- The company raised its operating revenue forecast for 2025 to $40 million.
- It expects a non-cash Bitcoin impairment of $680–700 million in 2025.
- Metaplanet anticipates an ordinary loss of $632 million and a net loss of $491 million in 2025.
Metaplanet, a Tokyo-listed treasury company focused on Bitcoin, has raised its revenue and operating income forecasts for 2025 and issued substantially higher guidance for 2026, despite recognizing a large non-cash Bitcoin impairment that will dominate its annual results.
In a notice published on Monday, the company said its Bitcoin income-generating operations are expected to deliver better-than-anticipated results, particularly in the fourth quarter.
At the same time, Metaplanet forecasted significant ordinary and net losses for 2025, driven mainly by accounting adjustments tied to the year-end valuation of Bitcoin.
The company will release full-year results on February 16.
Revenue growth driven by Bitcoin income generation
Metaplanet now expects revenue of JPY 8.905 billion for 2025, roughly $58 million under the current exchange assumptions.
It also raised its operating income forecast to $40 million, signaling improved operational performance despite broader market volatility affecting its assets.
The board said revenue from Bitcoin income-generating operations in Q4 2025 “is expected to significantly exceed the initial forecast,” prompting an upward revision of full-year revenue guidance for that segment to about $55 million.
This is up from roughly $40 million previously projected, reflecting a notable increase in contribution from Bitcoin-related revenue streams.
A large non-cash charge may dominate headlines
Even with stronger operating guidance, Metaplanet expects to report a substantial annual loss for 2025.
The company forecasted an ordinary loss of $632 million and a net loss of $491 million. Those figures are largely attributed to Bitcoin impairment losses estimated at roughly $680–700 million, which will be recognized in the year-end filings.
Metaplanet explained the impairment is a “non-cash accounting adjustment reflecting period-end price fluctuations” and said it has no direct impact on cash flow or day-to-day operations.
The notice linked the impairment to mark-to-market accounting at quarter-end and referenced Bitcoin holdings valued at the year-end price, with Bitcoin highlighted at $87,876 in the disclosure.
BTC holdings and treasury metrics expand rapidly
Metaplanet also reported rapid growth in its Bitcoin treasury business during 2025, noting that the company increased its Bitcoin exposure while developing income-generating 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, indicating a significant increase in on‑balance-sheet allocation.
The company reported a diluted BTC profitability per share metric of 568% for the year. Metaplanet uses this indicator to show how much Bitcoin support has increased on a per‑diluted‑share basis, illustrating accumulation of Bitcoin relative to shares outstanding.
Although the impairment will heavily affect reported net results, Metaplanet’s updated figures indicate it continues to grow its treasury position and expand Bitcoin-related operations at pace.
2026 forecasts rise, but results remain uncertain
For 2026, Metaplanet projected revenue of about $103 million and operating income of $73 million, a marked increase over its 2025 targets.
The company said nearly all of its 2026 revenue is expected to come from its Bitcoin income-generating business, underscoring the segment’s central role in the business model.
Metaplanet also forecast selling, general and administrative expenses around $29 million for 2026 as operations scale.
However, it did not provide guidance for ordinary income or net profit for 2026 due to the difficulty of forecasting Bitcoin prices, signaling that reported profitability may remain volatile even if operating results strengthen.
The company added that it publishes daily data on its BTC assets, unrealized gains and losses, and related metrics, giving investors regular visibility into how price movements affect its treasury position.