Metaplanet Posts $605M Loss on Bitcoin Price Decline

Metaplanet Inc. (8422.T) reported a full-year net loss of ¥95 billion ($605 million) on revenue of ¥8.9 billion ($58 million), citing a sharp decline in Bitcoin prices. The company's 35,100 BTC holdings, valued at $2.4 billion as of Feb. 16, 2026, have depreciated 37% since accumulation began in September 2024, resulting in an unrealized loss of about $1.4 billion. In Q4 2025, the BTC portfolio declined ¥102 billion ($664 million). Metaplanet generates revenue from options premiums, which surged to ¥7.9 billion ($51 million) in FY2025 from ¥691 million ($4.5 million) in FY2024. The company expects an 81% increase in operating profit. Key purchases include ¥77 billion ($630 million) in September 2025 at ~$106,000/BTC and ¥75 billion ($615 million) in October 2025 at ~$108,000/BTC. Metaplanet has issued preferred shares MERCURY and MARS to fund acquisitions, aiming to create a "digital credit" platform less sensitive to market volatility.