Metaplanet, a publicly listed Japanese company, has unveiled a sharp strategic pivot that centers Bitcoin income as the primary growth engine. In its fiscal year 2025 earnings release, the group disclosed revenue of 8.9 billion yen ($58 million), up 738% from 1.06 billion yen a year earlier, a surge driven by the launch of Bitcoin income operations in Q4 2024. The report also shows a dramatic shift in the business mix, with roughly 95% of total income now generated from BTC-related activities, largely through premium income from BTC options. By year-end 2025, the company reported holding 35,102 BTC, cementing its position as Japan’s largest corporate holder of Bitcoin. The transition, however, has introduced volatility into profits due to BTC price movements.

Key takeaways

• Revenue for FY2025 reached 8.9 billion yen (~$58 million), up 738% year over year from 1.06 billion yen.
• Bitcoin-related income accounted for about 95% of total revenue, with the BTC options premium driving a large portion of earnings.
• End-2025 Bitcoin holdings stood at 35,102 BTC, making Metaplanet the largest corporate Bitcoin holder in Japan.
• Operating profit was about $40 million, but the company posted a net loss of roughly $619 million due to impairment tied to Bitcoin valuation swings.
• The company plans to continue its Bitcoin treasury strategy, with a forecast for 2026 revenue around $104 million and operating profit near $74 million; overseas financing of up to $137 million was approved to grow holdings and reduce debt.

Tickers mentioned: $BTC

Sentiment: Neutral

Market context: The report highlights a broader shift in corporate crypto strategies, where firms increasingly bundle treasury management with revenue from BTC-related activities. In a volatile BTC market, cash flow and profit reporting can hinge on mark-to-market valuations, prompting caution about earnings quality even as long-term holders pursue balance-sheet diversification.

Why it matters

Metaplanet’s pivot illustrates how traditional corporate structures can adapt to a changing crypto landscape. By treating Bitcoin (CRYPTO: BTC) as both a cash-flow engine and a treasury reserve, the company aims to hedge against fiat currency dilution while pursuing upside from long-term price appreciation. The 35,102 BTC position signals a deliberate shift toward crypto-native income streams and positions Metaplanet among Japan’s most visible crypto adopters in the corporate sector.

Investors should note the contrast between revenue growth and regulatory or accounting headwinds. While the BTC revenue line expanded dramatically, the year ended with a substantial impairment charge that wiped out operating income on a mark-to-market basis. That dynamic underscores how crypto volatility can impact reported profitability, even for firms pursuing a clear, long-term treasury thesis.

Leadership commentary reinforces the strategic orientation. In a post on X, CEO Simon Gerovich reaffirmed the commitment to a Bitcoin-focused approach, signaling that recent market volatility would not derail the plan. The capital-raising move, approved to raise as much as $137 million overseas, is aimed at expanding BTC holdings and reducing debt, reinforcing the scalability of Metaplanet’s treasury strategy across cycles.

What to watch next

• How the overseas capital raise of up to $137 million is deployed to expand BTC holdings and reduce leverage.
• Whether 2026 revenue and operating profit targets—roughly $104 million and $74 million—hold under shifting BTC prices and impairment dynamics.
• Any updates on impairment management or valuation adjustments tied to Bitcoin holdings in quarterly filings.
• Potential changes in the income mix or expansion of BTC-based income streams beyond options-related revenue.

Sources & verification

• Metaplanet FY2025 earnings report (PDF): https://contents.xj-storage.jp/xcontents/33500/950d7031/221a/4a55/a35b/03d8d22182fb/140120260216563315.pdf
• Bitcoin income strategy and treasury approach (earnings release notes).
• End-2025 BTC holdings figure (35,102 BTC) and related disclosures in the earnings report.
• Overseas capital raise approval (up to $137 million) to expand holdings and reduce debt (coverage referenced).
• 2026 revenue outlook and impairment context (coverage of the forecast and impairment). See: Metaplanet lifts 2026 revenue outlook despite $680M Bitcoin impairment.

