Published: Feb 17, 2026 at 11:09
The Japanese corporate giant Metaplanet dropped a bombshell in its fiscal 2025 earnings presentation.
Despite a staggering 1,892% increase in its Bitcoin holdings over the past year, the company reported a massive net loss of 95 billion yen ($619 million).
A brutal $665.8 million valuation loss on its treasury Bitcoin, proving that while HODLing is a great meme, it’s a volatile accounting nightmare for publicly traded firms.
Aggressive accumulation in a bear trap
Metaplanet spent the better part of 2025 executing a Bitcoin-only treasury policy, closing the year with 35,102 BTC. This catapulted them to the position of the fourth-largest corporate Bitcoin holder globally.
However, the timing of their most recent multi-billion yen buys coincided with the “Warsh Shock” and the subsequent slide from the $90,000 highs. The market has reacted with cold pragmatism: despite the company’s resilience, the stock is being punished as investors realize the “Bitcoin Premium” only works when the chart is going up and to the right.
The resilience narrative
Metaplanet is effectively betting the entire farm on the idea that the Japanese Yen’s long-term weakness makes Bitcoin a mandatory life raft. For now, however, the “Tokyo Turtle” is tucked firmly in its shell, waiting for a market reversal that some analysts fear could be months away.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.