Financial Insights That Matter
Metaplanet Inc. widely recognized as Japan’s leading Bitcoin treasury company, has reported its strongest quarter to date for Q1 FY2025, marked by record operating profit and a significant expansion of its balance sheet.
Revenue reached ¥877 million, an 8% increase quarter-over-quarter (QoQ), while operating profit hit a record ¥593 million, up 11% QoQ. This marks the company’s highest operating profit ever. Total assets surged to ¥55.0 billion, up 81%, and net assets soared to ¥50.4 billion, a 197% increase compared to the previous quarter.
Despite a ¥7.4 billion valuation loss due to the lower Bitcoin price at the end of March, Metaplanet has rebounded strongly. As of May 12, the company holds ¥13.5 billion in unrealized gains thanks to a recovery in Bitcoin’s market value. The temporary dip impacted net income, which came in at ¥5.0 billion for the quarter, but core operations remained strong.
The company’s Bitcoin holdings have skyrocketed to 6,796 BTC — a 3.9x increase year-to-date. In 2025 alone, Metaplanet added over 5,000 BTC to its treasury, reinforcing its commitment to the Bitcoin Treasury Standard. Since adopting this strategy, the company has seen its BTC net asset value increase 103.1x and its market cap grow by 138.1x.
“Guided by this conviction, we pivoted in 2024 to become Japan’s first dedicated Bitcoin Treasury Company,” said Metaplanet’s management in their Q1 2025 Earnings Presentation. “In Q1 2025, we launched—and have already executed 87% of—a two-year, ¥116 billion “moving-strike” warrant program: the largest and lowest-cost equity financing of its kind ever placed in Japan.”
Metaplanet also reported a substantial rise in shareholders, growing from 10,854 in December 2023 to 63,654 by March 2025. The growth trend saw major jumps throughout the year, with 29,796 shareholders in June 2024,37,537 in September, 41,553 in October, and 47,292 in December 2024, before surging to its current peak.
Member of Metaplanet’s Board of Directors Tyler Evans posted on X, “Congrats $MTPLF, Metaplanet, Simon Gerovich, Yoshimi Abe, and Dylan LeClair on a record quarter! 3.9x growth in BTC YTD is incredible.”
“Our results speak for themselves: we don’t set targets to feel safe—we set them to exceed them, quarter after quarter,” said Metaplanet’s management. “The global feedback loop between capital markets and Bitcoin is just beginning. Metaplanet intends to be its premier conduit.”
For those interested in reading the full Metaplanet earnings report, you can do so here.
Disclaimer: Tyler Evans is a co-founder and Chief Investment Officer of UTXO, which is also owned and operated by BTC INC, Bitcoin Magazine’s parent company.
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