Metaplanet Records Bitcoin Valuation Loss in FY2025, But Treasury Strategy Unchanged

Metaplanet has reported a massive non-operating loss due to its crypto assets for the year, which ended on December 31, 2025. In an official notice issued today, the company has reported a Bitcoin valuation loss of ¥102.2 billion (approximately $680 million at the current exchange rate) in the fourth quarter of 2025, which further increased the annual loss.

The reason for the loss is the accounting requirement to value Bitcoin at market rates, which significantly fell in the last quarter of 2025. However, Metaplanet has clarified that its fundamental Bitcoin treasury operation is on course and not impacted by market fluctuations. The company continues to treat Bitcoin as a hedge against the yen and inflation, with no changes in its accumulation strategy.

pic.twitter.com/Tk8lwH8s6r
— Metaplanet Inc. (@Metaplanet) February 16, 2026

Forex gains and tax effects mitigate the pain

On the bright side, Metaplanet recognized ¥506 million in foreign exchange gains in the quarter, primarily driven by foreign currency-denominated receivables. Additionally, the firm benefited from deferred income tax gains of ¥1.5 billion, primarily driven by the fluctuations in the value of Bitcoin. The firm also incurred additional amortization of share issuance costs of ¥418 million in non-operating items, although this is a result of last year’s accounting treatment and not related to new share issuances.

Actual results differ from earlier forecast

Taking into account the earnings forecast on January 26, 2026, which already factored in a loss from Bitcoin, the actual FY2025 results were different, primarily due to the final fourth-quarter valuation and deferred taxes. Metaplanet did not provide any new guidance in the announcement but reiterated that its Bitcoin strategy is on track as planned, despite market fluctuations in the short term.

The firm referred investors to the consolidated financial highlights released today for more information. The announcement highlights the volatile nature of Bitcoin prices, which can result in massive accounting effects for corporate investors, despite such firms as Metaplanet doubling down on the asset.

Meanwhile, Metaplanet’s CEO Simon Gerovich reaffirmed the company’s commitment to its Bitcoin-first strategy, even as the broader crypto market reels from one of its sharpest drawdowns since 2022.

Enjoyed this piece? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights.