Bitcoin treasury Metaplanet faces $665 million loss following crypto market dip

Japan-based investment firm Metaplanet has reported a $665 million valuation loss on its Bitcoin holdings following a broader crypto market decline that has stretched into 2026. Despite the paper loss, the company posted strong operational revenue growth and returned to profitability.

Bitcoin volatility tests Metaplanet's treasury strategy

Tokyo-based Metaplanet disclosed a ¥102.2 billion ($665 million) impairment loss tied to its Bitcoin holdings, according to its fiscal year 2025 financial report released on Monday. 

The valuation drop comes as Bitcoin's price hovered near $68,000, representing a 46% decline from late-2025 highs. Metaplanet, which adopted its Bitcoin accumulation strategy in April 2024, currently holds roughly 35,102 BTC acquired at an average purchase price of approximately ¥12.5 million.

Despite the dip, the company delivered strong operational results. Revenue from its hotel and consulting divisions surged 738% year-over-year to ¥8.9 billion ($58 million). Operating profit also climbed sharply, reaching ¥6.29 billion ($41 million), compared to ¥350 million ($2.28 million) in the previous year, representing a 1,695% increase, according to the financial report.

The company added that its Bitcoin-related business generated ¥8.47 billion ($55.2 million) in revenue and ¥7.19 billion ($46.8 million) in operating income. This growth was largely driven by premium income from Bitcoin options trading.

Metaplanet's aggressive accumulation strategy has drawn comparisons to MicroStrategy, which popularized corporate Bitcoin treasury models.

The firm has positioned itself as an indirect vehicle for Bitcoin exposure for investors in Japan. Metaplanet shares, listed on the Tokyo Stock Exchange (TSE), surged 1,200% in 2025, significantly outpacing Bitcoin's price appreciation during the same period.

The company's holdings now account for approximately 0.16% of Bitcoin's total circulating supply, ranking it fourth among global public corporate holders. Metaplanet has outlined an ambitious long-term accumulation strategy targeting 210,000 BTC, equivalent to roughly 1% of Bitcoin's fixed supply.

Looking ahead, Metaplanet projects strong financial growth, forecasting nearly 80% year-over-year revenue expansion in 2026 to approximately ¥16 billion. Operating profit is expected to reach ¥11.4 billion, reflecting confidence in both its core business operations and digital asset treasury strategy.

Despite the positive projection, Bitcoin's price drop continues to weigh on treasury firms. Institutional demand continues to decline, with Bitcoin exchange-traded funds (ETFs) recording another week of outflows, worth $133 million, according to CoinShares data.

The continued outflows reflect investors' weak interest among institutional investors, with funds dropping from previous highs in early 2025. This has sponsored unrealized losses among firms holding BTC, including Metaplanet, which now sits at $1.2 billion in losses.