Metaplanet Records $660M Bitcoin Loss, Eyes 1% Supply by 2027 with Preferred Issuance
Metaplanet posted a ¥102.2 billion ($660 million) FY2025 mark-to-market loss on 35,102 BTC despite 738% revenue growth to ¥8.905 billion and operating profit of ¥6.287 billion. It plans to hold 1% of Bitcoin’s 21 million supply by 2027, requiring 175,000 more BTC and tens of billions via preferred issuance.
1. Unrealized Mark-to-Market Loss
Metaplanet reported a ¥102.2 billion mark-to-market loss on its 35,102 BTC holdings in FY2025, reflecting year-end adjustments under Japanese accounting rules. Revenue surged 738% to ¥8.905 billion and operating profit jumped 1,694% to ¥6.287 billion, driven by its leveraged accumulation model rather than coin sales.
2. 1% Bitcoin Supply Goal
The company still targets ownership of 1% of Bitcoin’s fixed 21 million supply—about 210,000 BTC—by the end of 2027. With current holdings at 35,102 BTC, it must acquire roughly 175,000 additional coins, implying tens of billions in new purchases at current market prices.
3. Preferred Issuance Funding Plan
Metaplanet plans to finance further accumulation through perpetual preferred issuances. Executives state each $1 million of recurring revenue can support $20 million of preferred capital, offering investors income-like returns plus Bitcoin-linked upside, signaling significant capital-raising activity over the next two years.