Metaplanet’s market-facing narrative

Metaplanet’s 2025 results underscore a broader narrative about corporate experimentation with cryptocurrency as a core business driver rather than a mere balance-sheet asset. The company’s decision to anchor growth in Bitcoin-related income, especially via BTC options premium, signals a willingness to embrace sophisticated crypto-financial instruments as a standout revenue source. Yet the same assets that power growth also expose the company to the volatility that has redefined crypto markets in recent years. The impairment charge that accompanied the year’s performance is a concrete reminder that accounting marks tied to BTC valuations can overshadow operational success, particularly for firms with sizable holdings.

From a strategic perspective, Metaplanet’s ascent as Japan’s largest corporate Bitcoin holder is noteworthy. The 35,102 BTC tally reflects a deliberate long-horizon stance, described by management as a consolidation of a Bitcoin treasury strategy intended to hedge against fiat dilution and capture potential long-term appreciation. This is not merely a speculative play; it is a treasury management approach that seeks to align a company’s asset mix with a secular crypto thesis. The leadership’s insistence on maintaining and expanding this strategy, even as BTC prices have seen meaningful cycles, suggests confidence in the resilience of the underlying business model and a belief that the revenue stream will normalize as Bitcoin markets stabilize.

Looking ahead, the company’s forecast for 2026 signals ambition: a revenue run-rate of around $104 million with an operating profit near $74 million. If realized, this would mark a significant step up from the 2025 baseline, but it will require careful navigation of price volatility and the ongoing accounting implications of a large Bitcoin reserve. The overseas capital raise, approved to bolster the balance sheet and push the diversification of holdings, adds a layer of strategic financing that could help mitigate downside scenarios while supporting expansion in the BTC income category. In public statements, CEO Gerovich reiterated the commitment to a Bitcoin-centric path, arguing that short-term volatility should not override a long-run thesis that envisions BTC as a sustainable revenue and hedging instrument.

What to watch next

• Progress and deployment of the overseas capital raise (up to $137 million) and the impact on balance sheet strength and BTC acquisition capacity.
• Actual 2026 results versus forecast, with attention to how BTC price movements influence impairment and reported earnings.
• Any divergence in the BTC income mix, including potential expansion beyond BTC options into other Bitcoin-related revenue channels.
• Regulatory developments affecting corporate crypto treasury strategies and reporting standards in Japan and globally.

Hive Digital Technologies and Riot Platforms headline this week’s crypto-related earnings reports. The two data-center operators have expanded their operations, adding high-performance computing for AI applications to their bitcoin mining operations.

In macroeconomics, the Federal Reserve is likely to grab headlines, with minutes from the most recent Federal Open Market Committee meeting to be released on Wednesday. The committee kept rates steady in January, with two dissenting voices calling for a reduction.

The week also features a number of speeches from Fed officials, including Raphael Bostic, Michelle Bowman and Neel Kashkari.

What to Watch

(All times ET)

Crypto

• Feb. 17, 7 p.m.: Rocket Pool to implement its Saturn One upgrade.
• Feb. 18, 1 p.m.: Hedera to undergo a mainnet upgrade expected to take approximately 40 minutes to complete.
• Feb. 19, 8 a.m.: Zama to host a live presentation of its 2026 roadmap.

