In its earnings presentation for fiscal 2025, the Japanese corporate giant Metaplanet revealed a shocking revelation.

The company, despite a 1,892% rise in its Bitcoin holdings during the last year, reported a net loss of $619 million or 95 billion yen.

The company suffered a $665.8-million valuation loss for its treasury Bitcoin. This shows that while HODLing may be a fun meme, it can create a nightmare of volatile accounting for public companies.

Bear trap with aggressive accumulation

Metaplanet has spent most of 2025 following a Bitcoin only treasury strategy, and ended the year with 35.102 BTC. The company was now the fourth largest corporate Bitcoin holder in the world.

The timing of the most recent multi-billion dollar yen purchases coincided with "Warsh Shock", and the subsequent fall from $90,000 highs. The market has responded with cold pragmatism. Despite the company's resilience the stock is punished because investors realized that the "Bitcoin Premium", only works when the chart goes up and to right.

The resilience story

Metaplanet has effectively bet the farm on the notion that the Japanese Yen’s long-term weakening makes Bitcoin a necessary life raft. The "Tokyo Turtle", however, is still firmly tucked in its shell and waiting for the market to reverse, which some analysts believe could be several months away.

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