keep Bitcoin to guard against fiat dilution and to capture potential long-term appreciation. That is an explicit bet on future returns offset by short-term volatility.

Featured image from Unsplash, chart from TradingView

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