Metaplanet projects operating profit to climb 81% in 2026 after options-writing boom drove a 17-fold jump in 2025 Tokyo-based Metaplanet (3350), Japan’s largest bitcoin treasury company, said it expects full-year operating profit to rise 81% in 2026 after a dramatic surge in options-writing revenue powered last year’s results. Key figures and drivers - Bitcoin holdings: 35,102 BTC, worth more than $2.4 billion at current levels. - 2025 operating profit: 6.29 billion yen ($40.8 million). - Options premiums: jumped to 7.98 billion yen in 2025 from just 691 million yen in 2024 — a major contributor to the profit surge. - Total revenue: climbed 738% year-on-year to 8.9 billion yen. Valuation hit, net loss Despite strong operating performance, Metaplanet took a heavy non-cash valuation hit as bitcoin slid from a near $125,000 intrayear high to below $90,000 by year-end. The company recorded a 102.2 billion yen valuation loss, pushing net income into a 95 billion yen loss ($605 million). Current position and outlook - Unrealized losses: roughly $1.2 billion, based on BTC at about $68,550. - 2026 guidance: Metaplanet expects nearly all revenue to come from its bitcoin holdings and forecasts full-year revenue of about 16 billion yen and operating profit of 11.4 billion yen. - Market reaction: shares edged up 0.31% to 326.0 yen on Monday. Why it matters Metaplanet’s results highlight how revenue diversification — notably by writing options — can boost operating cash flow even as mark-to-market swings in bitcoin valuations dominate the bottom line. The company remains heavily exposed to BTC price moves: strong fee income can offset short-term volatility, but sustained price weakness will continue to weigh on reported net income through large non-cash losses. Read more AI-generated news on: undefined/news