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Metaplanet reported an unrealized loss of about $664M (¥102.2B) from revaluing its Bitcoin holdings for FY2025. Despite the drop, the company massively increased its BTC stack to 35,102 BTC, up from just 1,762 a year earlier — making it the 4th largest public Bitcoin holder, often compared to Strategy.

The loss is purely on paper, but the market reacted: Metaplanet shares (ticker 3350) are now about 80% below their June peak on the Tokyo Stock Exchange.

At the same time, fundamentals look wild:
• Revenue +738% YoY to about $58M
• Profit +1,694% YoY to about $41M


The key driver wasn’t BTC price appreciation, but Bitcoin options trading.
Because of this, Metaplanet says it’s no longer just a “Bitcoin treasury,” but a company focused on Bitcoin and derivatives operations.

@Cryptoz