Metaplanet (3350) Q1 2025 earnings summary

Executive summary

• Achieved #1 global performance among 55,000 public companies in 2024, with a 100x market cap increase since adopting the Bitcoin Standard on April 8, 2024.

• Accumulated 6,796 Bitcoin, ranking #11 globally and #1 in Asia for public companies, with record growth in Bitcoin Treasury Operations and income from Bitcoin Income Generation.

• Raised ¥86.1 billion YTD, including ¥28.9 billion in Q1, to purchase Bitcoin, with 64,000 shareholders and 500% shareholder growth in one year.

• Launched the "210 Million Plan" issuing stock acquisition rights tied to market price, enabling rapid and efficient capital raising for BTC purchases.

• Only regulated Bitcoin proxy in Japan, offering favorable tax treatment and transparency.

Financial highlights

• Q1 2025 revenue rose 8% quarter-over-quarter to ¥877 million, up 943.9% year-over-year; operating profit up 11% to ¥593 million.

• Net income swung from ¥6.7 billion in Q4 2024 to a loss of ¥5.0 billion in Q1 2025, mainly due to Bitcoin valuation changes.

• Total assets increased 81% to ¥55.0 billion; net assets up 197% to ¥50.4 billion quarter-over-quarter.

• Q1 unrealized Bitcoin loss of ¥7.4 billion reversed to a ¥13.5 billion gain by May 12, 2025.

• Net income per share: (¥12.35) after stock split adjustment.

Outlook and guidance

• Maintains full-year guidance of ¥3.4 billion revenue and ¥2.5 billion operating profit, driven by recurring Bitcoin income strategies.

• Targeting 10,000 BTC holdings by end-2025 and 21,000 BTC by end-2026, with a fully diluted BTC per share target of 0.01 BTC for end-2025.

• Targeting 35% quarterly BTC yield and 232% full-year BTC yield for FY2025; Q1 actual: 95.6%.

• As of May 12, 2025, BTC holdings reached 6,796 BTC, with annualized BTC yield at 170%.

• Plans to continue capital market activities to maximize Bitcoin holdings per share.