Metaplanet (3350) Q2 2025 earnings summary

Executive summary

• Achieved #1 global ranking among 55,000 public companies in 2024, with 18,113 Bitcoin accumulated since April 2024 and a 100x market cap increase year-over-year.

• Revenue surged 1,156% year-over-year to JPY 2,116 million in H1 FY2025, driven by Bitcoin treasury operations.

• Operating income reached JPY 1,409 million, reversing a prior-year loss; net income attributable to shareholders was JPY 6,059 million.

• Only regulated BTC proxy in Japan, with a shelf registration for ¥555 billion in perpetual preferred shares.

• Ordinary income soared to JPY 10,565 million, reflecting JPY 10,035 million in unrealized Bitcoin valuation gains.

Financial highlights

• Q2 2025 revenue rose 41% quarter-over-quarter to ¥1,239 million, with operating profit up 38% to ¥816 million.

• Net income for Q2 2025 was ¥11,106 million, rebounding from a loss in Q1 2025.

• Total assets increased 333% year-over-year to ¥238,214 million, and net assets rose 299% to ¥201,001 million.

• Equity ratio improved to 84.2% from 55.9% at year-end 2024.

• Cash and cash equivalents at period-end were JPY 1,717 million, up from JPY 294 million.

Outlook and guidance

• Upgraded BTC purchase plan targets at least 210,000 BTC by end of 2027.

• Full-year revenue projected at ¥3.4 billion and operating profit at ¥2.5 billion, driven by recurring cash-secured put premiums.

• Management expects continued stable hotel business and significant revenue growth from Bitcoin income generation.