• Macro
  • Feb. 16, 8:25 a.m.: U.S. Fed Bowman speech
  • Feb. 17, 2:00 a.m.: U.K. unemployment rate for December est. 5.1% (Prev 5.1%)
  • Feb. 17, 8:30 a.m.: Canada inflation rate YoY for January (Prev. 2.4%); Core rate YoY (Prev. 2.8%)
  • Feb. 18, 2 a.m.: U.K. inflation rate YoY for January est. 3% (Prev. 3.4%); Core rate YoY est. 3.1% (Prev. 3.2%)
  • Feb. 18, 2:00 p.m.: U.S. FOMC Minutes
  • Feb. 18, 8:30 a.m.: U.S. durable goods orders MoM for December (Prev. 5.3%)
  • Feb. 18, 9:15 a.m.: U.S. industrial production MoM for January est. 0.3% (Prev. 0.4%).
  • Feb. 19: U.S. Fed Bostic, Bowman, and Kashkari speeches throughout the day
  • Feb. 19, 8:30 a.m.: U.S. initial jobless claims for Feb. 14 est. 225K (Prev. 227K)
  • Feb. 20. 8:30 a.m.: U.S. Core PCE price index MoM for December est. 0.4% (Prev. 0.2%); YoY est. 2.9% (Prev. 2.8%)
  • Feb. 20, 8:30 a.m.: U.S. GDP growth rate QoQ Adv for Q4 est. 3. (Prev. 4.4%)
  • Feb. 20, 9:45 a.m.: U.S. S&P Global manufacturing PMI flash for February est. 52.6 (Prev. 52.4).
  • Feb. 20, 10 a.m.: U.S. Michigan consumer sentiment final for February est. 57.3 (Prev. 56.4)
• Earnings (Estimates based on FactSet data)
  • Feb. 17: HIVE Digital Technologies (HIVE), pre-market, -$0.07
  • Feb. 18: Figma (FIG), post-market, $0.45
  • Feb. 19: Riot Platforms (RIOT), post-market, -$0.32

Governance votes & calls

• Feb. 17: Jito to host an X Spaces session with Hush Protocol.
• Feb. 18: VeChain to host its monthly VeChain Builders Space.
• Balancer is voting to swap a signer on the Emergency subDAO multisigs to improve operational responsiveness and security coverage. Voting ends Feb. 17.
• ENS DAO is voting to register the on.eth name and establish it as an onchain registry for blockchain metadata. Voting ends Feb. 19.
• Aavegotchi DAO is voting to consolidate assets from depleted wallets into the Liquidity wallet to simplify operations. Voting ends Feb. 22.
• Fluid DAO is voting to withdraw 1 million GHO and 1 million FLUID from the treasury to the Team Multisig to fund JupLend rewards and protocol incentives. Voting ends Feb. 22.
• GMX is voting on a proposal to implement tiered trading fee discounts for stakers and a staker-weighted trading leaderboard. Voting ends Feb. 22.

• Unlocks
  • Feb. 16: Arbitrum ARB$0.1142 to unlock 1.82% of its circulating supply worth $11.05 million.
  • Feb. 17: YZY$0.3275 to unlock 17.24% of its circulating supply worth $20.84 million.
  • Feb. 20: ZRO$1.6789 to unlock 5.98% of its circulating supply worth $48.33 million.
  • Feb. 20: KAITO$0.3115 to unlock 10.64% of its circulating supply worth $10.77 million.
• Token Launches
  • Feb. 19: Resolv to complete rollout of updated USR/RLP yield distribution parameters
  • Feb. 19: Injective to start INJ Community Buyback Round #226

Conferences

CryptoQuant data shows Nexo users borrowed nearly 1 billion dollars in a year and over 30% returned, suggesting managed deleveraging as Bitcoin, Ethereum, and Solana retreat.

Market commentators argue those flows signal that leverage is being trimmed, not liquidated in panic. “Nearly $1B borrowed during a pullback says confidence didn’t fully leave the room,” Dutch outlet CryptoJournaal wrote, adding that “30% returning shows some deleveraging, but not a rush for the exits. Feels more like managed risk than stress.” That view echoes broader desks that describe crypto as the “purest expression of macro risk appetite,” with large‑caps still trading as high‑beta satellites to U.S. equities.

Broader crypto headwinds

It comes digital assets continue to trade as the purest expression of macro risk appetite. Bitcoin (BTC) is hovering around $68,700, with a 24‑hour range roughly between $68,000 and $70,500 and spot turnover near $37.5B. Ethereum (ETH) changes hands close to $1,985, after printing a 24‑hour high just above $2,000 and a low near $1,930, on about $24.5B in volume. Solana (SOL) trades in the mid‑$80s, last seen near $85–$86, down around 4% on the day with roughly $9–10B changing hands.

