Japanese investment firm Metaplanet saw its Bitcoin profits fall after the October market crash. The company reported a 39% drop in Bitcoin valuation gains for the third quarter of 2025.
It announced the results on November 13 through its official X account and Tokyo Stock Exchange filing. The fall came as Bitcoin slipped below the average buying cost of many companies, including Metaplanet, following the October 10 market crash.
During the period, Metaplanet earned 10.6 billion yen (about $1.4 billion) in Bitcoin gains for the quarter, down from 17.4 billion yen in the second quarter.
However, the company said its Bitcoin Treasury Business “continues to progress steadily in line with plan and is not dependent on short-term price fluctuations.” In addition, the firm recorded a stock amortization cost of 190 million yen for the quarter, which covers the expenses of issuing new shares.
Furthermore, Metaplanet, known as “Asia’s Strategy,” aims to own 210,000 Bitcoin by 2027 through equity financing. It currently holds 30,823 Bitcoin, bought at an average of $108,000 each. With Bitcoin trading near $103,000, its position is about 5% underwater.
On October 31, the company also took a $100 million Bitcoin-backed loan to buy more Bitcoin and reduce its average cost. Meanwhile, macro analyst Kashyap Sriram commented on X that “the company owns 30,823 bitcoins at an average acquisition cost of $108k/BTC. The giant position is now 5% underwater.”
According to the financial statement, the company also recorded income tax adjustments totaling 9.3 billion yen for the first nine months of the year. As a result, its cumulative Bitcoin valuation gain for 2025 now stands at 20.6 billion yen.
Notably, Metaplanet’s stock price has fallen more than 27% in the past month and over 6% in the past five days, according to Yahoo Finance. The decline came as Japan Exchange Group reportedly explored new restrictions on listed firms holding large crypto reserves.
Metaplanet Stock Price action | Source: YahooFinance
Nevertheless, CEO Simon Gerovich said those concerns apply only to companies with poor governance or disclosure practices, adding that Metaplanet complies with all rules.
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