Japanese public company Metaplanet experienced explosive revenue growth, with Bitcoin now driving nearly all operating activity. Revenue rose to 8.9 billion Japanese yen ($58 million) from 1.06 billion yen ($7 million) the previous year, a 738% increase. Around 95% of income came from Bitcoin operations, primarily from BTC options transactions.

Despite an operating profit of about $40 million, Metaplanet posted a net loss of roughly $619 million due to accounting rules tied to Bitcoin price fluctuations. The company increased its Bitcoin holdings from 1,762 BTC to 35,102 BTC, becoming Japan’s largest corporate holder. Metaplanet raised over $3.2 billion in capital with its treasury strategy.

Metaplanet CEO Simon Gerovich reaffirmed the company’s Bitcoin-focused strategy amid market volatility. The company recently approved a capital raise of up to $137 million to expand its Bitcoin holdings and reduce debt. The firm aims for long-term value appreciation and plans for continued growth, forecasting revenue of around $104 million and operating profit of roughly $74 million next year.

Read more at Cointelegraph: Metaplanet Revenue Jumps 738% as Bitcoin Accounts for 95% of Income