Japan-based hotel chain and Bitcoin Treasury company Metaplanet reported a net loss of $619 million for the fourth quarter of 2025, according to the company’s earnings. report.
However, it clarified that the loss was due to the devaluation of its Bitcoin holdings, adding that the drop had no direct impact on its operating cash flows.
After the October crash and continued bearish pressure, BTC fell from $126,000 to $80,000, ending the quarter with a 23% loss. At its October high, the company had an unrealized gain of $644 million on its BTC holdings.
Source: CryptoQuant
However, BTC broke below $70,000 in 2026, doubling the unrealized loss in the fourth quarter to over $1.2 billion. In addition to BTC’s devaluation, other parts of the business posted positive growth.
In terms of annual revenue, Metaplanet grew 738%, reaching 1.06 billion yen ($6.9 million) in 2025.
During the same period, operating profit rose to 6.3 billion yen ($41 million) – a 1,695% increase from the previous year’s $2.28 million.
It predicted it could scale its revenue by 80% to 16 billion yen ($104 million) by 2026.
But can it sustain its Bitcoin plan if the price falls further?
Metaplanet’s $500 million guarantee
Unlike Strategy, which has more than $8 billion in debt obligations, Metaplanet has only $355 million outstanding debt. However, the main problem would be that the value of crypto assets falls below the enterprise value (mNAV below 1).
In such a scenario, the company cannot sell shares to buy more Bitcoin [BTC] and will instead opt for a share buyback.
According to Metaplanet, it has secured a $500 million line of credit using its BTC holdings as collateral, for repurchase if the market crash deepens from current levels.
That said, the company reiterated its goal of owning 1% of the total BTC supply. Currently, Metaplanet owns 35,000 BTC and plans to increase this to 100,000 BTC by the end of this year. The goal is to reach 210.00 BTC by 2027.
However, it has not fully committed to the above Bitcoin planciting market volatility and a broader route that can make capital raising strategies challenging.
Source: Metaplanet
Metaplanet shares rise 5%
After the earnings report, Metaplanet shares [MTPLF] rose 5.6% to $2.26, underlining bullish sentiment in the Treasury despite BTC weakness.
During Monday’s trading session, BTC fell around 1%, underlining that Metaplanet shares ignored the $619 million net loss update.
Final summary
- Metaplanet’s $619 million paper loss was due to BTC’s price drop in 2025, and has since doubled to more than $1.2 billion as of February.
- Metaplanet shares rose 5% after the earnings report as traders shrugged off fourth-quarter losses.