- The company raised its 2025 operating profit forecast to $40 million.
- A non-cash Bitcoin impairment of $680–700 million is expected for 2025.
- Metaplanet projected an ordinary loss of $632 million and a net loss of $491 million for 2025.
Metaplanet, a Bitcoin treasury company listed in Tokyo, has raised its revenue and operating income forecasts for 2025 and released significantly higher projections for 2026, while also warning of a substantial non-cash Bitcoin impairment that will dominate its annual results.
In a statement released Monday, the company said its Bitcoin revenue-generation business is expected to outperform previous expectations, particularly in the fourth quarter of the year.
At the same time, Metaplanet projected large ordinary and net losses for 2025, driven primarily by accounting adjustments related to Bitcoin valuation at year-end.
The company is scheduled to file its annual results on February 16.
Revenue increase driven by Bitcoin revenue generation
Metaplanet said it now expects revenue of ¥8.905 billion for 2025, roughly $58 million, according to its updated forecasts.
The company also raised its operating profit forecast to $40 million, signaling improved operating performance despite broader market volatility affecting its holdings.
Management said fourth-quarter 2025 revenue from its Bitcoin revenue-generation operations “is expected to significantly exceed initial projections,” prompting it to increase full-year revenue guidance for that segment to about $55 million.
This compares with roughly $40 million previously announced, indicating a clear improvement in the contribution from its Bitcoin-related revenue source.
Large impairment expected to produce headline loss
Despite stronger operational forecasts, Metaplanet expects to report a sizable annual loss for 2025.
The company forecast an ordinary loss of $632 million and a net loss of $491 million. These figures largely stem from an estimated Bitcoin impairment of approximately $680–700 million, which is expected to be recognized in its year-end reporting.
Metaplanet described the impairment as a “non-cash accounting adjustment reflecting period-end price fluctuations,” noting it has no direct impact on cash flows or day-to-day operations.
The notice tied the impairment to the accounting treatment of quarter-end market values and referenced Bitcoin holdings revalued at year-end prices, with Bitcoin shown at $87,876 in the disclosure.
BTC holdings and treasury metrics increase sharply
Metaplanet also reported rapid growth in its Bitcoin treasury activity during 2025, highlighting that the company increased its Bitcoin exposure while expanding revenue-generation activities around those assets.
BTC holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, reflecting a material increase in the company’s balance sheet allocation.
The company also reported a BTC return per diluted share of 568% for the year. It uses this metric to measure the increase in Bitcoin support per diluted share, providing a per-share view of its Bitcoin accumulation.
Although the impairment is expected to weigh heavily on reported net results, Metaplanet’s updated figures indicate it continues to expand its treasury position and Bitcoin-related operations at a steady pace.
2026 forecasts rise but earnings remain uncertain
For 2026, Metaplanet forecasts revenue of about $103 million and operating profit of $73 million, a significant improvement from its 2025 targets.
The company said nearly all of its 2026 revenue is expected to come from Bitcoin revenue generation, reinforcing the segment’s central role in its business model.
Metaplanet also forecast selling, general and administrative expenses of around $29 million for 2026 as it scales operations.
However, it said it will not provide an ordinary income or net income forecast for 2026 because of the difficulty of predicting Bitcoin prices, signaling that future reported earnings could remain volatile even if operating performance strengthens.
The company added that it publishes daily data on its BTC holdings, unrealized gains and losses, and related metrics, giving investors regular visibility into how price fluctuations affect its treasury position.