Metaplanet Revenue Surges, Tokyo Exchange Eyes Crypto Stocks

Japan’s Metaplanet Inc., a major Bitcoin-holding company, reported a significant financial turnaround in the third quarter of 2025. The company’s revenue surged 1,700% year-over-year, reaching 4.3 billion yen, while net profit jumped to 13.5 billion yen, reversing a 321 million yen loss from the same period last year.

Metaplanet’s shift to a Bitcoin-focused treasury strategy in early 2024 has been instrumental in its financial turnaround. The company currently holds 30,823 BTC, positioning it as the fourth-largest publicly listed Bitcoin holder according to BitcoinTreasuries.net.

The company’s total assets have increased dramatically to ¥550.7 billion, with an equity ratio of 96.7%, driven by gains related to its cryptocurrency holdings. Despite the strong financial performance, Metaplanet has opted not to distribute dividends this fiscal year, choosing instead to strengthen its balance sheet.

However, the company’s success has drawn scrutiny from the Tokyo Stock Exchange. Bloomberg reported that the Japan Exchange Group Inc. (JPX) is exploring measures to limit the growth of crypto treasury companies due to concerns over investor risks associated with volatile crypto-linked stocks.

JPX is reportedly considering stricter backdoor listing rules and potentially requiring fresh audits for firms with significant crypto holdings. At least three listed companies have reportedly paused their crypto-buying plans in recent months following concerns from the exchange.

Japan currently hosts 14 publicly listed Bitcoin-buying companies, the most in Asia. While these stocks initially saw significant rallies earlier in 2025, many have since experienced steep declines. Metaplanet’s shares, for example, have fallen over 75% from their June peak, despite the company’s positive earnings report.

Metaplanet’s latest results demonstrate the continued financial impact of its crypto pivot, even as regulators prepare to tighten oversight of firms holding significant cryptocurrency assets.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.