Metaplanet, a Tokyo-listed digital asset treasury company, posted FY2025 revenue of 8.9 billion yen, up 738% from the prior year, driven mainly by Bitcoin-related operations.

Operating profit for 2025 was about $40 million, but net loss reached around $619 million due to IFRS accounting that records large swings in Bitcoin reserves, including a more than $664 million valuation drop.

Bitcoin holdings total 35,102 BTC, with over $2.4 billion in bitcoin on hand and about $1.2 billion in unrealized losses from price declines.

Risks cited include Bitcoin volatility driving further accounting swings and potential constraints on capital raising if the broader crypto market remains weak, with perspectives from Strategy’s Michael Saylor on scenarios that may require no immediate sale.

Purchases were largely financed through common stock issuances, with additional capital raised via preferred shares through MERCURY and MARS to bolster the balance sheet amid volatility.

MetaPlanet frames Bitcoin as a strategic treasury asset with liquidity, censorship resistance, and a controlled issuance schedule, akin to gold, rather than a mere trading instrument.

The article emphasizes Bitcoin’s role as a strategic asset offering global liquidity and censorship resistance, drawing parallels to gold reserves in corporate treasuries.

The decision to keep accumulating Bitcoin during price declines reflects a contrarian, conviction-driven treasury approach and belief in long-term upside.

Feasibility analysis suggests that reaching 1% of Bitcoin supply would require tens of billions more in purchases at current prices, implying multiple future capital raises.

Executives note recurring revenue could support issuing preferred securities to fund Bitcoin purchases, with one dollar of recurring revenue purportedly backing about $20 of Bitcoin through preferreds.

Metaplanet’s approach mirrors Strategy’s leveraged Bitcoin-accumulation model, using convertible instruments and equity offerings to fund purchases while aiming for long Bitcoin exposure and upside for investors.

The company’s strategy echoes Michael Saylor’s playbook, with large acquisitions around $106k–$108k, funded by issuing common stock and preferred shares like MERCURY and MARS to create a digital credit and capital-raising vehicle.