Tokyo-based Metaplanet reported a 738% revenue increase in FY2025 driven by its Bitcoin Income business but posted a net loss of $620 million mainly due to Bitcoin valuation declines. The company now holds 35,102 BTC, the largest corporate Bitcoin treasury in Japan, with significant unrealized losses totaling approximately $1.35 billion as Bitcoin’s price remains well below its average acquisition cost. Despite these losses, Metaplanet projects strong revenue and profit growth for FY2026, while its stock price has fallen nearly 29% year-to-date, closely tracking Bitcoin’s performance.

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