Key Notes
- Metaplanet reported a 1,700% YoY revenue surge amid booming Bitcoin holdings.
- Tokyo Stock Exchange considers new rules to curb “crypto hoarding” companies.
- Regulators worry investors face risks from volatile crypto stocks.
Japan’s biggest Bitcoin-holding company, Metaplanet Inc, has reported a massive profit surge for the third quarter. This comes as the Tokyo Stock Exchange (TSE) considers stricter oversight of firms heavily invested in cryptocurrencies.
According to the Metaplanet’s financial results for Q3 2025, the revenue jumped 1,700% year-over-year, reaching 4.3 billion yen. Its net profit surged to 13.5 billion yen, a sharp increase from a 321 million yen loss in the same period last year.
*Financial Results Summary for the Third Quarter of the Fiscal Year Ending December 31, 2025 [Japanese GAAP] (Consolidated)* pic.twitter.com/fdxgK6WdwF
— Metaplanet Inc. (@Metaplanet_JP) November 13, 2025
After shifting from hotel operations to a Bitcoin-focused treasury strategy in early 2024, Metaplanet has amassed 30,823 BTC . It is the fourth-largest publicly listed Bitcoin holder, according to BitcoinTreasuries.net .
Metaplanet’s balance sheet has expanded dramatically year-over-year, boosted by substantial crypto-related valuation gains. The firm’s total assets surged to ¥550.7 billion, while its equity ratio climbed to 96.7%.
Despite the strong results, Metaplanet said it will not distribute dividends this fiscal year, opting instead to strengthen its balance sheet.
Tokyo Exchange to Tighten Controls on Crypto Firms
Meanwhile, a recent Bloomberg report claims that the Japan Exchange Group Inc. (JPX), operator of the Tokyo Stock Exchange, is exploring measures to limit the expansion of crypto treasury companies.
This comes amid growing concern that retail investors have suffered steep losses from the recent drop in crypto-linked stocks.
JPX reportedly plans to monitor companies that raise concerns from a risk and governance perspective. People familiar with the matter said the exchange operator is considering stricter backdoor listing rules and may require firms with crypto holdings to undergo fresh audits.
Notably, at least three listed companies have reportedly put their crypto-buying plans on hold since September after pushback from the exchange operator.
Japan currently hosts 14 publicly listed Bitcoin-buying companies, the highest number in Asia. However, many of these stocks, including Metaplanet, have faced steep declines following early-year rallies.
Metaplanet’s shares , which skyrocketed more than 400% earlier in 2025, have fallen over 75% from their June peak. Despite that volatility, the company’s latest earnings show that the crypto pivot continues to deliver financially.
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