$619mln gone in Q4 – Can Metaplanet sustain its 210K Bitcoin plan?

Japan-based hotel chain and Bitcoin treasury company, Metaplanet, reported a net loss of $619 million for the Q4 2025 period, according to the firm’s earnings report. 

However, it clarified that the loss was due to the devaluation of its Bitcoin holdings, adding that the decline didn’t have any direct impact on its operational cash flows. 

After the October crash and sustained bearish pressure, BTC slipped from $126K to $80K, closing the quarter at a 23% loss. At the peak of October, the firm had an unrealized profit of $644 million on its BTC holdings.  

However, BTC broke below $70K in 2026, doubling its Q4 unrealized loss to over $1.2 billion. Beyond the BTC devaluation, other sections of the firm posted positive growth. 

On the annual revenue front, Metaplanet saw a 738% growth, hitting 1.06 billion Yen ($6.9 million) in 2025.

Over the same period, operating profit jumped to 6.3 billion Yen ($41 million) – A 1,695% surge from $2.28 million in the previous year. 

It projected that it could scale its 2026 revenue by 80%  to 16 billion Yen ($104 million).

But can it sustain its Bitcoin plan if the price drops further? 

Metaplanet’s $500M safeguard

Unlike Strategy, which has over $8 billion in debt obligations, Metaplanet has only $355 million in outstanding debt. However, the key issue would be its crypto holdings value dropping below its enterprise value (mNAV below 1). 

In such a scenario, the firm can’t sell stocks to buy more Bitcoin [BTC] and instead will opt for a share buyback.

According to Metaplanet, it has secured a $500 million credit line with its BTC holdings as collateral, for buybacks if the market crash deepens from current levels. 

That said, the firm reiterated its target of owning 1% of the total BTC supply. Currently, Metaplanet holds 35K BTC and plans to expand it to 100K BTC by the end of this year. By 2027, it aims to reach 210,00 BTC. 

However, it did not fully commit to the above Bitcoin plan, citing market volatility and a broader rout that may make capital-raising strategies challenging. 

Metaplanet stock jumps 5%

Following the earnings report, Metaplanet stock [MTPLF] surged 5.6% to $2.26, underscoring bullish sentiment in the treasury firm despite BTC’s weakness.

During the Monday trading session, BTC dropped about 1%, underscoring that Metaplanet stock shrugged off the $619 million net loss update. 

Final Summary 

• Metaplanet’s $619 million paper loss stemmed from BTC’s 2025 price meltdown, and it has since doubled to over $1.2 billion as of February. 
• Metaplanet stock soared 5% after the earnings report as traders shrugged off the Q4 loss.