 ▲ MetaPlanet, Bitcoin (BTC)/ChatGPT-generated image © |
Japan-listed Bitcoin treasury firm MetaPlanet is maintaining its aggressive goal of securing 1% of Bitcoin’s total supply by 2027, despite recording $660 million in valuation losses.
According to crypto-focused outlet CCN on February 16 (local time), MetaPlanet reflected approximately 102.2 billion yen, or about $660 million, in unrealized valuation losses on its Bitcoin (BTC) holdings for fiscal year 2025. The company explained that this was a book loss resulting from marking its assets to market prices at year-end, not from large-scale actual sales. Under Japanese accounting standards, crypto assets must be valued based on end-of-period market prices.
During the same period, the company posted revenue of 8.905 billion yen, or about $58 million, up 738% year-over-year, while operating profit surged 1,694% to 6.287 billion yen. As of December 31, 2025, its holdings stood at 35,102 BTC, a sharp increase from 1,762 BTC a year earlier.
MetaPlanet is sticking to its target of acquiring approximately 210,000 BTC—equivalent to 1% of Bitcoin’s total supply of 21 million coins—by 2027. To achieve this, the firm must purchase an additional roughly 175,000 BTC on top of its current holdings. At recent market prices, this would require tens of billions of dollars in additional funding, making sustained access to capital markets over the next two years a key factor.
President Simon Gerovich stated, “For every $1 million in recurring annual revenue generated, we can support the issuance of about $20 million in preferred shares,” adding, “This effectively means we can purchase $20 million worth of Bitcoin.” The company plans to maintain its long-term holding strategy through a perpetual preferred stock structure with no maturity date. This approach is similar to that of Strategy, which has aggressively accumulated Bitcoin through convertible bonds and equity offerings.
However, potential accounting losses due to Bitcoin’s volatility and possible funding constraints in the event of a prolonged market downturn are cited as risks. Strategy’s Michael Saylor recently stated that serious financial pressure would only arise if Bitcoin fell to $8,000, but MetaPlanet’s 1% target represents a more concentrated bet relative to its size, suggesting the market will be watching closely.
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