Nexo’s role in that ecosystem has grown since it launched what it called the world’s first crypto‑backed payment card with Mastercard, allowing users to spend against collateral without selling their holdings. At the same time, the lender remains under regulatory scrutiny, facing a recent fine in California over unlicensed lending practices. That mix of growth, leverage and oversight helps explain why on‑chain credit data from platforms like Nexo now sits at the center of every serious macro‑crypto conversation.

TLDR

• Warner Bros. Discovery (WBD) may reopen negotiations with Paramount Skydance after the company enhanced its $78 billion offer with a $650 million quarterly ticking fee and breakup fee coverage.
• The current $82.7 billion Netflix deal faces regulatory challenges from Trump administration antitrust officials concerned about streaming market dominance.
• Paramount committed to cover WBD’s $2.8 billion Netflix breakup fee and up to $1.5 billion in debt refinancing costs to secure the deal.
• CEO David Zaslav is reportedly seeking Paramount to increase its $30 per share offer above $85 billion total to surpass Netflix’s $27.75 per share bid.
• Ancora Holdings opposes the Netflix deal with a $200 million stake, while only 42.3 million WBD shares have been tendered supporting Paramount’s offer.

Warner Bros. Discovery is weighing a critical decision between two competing billion-dollar offers. The media company’s board is considering whether to reopen talks with Paramount Skydance after rejecting its initial proposal.

Warner Bros. Discovery, Inc., WBD

Paramount enhanced its $78 billion all-cash offer on February 10. The company added a $650 million quarterly ticking fee if the deal extends past December 31.

The enhanced terms include coverage of WBD’s $2.8 billion breakup fee to Netflix. Paramount also committed up to $1.5 billion for debt refinancing costs.

These additions demonstrate Paramount’s determination to win the bidding war. The company believes it can secure regulatory approval faster than Netflix.

Netflix Deal Encounters Washington Roadblocks

Netflix and WBD signed an $82.7 billion agreement in December. That deal is now facing serious challenges from federal regulators.

Trump administration antitrust officials are examining Netflix’s position in the streaming market. A GOP operative familiar with the situation stated the Netflix deal is “going nowhere with the executive branch.”

The regulatory scrutiny centers on potential streaming monopoly concerns. Officials question whether combining Netflix with HBO Max creates excessive market concentration.

DOJ antitrust chief Gail Slater recently resigned under White House pressure. Her departure could extend the review timeline to six months or longer.

If the DOJ blocks the deal and Netflix litigates, the process could stretch another year. This uncertainty is pushing WBD to reconsider its options.

The Path Forward for WBD

WBD must notify Netflix before reopening talks with Paramount. Netflix would then receive an opportunity to match any improved Paramount offer.

CEO David Zaslav is hoping Paramount increases its $30 per share bid. Sources say he wants the total package to exceed $85 billion.

Netflix’s current $27.75 per share offer relies on selling WBD’s cable properties. The valuation of those assets remains uncertain in today’s media landscape.

Both bidders have indicated willingness to raise their offers. However, Netflix’s stock price declined during the bidding process, potentially limiting its flexibility.

WBD plans to announce its Q4 2025 earnings date this week. Investors are also awaiting the special shareholder vote date on the Netflix transaction.

Shareholder Response and Legal Pressure

Ancora Holdings accumulated a $200 million stake in WBD. The investment firm publicly opposes the Netflix deal.

Despite this opposition, only 42.3 million shares have been tendered supporting Paramount. That represents less than 2% of outstanding shares.

Paramount filed a lawsuit against WBD claiming the company favors Netflix due to personal relationships. The suit alleges CEO Zaslav’s friendship with Netflix co-CEO Ted Sarandos influenced the decision.

