Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Metaplanet forecasts $5.8M revenue with Bitcoin boost

Metaplanet forecasts $5.8M revenue with Bitcoin boost

GrafaGrafa2024/12/18 09:10
By:Isaac Francis

Metaplanet, a Japanese investment firm, expects to report its first operating profit in seven years, with Bitcoin (CRYPTO:BTC) playing a crucial role in its financial recovery.

On December 18, the firm disclosed that it expects to generate 890 million Japanese yen ($5.8 million) in revenue for the fiscal year ending December 31.

This marks a significant increase from the previous fiscal year, which saw revenue of just 261 million yen.

Additionally, Metaplanet anticipates an operating profit of 270 million yen, compared to a loss of 468 million yen last year.

A substantial portion of Metaplanet's revenue comes from selling Bitcoin put options, which earned the firm 520 million yen. The rise in Bitcoin’s value this year has led many companies to adopt similar strategies, resulting in an increase in their stock prices and overall valuation.

"Combined with the strong performance of the hotel business, the company is on track to record consolidated operating profit for the first time since FY2017," the firm said in a statement.

Metaplanet, which pivoted to Bitcoin as a treasury asset in April, now holds 1,142 Bitcoin, valued at approximately $119.4 million.

It plans to further strengthen its Bitcoin strategy by establishing a formal business line dedicated to Bitcoin accumulation and management.

The firm aims to utilise loans, equity, convertible bonds, and other instruments to continue acquiring Bitcoin.

Metaplanet also intends to generate revenue through Bitcoin-related marketing, including its recent acquisition of a license to operate the Japanese version of Bitcoin Magazine.

As part of its strategy, Metaplanet recently issued bonds worth 4.5 billion yen ($30 million) to fund further Bitcoin purchases.

At the time of reporting, the price of Bitcoin (BTC) was $104,147.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like