Metaplanet (3350), the largest Bitcoin Nippon Finance Corporation predicts that full-year operating profit will increase 81% this year as the premium on put options increases 17 times in 2025.
The company holds 35,102 Bitcoins and had operating profits of 6.29 billion yen ($40.8 million) last year. The option premium surged to 7.98 billion yen from 691 million yen in 2024. Total revenue increased 738% to 8.9 billion yen.
Still, as Bitcoin prices fell from an all-time high of nearly $125,000 to under $90,000 at the end of the year, Metaplanet’s non-cash valuation losses amounted to 102.2 billion yen, dragging its net profit loss to 95 billion yen ($605 million).
The Tokyo-based company still holds more than $2.4 billion worth of Bitcoin and expects nearly all of its revenue in 2026 to come from these holdings.
Given that the price of BTC fell to $68,550, its unrealized losses are currently around $1.2 billion.
The company said it expects full-year revenue in 2026 to grow nearly 80% to 16 billion yen, with operating profit reaching 11.4 billion yen. The stock rose 0.31% to 326.0 yen on Monday.