Report Date: February 18, 2026
Main Source: Crypto Times / Investing.com
Analyzed Company: Metaplanet Inc. (Tokyo: 3350)
Related Assets: BTC, MSTR (comparative), ETH
Highlight: 95% of the company's revenue now comes from Bitcoin operations
1. NEWS VERIFICATION AND CONTEXT
The news published by Crypto Times and echoed by Investing.com is highly credible and is based on the official results of the fiscal year 2025 of Metaplanet, a company listed on the Tokyo Stock Exchange.
โ CONFIRMED Information:
Information Source Status
Revenue jumped to 8.9 billion yen (US$ 58 million) Crypto Times CONFIRMED
738% growth compared to the previous year Crypto Times CONFIRMED
95% of revenue comes from Bitcoin operations Crypto Times CONFIRMED
BTC Reserves: 1,762 (2024) โ 35,102 (2025) Crypto Times CONFIRMED
Largest corporate holder of Bitcoin in Japan Crypto Times CONFIRMED
Capital raised: US$ 3.2 billion Crypto Times CONFIRMED
Net loss: US$ 619 million (due to accounting rules) Crypto Times CONFIRMED
BTC valuation drop: US$ 664 million Crypto Times CONFIRMED
๐ 2. The Metaplanet Phenom: The "Japanese MicroStrategy"
Metaplanet has emerged as the leading success story of Digital Asset Treasury (DAT) outside the U.S., following in the footsteps of Strategy Inc (ex-MicroStrategy), but with a crucial difference: the Japanese company not only accumulates Bitcoin โ it operates with it, generating real revenue.
2.1. The Numbers of the Miracle
Metric 2024 2025 Variation
Total revenue US$ 7 million US$ 58 million +738%
BTC operations US$ 0U US$ 55.1 million -
BTC share in revenue 0% 95% Total dominance
BTC Reserves 1,762 35,102 +1,892%
Capital raised - US$ 3.2 billion -
2.2. How Metaplanet Generates Revenue with Bitcoin?
Unlike Strategy Inc, which only buys and holds BTC, Metaplanet has developed an active operational model:
BTC options trading: Selling call options (covered calls) and selling put options (cash-secured puts) generate recurring premium income.
Issuance of convertible bonds: Raising capital in the Japanese and international markets to expand reserves.
Corporate treasury: Using Bitcoin as the primary reserve asset, protecting against yen devaluation.
"We launched the income business with Bitcoin in the fourth quarter of 2024. Since then, this strategy has become our primary source of revenue and should continue as a central growth engine for profit." โ Metaplanet, annual report
๐ฐ 3. The Accounting Paradox: Revenue Explodes, Profit Plummets
3.1. The Problem of Accounting Rules
Metaplanet recorded a net loss of US$ 619 million despite an operating profit of US$ 40 million. The explanation lies in the Japanese (and international) accounting rules for digital assets:
Item, Value, Impact, Operating profit US$ 40 million๐ข Positive Drop in BTC valuation -US$ 664 million๐ด Negative (recorded as a loss) Net result -US$ 619 million๐ด Accounting loss
Important: This loss is unrealized (mark-to-market). If Bitcoin rises in the next year, the gain will also be recorded. It is accounting volatility, not cash burn.
3.2. What This Means for Investors
Aspect-Interpretation Operational health, Solid (revenue grows, positive margins), Accounting risk High volatility in reported results, Real risk Direct exposure to BTC fluctuations
๐ฏ๐ต 4. The Japanese Context: Why It Matters
Japan has a unique regulatory environment for cryptocurrencies:
Factor-Situation in Japan, Advanced crypto Regulation (PSA/JVCEA), Taxation Reformed in 2025 (crypto gains as income, not "other"), Licensed JPYC stablecoins, megabanks testing Corporate adoption Metaplanet leads, other companies observe
4.1. Why Metaplanet is a Pioneer
Metaplanet's decision to convert its balance sheet to Bitcoin and actively operate with the asset places the company at the forefront of a movement that could spread:
If it works: Other Japanese companies may follow the model
If it fails: It will be studied as a case of excessive risk
So far, operational results are impressive: 95% of revenue coming from BTC in less than two years.
๐ 5. Comparison: Metaplanet vs. Strategy Inc (ex-MicroStrategy)
Metric Strategy Inc Metaplanet/BTC Reserves ~550,000 BTC 35,102 BTC Hold model (buy and hold) Hold + active operations Operating revenue BTC No Yes (options) Capital raised Via debt/equity Debt + equity Jurisdiction EUA Japan SEC Regulation (litigious) JVCEA (clear)
Metaplanet's Advantage: Revenue diversification within the Bitcoin ecosystem.
Strategy's Advantage: Significantly superior scale.
๐ง 6. WHAT THIS MEANS: LESSONS FOR INVESTORS
6.1. The "DAT Asset" Thesis
Metaplanet validates a thesis that could spread: companies do not need to just hold Bitcoin โ they can operate with it. Viable models:
Model/Description/Example Passive treasury Buy and hold Strategy Inc Active treasury Buy + operate (options, loans) Metaplanet, Corporate yield BTC staking/lending In development
6.2. Opportunities and Risks
Factor, Opportunity, Risk Growing revenue Company finding scalable model 100% dependent on BTC Accounting volatility May scare conservative investors But it is unrealized Expansion Raising US$ 3.2 billion to grow Debt may tighten in bear market Japanese market Pioneering in regulated environment Competitors may copy
๐ก 7. STRATEGY FOR INVESTORS
7.1. How Exposure to Metaplanet
Via How to access Risks Stocks (3350.T), Brokers with access to the Tokyo Stock Exchange Volatility, liquidity Japan ETF Some ETFs have indirect exposure Diluted direct Bitcoin Pure exposure to the asset No operations of the company
7.2. Who It Serves
Profile Suitability Justification Aggressive๐ข High Leverage exposure to BTC with upside potential Moderate๐ก Medium Can replace part of the BTC position Conservative๐ด Low Accounting volatility is frightening
7.3. Indicators to Monitor
Bitcoin Price โ Obvious, but essential
Premium/stock in relation to NAV โ If the stock trades above/below the value of the reserves
Cost of debt โ If able to roll over US$ 3.2 billion raised
New entrants โ Other Japanese companies adopting the model
โ ๏ธ DISCLAIMER
This analysis is based on publicly available high credibility sources (Crypto Times, Investing.com) and is for informational and educational purposes only. It does not constitute investment advice. The cryptocurrency and stock market involves significant risks. Do your own research (DYOR) before making any financial decisions.
Analysis generated on: February 18, 2026, 23:58 UTC
Analyst: Crypto specialist assistant
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