Japan-based investment firm Metaplanet has reported a $665 million valuation loss on its Bitcoin holdings following a broader crypto market decline that has stretched into 2026. Despite the paper loss, the company posted strong operational revenue growth and returned to profitability.

Bitcoin volatility tests Metaplanet’s treasury strategy

Tokyo-based Metaplanet disclosed a ¥102.2 billion ($665 million) impairment loss tied to its Bitcoin holdings, according to its fiscal year 2025 financial report released on Monday. 

The valuation drop comes as Bitcoin’s price hovered near $68,000, representing a 46% decline from late-2025 highs. Metaplanet, which adopted its Bitcoin accumulation strategy in April 2024, currently holds roughly 35,102…