Key Highlights
- Metaplanet Ventures K.K. will pour JPY 4 billion ($26M) into Bitcoin startups-because who needs profits?
- First target: JPYC Inc., a stablecoin issuer. Next up: lending, payments, custody, and compliance tech-because why not?
- Metaplanet holds 35,102 BTC, aims for 100,000 by year-end. Spoiler: They’re still buying.
Metaplanet Inc. (TYO: 3350), Japan’s most enthusiastic corporate Bitcoin hoarder, has launched a venture capital subsidiary to build Bitcoin infrastructure. Because nothing says “stability” like throwing money at crypto chaos.
The company filed this revelation on March 11, just in time to confuse investors. CEO Simon Gerovich followed up with a cheerful X post, because optimism is key when you’re drowning in red ink.
Metaplanet Ventures K.K. will spend roughly $26 million over 2-3 years. Funding comes from their Bitcoin income business-which, coincidentally, generated most of their 2025 revenue via options premiums. A financial ballet, really.
What Will Metaplanet Do?
Invest in Bitcoin lending, payments, Lightning Network, stablecoins, derivatives, custody, compliance, tokenization, and investment tools. Because if you’re going to fail, you might as well do it globally.
The subsidiary will also incubate startups and fund developers-because who doesn’t want a grant to code a better blockchain?
The first investment is JPYC Inc., a stablecoin issuer. Details? None. Because transparency is overrated when you’re writing checks with other people’s money.
Amid an Eight-Week BTC Buying Hiatus
Metaplanet hasn’t bought a single Bitcoin in eight weeks. Currently holding 35,102 BTC-up from 1,762 in 2025. A journey from “I’m rich!” to “Wait, what?”
Bitcoin has cratered from $125,000 to $65k-$70k. Metaplanet’s average cost? $107k per BTC. Total unrealized loss? Around $1.35 billion. A number so big it could buy a small island-or just a really expensive apology.
Their stock? Down 63% in six months. Trading at 331 yen. Because nothing says “confidence” like a rollercoaster that only goes down.
FY2025 Results: A Tale of Two Metrics
Revenue: ¥8.91B ($58M), up 738%. Operating profit: ¥6.29B ($41M), up 1,695%. All from Bitcoin options. A financial miracle, or just accounting magic?
Net loss? ¥95B ($619M)-mostly from marking Bitcoin down. CEO Gerovich insists net profit isn’t the right metric. Instead, he prefers operating profit and BTC Yield, which jumped 568% in 2025. Because when you’re wrong, just invent new metrics.
Road Ahead
2026 revenue target: ¥16B ($104M). Operating profit: ¥11.4B ($74M). Net income? Not mentioned-because Bitcoin’s price is “too volatile.”
Goal: 100,000 BTC by 2026. Current holdings: 35,102. No purchases since January. Need to acquire 65,000 more BTC in nine months. Good luck, or rather, bad luck.
Annual shareholders’ meeting: March 25. Only for those who owned shares on Dec 31, 2025. Because who needs new investors when you’ve got a sinking ship?
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2026-03-12 06:31