- The company raised its operating profit guidance for 2025 to $40 million.
- Non-cash Bitcoin holdings are forecasted at $680 million to $700 million for 2025.
- Metaplanet projects an ordinary loss of $632 million and a net loss of $491 million for 2025.
Metaplanet, a Tokyo-listed bitcoin finance company, has revised upward its revenue and operating profit outlook for 2025 and issued significantly higher guidance for 2026. At the same time, the company expects a large non-cash impairment on its Bitcoin holdings to dominate the annual financial results.
In a notice released on Monday, the company said its bitcoin revenue-generating business performed substantially better than expected, particularly in the fourth quarter of this year. The company’s announcement can be found in its published disclosure.
However, Metaplanet also warned that accounting adjustments tied to the year-end valuation of its bitcoin holdings will be the primary reason for significant ordinary and net losses in 2025.
The company plans to publish its full-year financial statements on February 16.
Revenue growth driven by bitcoin income-generating activities
Based on updated guidance, Metaplanet expects revenue for 2025 of JPY 8.95 billion (approximately $58 million).
It also raised its operating profit forecast to $40 million, signaling improved performance at the operating level despite broad market volatility that affects asset values.
Management said bitcoin revenue in Q4 2025 is expected to “significantly exceed initial estimates,” prompting an upward revision of the segment’s annual revenue guidance to roughly $55 million.
That is a notable increase from the previously announced figure of about $40 million and indicates a much larger contribution from bitcoin-linked revenue sources than earlier anticipated.
Large impairment expected to drive headline losses
Despite stronger operating guidance, Metaplanet expects to report a substantial annual deficit for 2025.
The company forecasts an ordinary loss of $632 million and a net loss of $491 million. These figures are primarily attributable to an estimated bitcoin impairment loss of approximately $680 million to $700 million, which will be recognized in the year-end accounts.
Metaplanet described the impairment as a “non-cash accounting adjustment reflecting period-end price fluctuations,” noting it will not directly affect cash flow or day-to-day operations.
The notice links the impairment to a fair-value assessment at the quarter end and specifies that bitcoin was valued at $87,876 in the disclosure.
BTC holdings and financial metrics rise sharply
Metaplanet also reported rapid growth in its bitcoin finance business for 2025, expanding exposure to bitcoin while scaling revenue-generating activities centered on its holdings.
BTC holdings are projected to rise from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, representing a substantial increase in the company’s balance sheet allocation to bitcoin.
The company reported a year-over-year diluted BTC-per-share gain of 568%. It uses this metric to measure the additional bitcoin backing each diluted share and to provide insight into bitcoin accumulation on a per-share basis.
While the impairment is expected to have a major impact on reported net income, Metaplanet’s updated figures indicate the firm is continuing to expand its bitcoin-linked operations and overall financial position.
Outlook for 2026 rises, but revenues remain uncertain
Metaplanet forecasts 2026 revenue of about $103 million and operating profit of $73 million, a significant improvement compared with 2025 targets.
The company expects most 2026 revenue to be generated by its bitcoin income-producing business and emphasizes that this segment will play a central role in its business model.
Metaplanet also projects selling, general and administrative expenses for 2026 to be roughly $29 million as operations expand.
However, because bitcoin price movements are difficult to predict, the company said it will not provide guidance for ordinary income or net profit for 2026. This underscores that, even with improved operating performance, reported results may continue to fluctuate based on future price changes.
The company also publishes daily data on BTC holdings, unrealized gains and losses, and related metrics, allowing investors to monitor regularly how price movements affect the firm’s bitcoin position.