# Metaplanet Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第27期(2025/01/01－2025/12/31) (S100YB0L)
> Page: https://vizora.meequs.com/en/company/metaplanet
> Retrieved: 2026-09-30T20:48:13.033Z

## Company

Metaplanet, founded in 1999, is a company in Crypto & Blockchain listed on TSE Standard. It has 35 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Metaplanet Inc. |
| Ticker | 3350 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3350.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木六丁目10番1号 |
| Representative (per filing) | 代表執行役CEO取締役 サイモン・ゲロヴィッチ |
| Founded | Jun 1999 |
| Share capital | ¥0 |
| Employees (consolidated) | 35 |
| Average salary (parent only) | ¥16M |
| Fiscal year end | December |
| Website | metaplanet.jp (https://metaplanet.jp/) |
| Corporate number | 3010401091543 |
| EDINET | E02978 |
| Industries (Vizora) | Crypto & Blockchain, Hotels & Inns |

> Profile source: annual securities report (S100YB0L, filed 2026-06-12). As of filing

## Key points (generated from figures)

- About 95% of Metaplanet's sales come from Bitcoin related projects business, with Hotel making up much of the rest.
- Out of every ¥100 of sales, about ¥71 is left as operating profit.
- Revenue changed +738.5% from the prior year, operating profit +1696.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.9B |  |
| Operating income | ¥6.29B | Margin 70.6% |
| Net income | -¥95B | Margin -1067.3% |
| Free cash flow | ¥5.89B |  |
| Largest business | Bitcoin related projects business | of segment revenue 95.1% |
| Employees (consolidated) | 35 |  |
| EPS | ¥-8.05 |  |
| Book value per share | ¥443.67 |  |
| Equity ratio | 90.7% |  |
| Shares outstanding | 1,142,274,340 |  |
| Treasury shares | 26,300 |  |
| Shareholders | 193,793 |  |
| Average salary (parent only) | ¥16M | Filing company only |
| Cash ratio | 0.5% | Cash ÷ revenue 28.7% |
| ROA | -35.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 17.2× its level five years ago
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, operating income keeps 71 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥784949000 | ¥8905000000 | +1034.5% |
| Operating income | ¥-1396504000 | ¥6287000000 | — |
| Operating margin | -177.9% | 70.6% | +248.5 pp |
| Employees | 127 people | 35 people | -72.4% |
| Cash and equivalents | ¥216037000 | ¥2552000000 | +1081.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ホテル事業 | 4.9% |
| 新設・再編 → ビットコイン関連事業 | 95.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,905 | 100.0% | S100YB0L |
| Cost of revenue | 84 | 0.9% | S100YB0L |
| Gross profit | 8,820 | 99.0% | S100YB0L |
| SG&A | 2,533 | 28.4% | S100YB0L |
| Operating income | 6,287 | 70.6% | S100YB0L |
| Ordinary income | -96,141 | -1079.6% | S100YB0L |
| Pretax income | -96,141 | -1079.6% | S100YB0L |
| Income tax | -1,095 | -12.3% | S100YB0L |
| Net income | -95,046 | -1067.3% | S100YB0L |
| Net income attributable to owners | -95,046 | -1067.3% | S100YB0L |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 1 |
| SG&A | 28 |
| Operating income | 71 |
| (Ref.) Net income | -1067 |

### Margin funnel

Gross margin 99.0% → Operating margin 70.6% → Net margin -1067.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +738.5%; Core profit growth: +1696.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,062 | 8,905 | 7,843 | +738.5% |
| Gross profit | 996 | 8,820 | 7,824 | +785.5% |
| Operating income | 350 | 6,287 | 5,937 | +1696.3% |
| Net income attributable to owners | 4,439 | -95,046 | -99,485 | -2241.2% |
| Operating cash flow | 623 | 6,618 | 5,995 | +962.3% |
| Free cash flow | 531 | 5,886 | 5,355 | +1008.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,510 | -462 | -18.4% | -2,290 | -402 | -2,100 | S100L3DF |
| FY ending Dec 2020 | 785 | -1,397 | -177.9% | -2,967 | -566 | -812 | S100P175 |
| FY ending Dec 2021 | 518 | -1,425 | -274.9% | -737 | -529 | -943 | S100QGGD |
| FY ending Dec 2022 | 366 | -859 | -234.6% | 978 | -296 | -614 | S100T4YP |
| FY ending Dec 2023 | 262 | -468 | -178.9% | -684 | -572 | -731 | S100VG8G |
| FY ending Dec 2024 | 1,062 | 350 | 33.0% | 4,439 | 623 | 531 | S100YB0L |
| FY ending Dec 2025 | 8,905 | 6,287 | 70.6% | -95,046 | 6,618 | 5,886 | S100YB0L |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥254.4M |
| Operating income per employee (consolidated) | ¥179.6M |
| Net income per employee (consolidated) | -¥2.72B |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 110 | 21 | 13 | 17 | 35 |
| Average salary (parent company) | ¥9.8M | ¥9.2M | ¥8.9M | ¥11.2M | ¥16M |
| Average age (parent company) | 53.4 years | 43.4 years | 51.5 years | 52.7 years | 48.9 years |
| Average tenure (parent company) | 3.2 years | 1.8 years | 1.2 years | 1.0 years | 0.8 years |

