Japanese listed company Metaplanet reported a dramatic rise in revenue after restructuring its operations around Bitcoin, with the digital asset now representing the majority of its core business activity.

In its fiscal year 2025 results, the company reported revenue of 8.9 billion yen (about $58 million), up sharply from $7 million the previous year, reflecting a 738% annual increase. The jump followed the introduction of its Bitcoin income strategy.

“We launched the Bitcoin Income business in Q4 2024. Since then, this strategy has become our primary revenue source and is expected to remain a core driver of profit growth,” the company wrote.

Financial data indicates that roughly 95% of total revenue was derived from Bitcoin-related operations, primarily from premium income linked to BTC options trading. This segment, introduced in late 2024, replaced earlier core activities such as hotel and media operations as the foundation of the company’s business model.

Accounting impact masks operating performance

Operating profit reached approximately $40 million, yet the firm still recorded a net loss of around $619 million. The loss was driven by accounting requirements tied to its sizable Bitcoin holdings, which must be marked to market. A valuation decline exceeding $664 million offset the year’s operating gains.

Metaplanet significantly expanded its Bitcoin position during the transition. Holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC by the close of 2025, making it the largest corporate Bitcoin holder in Japan. The company has also secured more than $3.2 billion in funding since implementing its treasury strategy.

Metaplanet described its framework as a long-term Bitcoin treasury model intended to “acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation.”

Commitment to the Bitcoin strategy continues

The company expects further expansion, projecting revenue of about $104 million and operating profit near $74 million for the coming year.

Earlier this month, CEO Simon Gerovich reiterated that the firm would maintain its Bitcoin-focused strategy despite broader market weakness. In a post on X, he emphasized that recent volatility would not alter the company’s direction.

The company also recently approved a potential overseas capital raise of up to $137 million to increase its Bitcoin reserves and lower outstanding debt.

Sources:

https://contents.xj-storage.jp/xcontents/33500/950d7031/221a/4a55/a35b/03d8d22182fb/140120260216563315.pdf

https://cointelegraph.com/news/metaplanet-revenue-jumps-738-percent-bitcoin-generates-95-percent-revenue