Metaplanet reported a $621 million net loss for fiscal year 2025 after a sharp Bitcoin valuation loss outweighed strong operating performance, according to its earnings presentation.

The company generated revenue of approximately $58 million, up 738% year over year, and posted operating profit of about $41 million. However, a $668 million Bitcoin valuation loss pushed pre-tax results to a loss of roughly $628 million for the year.

The deficit reflects mark-to-market accounting rather than realized cash flow. In its breakdown of results, Metaplanet shows operating profit offset by the Bitcoin valuation loss and minor non-operating items.

Metaplanet ended 2025 holding 35,102 BTC, surpassing its 30,000 BTC target and ranking as the fourth-largest public company Bitcoin holder globally. Its Bitcoin NAV stood at approximately $3.15 billion as of December 31, 2025, with an equity ratio of 90.7%.

At current prices near $68,000, its Bitcoin holdings are worth approximately $2.39 billion, though the company is facing an estimated 37% drawdown based on an average acquisition cost of roughly $107,000 per BTC.

The company said it will not provide net income forecasts due to Bitcoin price volatility, though it projects fiscal 2026 revenue of about $105 million and operating profit of roughly $75 million.

Bitcoin has traded sideways since last Friday, fluctuating between $68,000 and $70,000, as broader volatility remains contained.

Note: Yen figures have been converted to US dollars using an exchange rate of 153 JPY per USD.