Metaplanet (3350), the largest bitcoin treasury company in Japan, forecast full-year operating profit will rise 81% this year after premiums from writing options drove a 17-fold increase in 2025.
The company, which owns 35,102 BTC, earned 6.29 billion yen ($40.8 million) in operating profit last year. Premiums on writing options surged to 7.98 billion yen from 691 million in 2024. Total revenue rose 738% to 8.9 billion yen.
Still, as the price of bitcoin dropped from a near $125,000 all-time high to end the year below $90,000, Metaplanet recorded a non-cash valuation loss of 102.2 billion yen, dragging net income down to a loss of 95 billion yen ($605 million).
The Tokyo-based company still holds more than $2.4 billion worth of bitcoin and expects to generate nearly all of its 2026 revenue from these holdings.
It is currently sitting on around $1.2 billion in unrealized losses, given BTC’s price drop to $68,550.
The company said it expects full-year revenue to grow almost 80% in 2026 to 16 billion yen, with operating profit reaching 11.4 billion yen. The shares rose 0.31% to 326.0 yen on Monday.