Metaplanet (3350) Q3 2025 earnings summary

Executive summary

• Achieved record Bitcoin holdings of 30,823 BTC, surpassing the FY25 target and becoming the fourth-largest listed Bitcoin treasury globally.

• Revenue for the nine months ended September 30, 2025, surged 1,702.1% year-over-year to ¥4,517 million, with Q3 2025 revenue at ¥2.40 billion, up 94% sequentially.

• Net income attributable to shareholders reached ¥13,528 million, reversing a net loss of ¥321 million in the prior year period, and Q3 2025 net income was ¥12.66 billion, up 165% from the previous quarter.

• Shareholder base expanded by 412% year-over-year, reaching 212,600 shareholders.

• Transitioned to a Bitcoin treasury-focused strategy, with a new capital allocation policy prioritizing perpetual preferred stock issuance and a share repurchase program.

Financial highlights

• Operating profit for Q3 2025 was ¥1.34 billion, a 64% increase quarter-over-quarter, and operating income for the nine months was ¥2,748 million, compared to a loss a year earlier.

• Ordinary profit reached ¥23,229 million, up from a loss of ¥311 million in the prior year.

• Comprehensive income totaled ¥20,307 million, a sharp turnaround from a loss of ¥321 million.

• Bitcoin valuation gains of ¥20,644 million were recorded as non-operating income, with unrealized Bitcoin valuation gains of ¥10.61 billion excluded from core P&L guidance.

• Total assets increased to ¥550.7 billion, a 131% rise from Q2 2025 and up from ¥30,325 million at the previous year-end.

Outlook and guidance

• Full-year forecast reaffirmed at ¥6.8 billion in revenue and ¥4.7 billion in operating profit, supported by stable premium flows and disciplined capital management.

• Plans to continue scaling the Bitcoin Income Generation business and expand Bitcoin-related businesses, with premium income allocated to perpetual preferred dividends and excess cash flow reinvested in Bitcoin.

• Targeting 210,000 BTC (1% of total Bitcoin supply) by 2027, requiring $20 billion in funding.

• Hotel business also performing steadily.