Metaplanet (3350), the largest bitcoin Treasury company in Japan, expected full-year operating profit to rise 81% this year after premiums from appreciation options drove a 17-fold increase in 2025.
The company, which owns 35,102 BTC, earned 6.29 billion yen ($40.8 million) in operating profit last year. Premiums on writing options rose to 7.98 billion yen from 691 million in 2024. Total revenue rose 738% to 8.9 billion yen.
Still, as the price of bitcoin fell from a near $125,000 all-time high to end the year below $90,000, Metaplanet recorded a non-cash valuation loss of 102.2 billion yen, pulling net income down to a loss of 95 billion yen ($605 million).
The Tokyo-based company still has more than $2.4 billion in bitcoin and expects to generate almost all of its 2026 revenue from those holdings.
It is currently sitting on about $1.2 billion in unrealized losses, given BTC’s price drop to $68,550.
The company said it expects full-year revenue to grow nearly 80% in 2026 to 16 billion yen, with operating profit of 11.4 billion yen. The stock rose 0.31% to ¥326.0 on Monday.