Year over year: Employees (consolidated) +105.9% · Revenue (consolidated) +738.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel | 436 | 4.9% | 169 | 38.8% |
| Bitcoin related projects business | 8,468 | 95.1% | 7,191 | 84.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel | 4.9% | 2.3% | -2.6 | 38.8% |
| Bitcoin related projects business | 95.1% | 97.7% | 2.6 | 84.9% |

Segment → industry: Bitcoin related projects business → Crypto & Blockchain / Hotel → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,618 | 74.3% | S100YB0L |
| Capital expenditure | 732 | 8.2% | S100YB0L |
| Free cash flow | 5,886 | 66.1% | 算出 |
| Investing cash flow | -554,395 | -6225.7% | S100YB0L |
| Financing cash flow | 544,221 | 6111.4% | S100YB0L |
| Share buyback | 18 | 0.2% | S100YB0L |
| Change in cash | 2,258 | 25.4% | S100YB0L |
| Cash and equivalents | 2,552 | 28.7% | S100YB0L |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 414 | 207 | 553 | 294 | 2,552 | S100T4YP, S100VG8G, S100YB0L |
| Total assets | 13,091 | 5,357 | 1,666 | 30,325 | 505,286 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Net assets | -373 | 618 | 1,152 | 16,965 | 458,592 | S100T4YP, S100VG8G, S100YB0L |
| Share capital | 0 | 0 | 575 | 0 | 0 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Property, plant and equipment | 11,276 | 4,480 | 975 | 975 | 992 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Intangible assets excluding goodwill | 1 | 0 | — | 76 | 1,512 | S100QGGD, S100T4YP, S100YB0L |
| Investment securities | — | — | 74 | — | — | S100T4YP |
| Current assets | 846 | 511 | 599 | 2,685 | 18,168 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Current liabilities | 4,096 | 3,664 | 378 | 11,393 | 45,841 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Short-term borrowings | — | 502 | — | — | 43,836 | S100T4YP, S100YB0L |
| Long-term borrowings | 1,543 | 1,068 | 131 | — | — | S100QGGD, S100T4YP, S100VG8G |
| Total liabilities | 13,465 | 4,740 | 514 | 13,359 | 46,694 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Equity attributable to owners of parent | -313 | 664 | 1,130 | 16,939 | 439,225 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Retained earnings | 2,913 | 3,891 | 3,207 | 9,012 | -86,186 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |
| Treasury stock | -139 | -139 | -139 | -248 | -7 | S100QGGD, S100T4YP, S100VG8G, S100YB0L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YB0L |
| Property, plant and equipment | 0% | S100YB0L |
| Intangibles and goodwill | 0% | S100YB0L |
| Other assets | 99% | S100YB0L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100YB0L |
| Equity | 91% | S100YB0L |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,091 | 5,357 | 1,666 | 30,325 | 505,286 |
| Equity | -373 | 618 | 1,152 | 16,965 | 458,592 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 414 | 207 | 553 | 294 | 2,552 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 11.1% | S100YB0L |
| Fixed assets ÷ total assets | 0.2% | S100YB0L |
| Goodwill ÷ parent equity | — | —, S100YB0L |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 0.5% |
| Cash ÷ revenue | 28.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.3% |
| Cash vs. profit gap | 101,664 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 8377.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -5.6% | —× | — | S100QGGD |
| 2022 | 267.1% | 0.04× | 10.6% | 52.60× | 557.6% | S100T4YP |
| 2023 | — | —× | -19.5% | —× | — | S100VG8G |
| 2024 | 418.0% | 0.07× | 27.8% | 1.77× | 49.1% | S100YB0L |
| 2025 | — | —× | -35.5% | —× | — | S100YB0L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 13.1% | 2025-12-31 |
| CLEARSTREAM BANKING S.A. （常任代理人 香港上海銀行 東京支店） | Major shareholder | 8.7% | 2025-12-31 |
| NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 8.4% | 2025-12-31 |
| CHARLES SCHWAB FBO CUSTOMER （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.1% | 2025-12-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.8% | 2025-12-31 |
| MMXX VENTURES LIMITED（常任代理人 EVOLUTION JAPAN証券株式会社） | Major shareholder | 3.6% | 2025-12-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行 東京支店） | Major shareholder | 2.6% | 2025-12-31 |
| MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2025-12-31 |
| EUROCLEAR Bank S.A./N.V.（常任代理人 株式会社三菱ＵＦＪ銀行 ） | Major shareholder | 1.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第27期(2025/01/01－2025/12/31) | S100YB0L | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB0L,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VG8G | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG8G,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T4YP | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4YP,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QGGD | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGGD,, |
| 訂正有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100P175 | 2022-08-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P175,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L3DF | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3DF,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).