People close to Paramount say the company hadn’t heard from WBD about reopening talks as of Sunday night. Some observers believe WBD may be using media leaks to protect against litigation.

Analysts maintain a cautious outlook on Paramount Skydance. PSKY stock carries a Moderate Sell consensus rating on TipRanks based on zero Buys, one Hold, and three Sells.

The average price target of $12.33 suggests 19.5% upside from current levels. PSKY shares dropped 8.7% over the past year.

Gate has quietly become one of the largest cryptocurrency exchanges in the world. Founded in 2013 by Dr. Lin Han as a one-person project, the platform now serves over 49 million users, employs more than 2,000 people, and lists over 5,000 tokens alongside a growing suite of traditional financial products. 

In an interview with BeInCrypto, Dr. Han discussed what drove that growth, why he believes the line between crypto and traditional assets is disappearing, and how artificial intelligence is about to reshape the way people trade.

From Solo Developer to Global Platform

Dr. Han started Gate — originally launched as Bter.com — by himself. Thirteen years later, the exchange offers more than 50 products and services. But he is quick to downplay the numbers.

“The number is not quite important. The most important thing is that when you build a product, you need to polish it very well. A score of 80 percent is not enough. You need 90% to 95% quality. You need to always be number one in the product,” he said.

That product-first philosophy extended to asset coverage early on. In 2013, Gate was among the first exchanges to aggressively list altcoins, offering over 100 at a time when most platforms stuck to a handful. “At that time, we were the only exchange that could do that,” Dr. Han recalled.

The next phase of growth, he says, will come from regulated markets. Gate now holds licenses across 80 jurisdictions, including 44 US states and coverage across more than 20 European countries under MiCA. The platform also holds licenses in Dubai, Japan, and Australia.

“We launched our platform for regulated areas last year, but this year we want to grow the users there,” Dr. Han said, acknowledging that competing with established local players in Europe and other regions remains a challenge. “In some areas, they have their own local players who have operated there for many years. We are the new player. We need to let more people know about us.”

Breaking Down the Wall Between Crypto and Traditional Finance

Gate has been expanding beyond crypto-native assets into what the industry broadly calls TradFi integration. The exchange now offers tokenized equities, gold, silver, commodities, and stock indices — all tradeable 24/7 on the same platform where users manage their crypto portfolios.

Dr. Han described two limitations of traditional markets that drove this move: regional restrictions that prevent users in many countries from opening US brokerage accounts, and the limited trading hours of conventional stock exchanges.

“With crypto, we can provide a system with very high accessibility. They can trade 24/7, anywhere, in any country. They have all kinds of crypto plus traditional assets together, managed in the same way. It’s much easier for them,” he said.

He also pointed to a practical benefit for portfolio construction. Crypto assets tend to be highly correlated — when Bitcoin drops, most altcoins follow. Adding uncorrelated traditional assets like gold or US equities gives users meaningful diversification for the first time within a single platform.

“Before, people could only trade crypto, and most of the assets are correlated. With traditional assets, they have another option. Gold is definitely not related to Bitcoin. You can choose silver, commodities, US stocks. There are a lot of options to manage your portfolio and lower your risk,” Dr. Han explained.

Looking further ahead, he sees the distinction between crypto and traditional assets fading entirely. “In the future, you don’t need to recognize which is crypto and which is a traditional asset. You can view them all as your asset. It will change the mindset of how users manage their portfolio.”

AI: From Interface to Infrastructure

The conversation shifted to artificial intelligence, where Dr. Han laid out what he calls “Intelligent Web3” — a vision where AI agents replace the complex interfaces that currently define crypto trading.

The problem, as he sees it, is straightforward: crypto products have become too complicated, especially for newcomers. “You see so many numbers, buttons — spot trading, futures trading, options, earnings. Which one should you use? How do you start? It’s too hard for people,” he said. “And Web3 is even more difficult. There are more than 10,000 DApps. Millions of tokens are launched each year. You cannot recognize which token to choose.”

