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Metaplanet Reports $605 Million Loss After Billions Spent on Bitcoin

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Nexo Partners with Bakkt for US Crypto Exchange and Yield Programs

TLDR

  • Metaplanet posted a $605 million loss due to the decline in Bitcoin’s value.
  • The company spent $3.8 billion on Bitcoin, purchasing the asset at an average price of $107,000 per coin.
  • Metaplanet’s Bitcoin holdings are currently down by 37%, reflecting an unrealized loss of $1.4 billion.
  • Despite the losses, the company saw an 81% increase in operating profit from its options business.
  • Metaplanet continued purchasing Bitcoin even when the price exceeded $100,000, making its largest purchases in September and October.

Metaplanet, a Japanese firm that heavily invested in Bitcoin, has revealed a significant financial setback. The company announced a loss of ¥95 billion, or $605 million, for the past year. This decline follows the cryptocurrency’s steep drop in price from its all-time highs in October.

Metaplanet’s Losses Stem from Falling Bitcoin Value

The primary reason behind Metaplanet’s financial struggles lies in the falling value of its Bitcoin holdings. The firm’s 35,100 Bitcoin, which was worth $2.4 billion, has seen a dramatic decline in value. Since the company began accumulating Bitcoin 21 months ago, it has spent approximately $3.8 billion, acquiring the digital asset at an average price of $107,000 per Bitcoin.

At the current market value, Metaplanet’s Bitcoin holdings are down by about 37%, reflecting an unrealized loss of $1.4 billion. In the last quarter, ending December 31, the company’s Bitcoin stash lost ¥102 billion, or $664 million, in value. Despite these losses, Metaplanet’s stock price saw a minor increase to ¥326 on Monday.

Revenue from Premiums Amid the Losses

Metaplanet’s revenue model remains largely dependent on premiums from writing options. Over the course of the year, the company’s option premiums increased substantially, rising to ¥7.9 billion, or $51 million. This marks a sharp contrast to the previous ¥691 million, or $4.5 million, recorded in the prior year.

The firm has projected an 81% increase in operating profit, which it expects to come from its options business. While Metaplanet’s Bitcoin holdings have significantly decreased in value, this shift in focus toward its options business aims to provide some financial stability.

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Bitcoin Purchases Amid the Decline

Metaplanet has continued to invest in Bitcoin even as its value fluctuated. The company made some of its largest purchases when Bitcoin was trading above $100,000. In September, Metaplanet acquired $630 million worth of Bitcoin when the price was around $106,000, followed by another purchase of $615 million in October.

In total, Metaplanet has been purchasing Bitcoin through a combination of common stock issuance and preferred shares. The company’s strategy mirrors that of Michael Saylor’s firm, Strategy, which has also invested heavily in Bitcoin. However, unlike Strategy, Metaplanet has introduced products like MERCURY and MARS to help mitigate market risks.

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Crypto World

ProductionReady’s Jimmy Song Pitches Case for Conservative Bitcoin Software

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Decentralization, Nodes, Bitcoin Adoption

The Bitcoin (BTC) network needs a “conservative” Bitcoin client node software implementation to preserve its monetary properties and strengthen network decentralization, according to Jimmy Song, co-founder of ProductionReady, a non-profit organization funding open source Bitcoin node software development and education.

The organization has a “bias” against significant code changes, unless there is “overwhelming” community support for the change, Song told Cointelegraph.

“The general principle is: if you’re not sure a change makes the money better, don’t make it,” he said. 

Decentralization, Nodes, Bitcoin Adoption
The number of Bitcoin nodes, broken down by software implementation, between 2016 and 2026. Source: Coin Dance

ProductionReady expects to restore the 83-byte OP_Return data limit for arbitrary, non-monetary information in Bitcoin transactions, he said, adding that keeping node storage costs down by limiting arbitrary data is essential to network decentralization. He said:

“The more self-sovereign Bitcoin users are, the more decentralized and resilient the network becomes. That means keeping the cost of running a node low enough for ordinary people to do it. 

“When storage and bandwidth requirements grow, fewer people verify for themselves, and the network centralizes by default. A conservative client takes that tradeoff seriously,” Song continued.

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Maximizing nodes and making them accessible to the average user hardens the Bitcoin network, reducing the chances of cheating by submitting false transactions or a few actors colluding to centralize the network. 

Decentralization, Nodes, Bitcoin Adoption
Bitcoin Core continues to be the software of choice for node runners, with 77.8% of the network running some version of the Core software and 21.8% running Bitcoin Knots. Source: Coin Dance

Related: 72% of subsea cables would need to fail to impact Bitcoin, study shows

Bitcoin Core 30 removes the OP_Return data limit, sparking major pushback

Node storage and onchain spam became hot-button topics in 2025 after Bitcoin Core developers unilaterally changed the 83-Byte data limit in Bitcoin Core version 30, the latest major upgrade to the reference implementation for Bitcoin node software.

The limit was changed to 100,000 bytes despite significant pushback from the Bitcoin community. For context, the proposal to change the limit received about 4 times as many downvotes as it did upvotes, according to the proposal’s GitHub pull request page.

Bitcoin Core 30 went live in October 2025, triggering a historic surge in the number of Bitcoin nodes running Bitcoin Knots, an alternative implementation of the node client software.

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Decentralization, Nodes, Bitcoin Adoption
The number of nodes running Bitcoin Knots surged to record highs in 2025, following the release of Bitcoin Core 30. Source: Coin Dance

There are 4,746 Bitcoin Knots nodes, representing over 21.7% of nodes on the network, according to Coin Dance.

Only about 1% of the network was running the Knots software in 2024 before the decision to remove the OP_Return function was announced.

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