Bitcoin Treasury Firms Under Pressure Amid Losses

[madtrader]

Metaplanet’s defense comes as Bitcoin-heavy treasury models face increasing scrutiny. Despite reporting fiscal 2025 revenue of 8.9 billion yen (about $58 million), up roughly 738% year-over-year, the company booked a significant net loss due to the decline in Bitcoin’s market value — which Gerovich described as a non-cash accounting impact rather than operational weakness.

The pressure extends beyond Japan. Strategy, the world’s largest corporate Bitcoin holder, reported a $12.4 billion net loss in Q4 2025 after BTC fell 22% during the quarter. While both firms maintain long-term conviction in their Bitcoin strategies, the debate over transparency, leverage, and sustainability in corporate BTC treasury models continues to intensify

[johnblockbuster]

“non-cash accounting impact” is CFO-speak for “please stop looking at the red number.”