Metaplanet, a Tokyo-based investment firm, is set to report its first consolidated operating profit in seven years, thanks to its strategic pivot to Bitcoin.
This milestone comes just months after the company added Bitcoin to its balance sheet in a bid to hedge against currency devaluation.
With Bitcoin price hitting multiple all-time highs lately, Metaplanet is reaping the benefits of its newfound focus on the digital asset.
On December 18, Metaplanet announced that it is expected to record a profit for the fiscal year ending December 31. This marks the first time since 2017 that the company will register profits after 7 years of losses.
Source: Metaplanet X
The company forecasts revenue to surge to ¥890 million ($5.8 million), marking a substantial jump from ¥261 million ($1.7 million) the previous year.
In addition, Metaplanet projects an operating profit of ¥270 million ($1.8 million), a striking turnaround from the ¥468 million ($3.1 million) loss it reported in
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