- The company raised its operating profit forecast for 2025 to $40 million.
- Non-cash Bitcoin impairment of $680–700 million is expected in 2025.
- Metaplanet projected an ordinary loss of $632 million and a net loss of $491 million for 2025.
Metaplanet, a Tokyo-listed company that trades and holds Bitcoin, has raised its revenue and operating profit forecasts for 2025 and issued much stronger guidance for 2026, while also reporting a large non-cash Bitcoin impairment that will dominate its annual results.
In a Monday announcement, the company said its Bitcoin revenue-generating business is expected to perform more strongly than previously anticipated, especially in the fourth quarter.
At the same time, Metaplanet forecasted substantial ordinary and net losses for 2025, driven largely by accounting adjustments tied to the year-end valuation of its Bitcoin holdings.
The company plans to release full-year results on February 16.
Revenue increase driven by Bitcoin revenue generation
Metaplanet now expects 2025 revenue of JPY 8.905 billion, roughly $58 million, based on its updated guidance.
The company also raised its operating profit forecast to $40 million, indicating improved operating performance despite broader market volatility that affects its holdings.
Management said Bitcoin revenue-generation for Q4 2025 “is expected to significantly exceed initial projections,” prompting an upward revision of full-year revenue for this segment to about $55 million.
This represents a notable increase from the approximately $40 million previously announced, highlighting a substantially higher contribution from Bitcoin-related revenue.
Large impairment will drive headline losses
Despite stronger operating projections, Metaplanet expects to report a substantial full-year loss for 2025.
The company forecast an ordinary loss of $632 million and a net loss of $491 million. Those figures are largely attributable to an estimated $680–700 million impairment related to Bitcoin, which is expected to be recognized in the year-end financial statements.
Metaplanet described the write-down as a “non-cash accounting adjustment reflecting price fluctuations at the end of the period” and said it has no direct impact on its cash flows or day-to-day operations.
The announcement linked the impairment to mark-to-market accounting at the quarter end and referenced Bitcoin holdings valued at year-end prices, with Bitcoin quoted at $87,876 in the disclosure.
BTC holdings and treasury metrics surge
Metaplanet also reported rapid growth in its Bitcoin treasury business during 2025, illustrating how the company increased its Bitcoin exposure while expanding revenue-generating activities around those holdings.
BTC holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, reflecting a dramatic increase in the company’s balance sheet allocation to Bitcoin.
The company also announced BTC yield per diluted share of 568% for the year. Metaplanet uses this metric to measure how much Bitcoin backing increased on a per-diluted-share basis, providing insight into its accumulation of Bitcoin relative to outstanding shares.
Although the impairment is expected to heavily affect reported net results, Metaplanet’s updated figures indicate it continues to rapidly expand its treasury position and Bitcoin-related operations.
Outlook for 2026 improves, but results remain uncertain
For 2026, Metaplanet forecasted revenue of around $103 million and operating income of $73 million, a substantial increase compared with its 2025 targets.
The company said nearly all of its revenue in 2026 is expected to come from its Bitcoin revenue-generation business, underscoring the central role of that segment in its business model.
Metaplanet also anticipates selling, general and administrative expenses of roughly $29 million for 2026 as it scales operations.
However, the company said it will not provide guidance for ordinary income or net profit for 2026 due to the difficulty of forecasting Bitcoin prices, signaling that reported earnings may remain volatile even if operating performance improves.
The company added that it publishes daily data on its BTC holdings, unrealized gains and losses, and related metrics, offering investors regular visibility into how price fluctuations affect its treasury position.