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report

Metaplanet Annual Report: Holding assets resulted in a loss of $665.8 million, but the balance sheet remains "robust."

The Bitcoin treasury company Metaplanet released its fiscal report for 2025 on Monday. As of December 31, the company recorded a net loss of 95 billion yen (approximately 619 million USD), compared to a net profit of 4.44 billion yen (approximately 28.9 million USD) in fiscal year 2024, marking a shift from profit to loss.The report indicated that this loss was primarily due to a valuation loss of 102.2 billion yen (approximately 665.8 million USD) on its held Bitcoin. The company classified this portion of the loss as a non-operating expense, stating that it had no impact on cash flow or operational activities.Despite the volatility in net profit, the company emphasized that its capital structure remains resilient. Metaplanet pointed out that its balance sheet is still "robust," and even with an "86% drop in Bitcoin prices," its liabilities and preferred stock can be fully covered, thanks to a high equity ratio of 90.7%.As of December 31, the company reported liabilities of 46.7 billion yen (approximately 304.2 million USD) and net assets of 458.5 billion yen (approximately 2.99 billion USD), with the value of its held Bitcoin at 481.5 billion yen (approximately 3.1 billion USD).The documents show that in terms of operations, Metaplanet's revenue for fiscal year 2025 reached 8.91 billion yen (approximately 58 million USD), a 738% increase from the previous year's 1.06 billion yen (approximately 6.9 million USD); meanwhile, operating profit surged from 350 million yen (approximately 2.28 million USD) to 6.29 billion yen (approximately 41 million USD), an increase of 1695%.The company stated that its Bitcoin-related business generated revenue of 8.47 billion yen (approximately 55.2 million USD) and operating income of 7.19 billion yen (approximately 46.8 million USD), with this growth primarily attributed to premium income from Bitcoin options trading.

Coinbase announces 2025 financial report: Q4 under pressure with a net loss of $667 million, strong performance throughout the year setting multiple new highs

Coinbase released its Q4 and full-year financial report for 2025. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling, although Q4 revenue slightly missed expectations and recorded a net loss.In Q4, Coinbase reported a net loss of $667 million, with a loss per share of $2.49, far exceeding analyst expectations. Total revenue was $1.78 billion, a decrease of 5% quarter-over-quarter and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, with adjusted net income of $178 million and adjusted EBITDA of $566 million.Q4 was challenging for Coinbase, but the full-year performance was strong, with total trading volume reaching $5.2 trillion, a year-over-year increase of 156%. The crypto trading market share doubled to approximately 6.4%, and subscription and service revenue grew by 23% to about $2.8 billion. The number of Coinbase One paid subscribers approached 1 million, and platform assets and USDC balances reached all-time highs.Coinbase stated that it is advancing its "Everything Exchange" strategy, which includes the expansion of derivatives and stablecoin payments. Despite short-term pressures from the bear market, Coinbase still views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.
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