Metaplanet stock falls as massive Bitcoin bet backfires

Metaplanet stock edged up just about 3% on the daily chart following the earnings release, but the broader trend remains under pressure. Despite the short-term bounce, the stock is still down roughly 37% over the past month, highlighting investor concerns over the company’s aggressive Bitcoin accumulation strategy and volatile earnings profile.

The Tokyo-listed Metaplanet’s stock dropped from around ¥540–¥550 levels to approximately ¥338, according to the latest monthly chart data. The sharp decline reflects market reaction to the company’s latest fiscal year results and the risks tied to its sizable Bitcoin exposure.

Metaplanet stock reacts to FY results amid Bitcoin volatility risk

In its latest full-year results, Metaplanet reported a dramatic surge in revenue, driven largely by its Bitcoin (BTC) focused operations.

For the year ending December 31, 2025, the company recorded ¥8.905 billion (about $58 million) in revenue, a 738% increase year-over-year, and reported an operating profit of ¥6.287 billion (around $41 million), up nearly 1,700% from the prior year.

Despite the strong operational performance, Metaplanet posted a net loss of roughly ¥95 billion (about $619 million), largely due to a non-cash valuation loss of approximately ¥102.2 billion (about $660 million) on its Bitcoin holdings as prices declined during the reporting period.

As accounting rules require digital asset holdings to reflect market value changes, swings in BTC prices can heavily distort bottom-line results.

Bitcoin-heavy strategy amplifies volatility

Metaplanet has rapidly scaled its crypto treasury, ending 2025 with 35,102 Bitcoin, up from just 1,762 BTC the year before, a roughly 1,892% increase, making it one of the largest corporate holders globally and the largest in Japan.

That Bitcoin stack now represents a core part of its balance sheet and revenue model, with much of its income tied to Bitcoin-related trading and yield activities.

However, the sharp correction in Bitcoin prices over recent months has turned what once were unrealized gains into deep paper losses, eroding investor confidence and weighing on the share price.

Metaplanet’s approach effectively makes the stock a leveraged play on Bitcoin itself, which has heightened market sensitivity as the crypto asset swings.

For traders and shareholders, the near-38% monthly drop underscores the risk of coupling equity valuation tightly to a volatile crypto asset, even when underlying operations are growing. Until Bitcoin stabilizes, Metaplanet’s share performance will likely continue to track broader crypto market sentiment.