Gate’s approach unfolds in two stages. The first, already live, uses AI agents to help users navigate existing interfaces — checking token information, explaining platform features, and suggesting trading strategies. The second stage is more ambitious: replacing the traditional interface entirely.

“They don’t need to use the old interface, the old tools anymore. They just tell the AI agent what they want. The AI agent does all the other work,” Dr. Han said. “If they want to buy Bitcoin, just say ‘help me buy Bitcoin.’ If they want to earn interest, tell AI ‘I want to put my Bitcoin to get interest.’ AI finds the best yield for you, and it’s done.”

He expects this transition to be visible within a year, and broadly transformative within two — a timeline he considers more realistic than the five-year horizon often cited in the industry.

“I don’t think it’s five years. Two years, at most,” he said.

Beyond user experience, Dr. Han sees AI reshaping how capital moves through markets. He argued that human-driven capital allocation is inherently inefficient — people hold assets idle while promising projects go unfunded. AI agents, operating around the clock and processing information at scale, could improve that flow.

“For one person, we cannot guarantee they can make money from that. But for the whole ecosystem, it will benefit for sure,” he said. “AI can do the labor work for you. You can put your energy in other areas. Use your real intelligence.”Gate has already begun applying AI internally. According to Dr. Han, nearly all front-end coding at the company is now handled by AI, with back-end development expected to follow soon.

Late January proved exceptionally volatile in the currency markets, as reflected by the ATR indicator. However, following the rebound from the four-year low (B), price swings on the DXY chart have narrowed, suggesting a degree of market stabilisation.

Friday’s CPI release had the potential to trigger sharp moves in the US dollar index, yet no major surprises emerged. According to Forex Factory data, the actual figures were broadly in line with analysts’ forecasts (inflation eased slightly as expected), and market participants headed into the long weekend, with US financial markets closed on Monday for Presidents’ Day.

Technical Analysis of the DXY Chart

On 27 January, when analysing the Dollar Index (DXY) chart, we:

→ updated the descending channel (marked in red);
→ noted that DXY was trading near a long-term support zone from which price had rebounded twice in the second half of 2025;
→ suggested that the downward momentum could be losing strength.

However, the market had other plans. Although the rally towards peak C (the former support level) is a clear sign that bearish pressure is fading, it was preceded by a false downside breakout of the aforementioned support area.

Swing analysis also points to stabilisation, based on the proportional structure:

→ peak C formed within the 50%–61.8% retracement of the A→B impulse;
→ trough D developed within the 50%–61.8% retracement of the B→C move;
→ peak E emerged within the 50%–61.8% retracement of the C→D impulse.

The previously highlighted support zone is now acting as a range where supply and demand appear balanced.

While the descending channel remains technically valid, the confident trajectory (indicated by the arrow) from the B low suggests that bears may struggle to maintain the prevailing trend of recent months.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The last time XRP printed a gravestone doji, it dumped by nearly 50% – will history repeat?

Ripple’s cross-border token stole the show yesterday, surging by double-digits to a multi-week peak of over $1.65. This prompted many analysts to speculate about another rally from the asset, perhaps to and beyond $2.00.

However, the following several hours showed that this was another fakeout as XRP tumbled to under $1.50, thus erasing almost all weekend gains.

According to a couple of prominent crypto analysts, the asset’s instant surge to $1.65 and its inability to close higher the weekly candle meant that it has printed a gravestone doji.

This is a technical term that suggests the formation of a bearish reversal candlestick pattern, indicating that the bullish momentum has faded. It’s often succeeded by a more profound price decline.

Ali Martinez, one of the analysts who spoke about the meaning of the gravestone doji, noted that the last time XRP had charted it, its price tumbled by 46% in just a few weeks. If something similar is to transpire now, XRP could lose the coveted $1.00 support and head toward $0.80.

