Metaplanet (TSE: 3350), Japan’s largest bitcoin treasury company, is riding a sharp recovery in operating profit after cashing in on option-writing premiums — but large unrealized crypto losses still loom on its balance sheet. The Tokyo-based firm, which holds 35,102 BTC, said operating profit jumped 17-fold in 2025 to 6.29 billion yen ($40.8 million). That surge was driven by option-writing income, with premiums swelling to 7.98 billion yen from just 691 million yen in 2024. Total revenue for the year shot up 738% to 8.9 billion yen. Despite the boost to operating profit, Metaplanet posted a heavy non-cash valuation loss of 102.2 billion yen after bitcoin’s price slid from a near $125,000 peak to finish the year under $90,000. That markdown pushed net income into a loss of 95 billion yen ($605 million). Looking ahead, the company said it expects nearly all of its 2026 revenue to come from its bitcoin holdings and forecast full-year revenue to climb almost 80% to 16 billion yen, with operating profit rising 81% to 11.4 billion yen. On the balance sheet, Metaplanet still holds more than $2.4 billion in bitcoin but is sitting on roughly $1.2 billion in unrealized losses given BTC’s price drop to about $68,550. Investors appeared unfazed in the short term: the stock ticked up 0.31% to 326.0 yen on Monday. Metaplanet’s results highlight the trade-off for crypto treasury companies that use options strategies to monetize holdings: strong near-term cash income from premiums can bolster operating results, but volatile spot prices can create large paper losses that dominate net earnings. Read more AI-generated news on: undefined/news

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