Japanese public company Metaplanet has reported explosive revenue growth after pivoting its business around Bitcoin, with the cryptocurrency now accounting for nearly all of its operating activity.
According to the firm’s fiscal year 2025 earnings report, revenue climbed to 8.9 billion Japanese yen ($58 million) from 1.06 billion yen ($7 million) a year earlier, a 738% year-over-year increase. The surge followed the launch of the company’s Bitcoin (BTC) income operations.
“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.
A revenue breakdown shows roughly 95% of total income came from Bitcoin-related operations, largely generated through premium income from BTC options transactions. The company only began the segment in late 2024, replacing traditional business lines such as hotel and media activities as the core of its financial model.
Related: Metaplanet sticks to Bitcoin buying plan as crypto sentiment hits 2022 lows
Bitcoin price drop pushes Metaplanet into loss
Operating profit reached about $40 million, but the company still posted a net loss of roughly $619 million. The loss stemmed from accounting rules. Since Metaplanet holds large Bitcoin reserves, it must reflect price swings on its financial statements, and a more than $664 million valuation drop erased the year’s operating income.
The company has aggressively accumulated Bitcoin alongside the business shift. Holdings increased from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, making it the largest corporate Bitcoin holder in Japan. The firm has also raised more than $3.2 billion in capital since adopting its treasury strategy.
Metaplanet described its model as a long-term Bitcoin treasury approach, aiming to “acquire and hold Bitcoin permanently to hedge against fiat currency dilution and benefit from long-term value appreciation.”
The company expects growth to continue next year, forecasting revenue of about $104 million and operating profit of roughly $74 million.
Related: Metaplanet lifts 2026 revenue outlook despite $680M Bitcoin impairment
Metaplanet CEO reaffirms Bitcoin strategy despite market selloff
Earlier this month, Metaplanet CEO Simon Gerovich said the company will stick with its Bitcoin-focused approach even as the broader crypto market undergoes a sharp downturn. In a post on X, he stated there would be no shift in direction despite recent volatility.
Last month, the company also approved an overseas capital raise of as much as $137 million to expand its Bitcoin holdings and reduce debt.
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