The last time $XRP printed a gravestone doji was on the weekly chart, and the price dropped 46%. https://t.co/JcCuSzDd2k pic.twitter.com/IcxINjMCch

— Ali Charts (@alicharts) February 16, 2026

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CryptoWZRD’s opinion was slightly different. They also acknowledged the gravestone doji close on the weekly chart, but added that “most of this move was a pullback from the earlier spike in a low-liquidity environment, which is healthy.”

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ERGAG CRYPTO, a well-known XRP bull, retweeted a November 15, 2025, post, in which they asked why people are ignoring the fourth wave. They believe the asset is currently in this wave, which can “absolutely be irregular or expanded corrective.”

The analyst’s chart shows XRP’s price going to somewhere around $1.30 during the corrective fourth wave, before a potential reversal to new all-time highs.

#XRP – Rejecting Facts 🤔: WHY?

Honest and sincere question…
▫️Why are so many TA analysts rejecting this wave count, especially Wave 4?

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▫️Wave 4 can absolutely be irregular or expanded corrective, and in this structure we clearly need a close above Wave B to launch the 5th… pic.twitter.com/82esPLcvUa

— EGRAG CRYPTO (@egragcrypto) November 15, 2025

Metaplanet (3350), the largest bitcoin BTC$68,770.50 treasury company in Japan, forecast full-year operating profit will rise 81% this year after premiums from writing options drove a 17-fold increase in 2025.
The company, which owns 35,102 BTC, earned 6.29 billion yen ($40.8 million) in operating profit last year. Premiums on writing options surged to 7.98 billion yen from 691 million in 2024. Total revenue rose 738% to 8.9 billion yen.

Still, as the price of bitcoin dropped from a near $125,000 all-time high to end the year below $90,000, Metaplanet recorded a non-cash valuation loss of 102.2 billion yen, dragging net income down to a loss of 95 billion yen ($605 million).

The Tokyo-based company still holds more than $2.4 billion worth of bitcoin and expects to generate nearly all of its 2026 revenue from these holdings.

It is currently sitting on around $1.2 billion in unrealized losses, given BTC’s price drop to $68,550.

The company said it expects full-year revenue to grow almost 80% in 2026 to 16 billion yen, with operating profit reaching 11.4 billion yen. The shares rose 0.31% to 326.0 yen on Monday.

For decades, banks operated as vertically integrated monopolies over money. If anyone wanted to store value, move funds, earn yield, or access credit, they had to go through a licensed intermediary with branch networks, correspondent banking relationships, and legacy core infrastructure.

Crypto exchanges, originally built around order books, matching engines, and custody for trading digital assets, are now challenging these incumbents. Over the past few years, they have been accumulating financial primitives, expanding beyond trading into payments, lending, staking, remittances, etc. 

Coinbase, a leading crypto exchange software platform, has openly announced ambitious plans to reinvent the global financial landscape. In the words of Brian Armstrong, its CEO:

“Ultimately, we want to be a bank replacement for people.”

At the core of their strategy sits “crypto superapp development”, a cumulative nomenclature for the launch of an umbrella of financial services. Their ultimate goal is to build an “open financial system for the world,” and Coinbase isn’t alone in the pursuit. Similar to Coibase, Crypto.com has been aggressively bundling trading, payments, cards, and yield products into a unified ecosystem to compete head-on with retail banks.

Top Crypto Exchange Platforms Building Their Superapps

What are Crypto Exchange Superapp?

A crypto exchange superapp is a unified financial platform combining trading, payments, remittances, custody, lending, staking, and other everyday financial services. It does not operate as a standalone exchange with bolt-on features, but as a consolidated financial operating system where capital and identity move across services without leaving the platform.

In practical terms, the same funds can:

• Trade spot or derivatives
• Earn yield
• Collateralize loans
• Payments and remittances
• Power debit card transactions

This way, crypto exchange software acts as a financial rail, which, unlike any single-purpose trading engine, is difficult to replace. 

Core Characteristics of Crypto Exchange Superapp Platform Architecture