- The company lifted its 2025 operating income guidance to $40 million.
- A non-cash Bitcoin impairment of $680 million to $700 million is expected for 2025.
- Metaplanet projected a $632 million ordinary loss and $491 million net loss for 2025.
Metaplanet, a Tokyo-listed Bitcoin treasury company, has raised its revenue and operating income forecasts for 2025 and issued significantly higher guidance for 2026, while also flagging a large non-cash Bitcoin write-down that will dominate its annual results.
In a notice released on Monday, the company said its Bitcoin income generation business is expected to deliver stronger-than-anticipated performance, particularly in the fourth quarter of the year.
However, Metaplanet also projected a steep ordinary loss and net loss for 2025, driven primarily by accounting adjustments tied to Bitcoin’s valuation at year-end.
The company is scheduled to file its full-year results on Feb. 16.
Revenue upgrade driven by Bitcoin income generation
Metaplanet now expects 2025 revenue of 8.905 billion Japanese yen, roughly $58 million, based on its updated guidance.
The company also raised its operating income forecast to $40 million, signaling improved operating performance despite broader market volatility impacting its holdings.
Management said Q4 2025 revenue from its Bitcoin income generation business “is expected to significantly exceed initial projections,” which led it to lift full-year revenue guidance for that segment to about $55 million.
That compares with roughly $40 million previously announced, reflecting a substantial upgrade in the contribution from its Bitcoin-linked revenue stream.
Large impairment set to drive headline loss
Even with stronger operating forecasts, Metaplanet expects to report a deep annual loss for 2025.
The company projected an ordinary loss of $632 million and a net loss of $491 million. Those figures are largely attributable to a Bitcoin impairment loss estimated at approximately $680 million to $700 million, which is expected to be recognized in its year-end reporting.
Metaplanet explained the impairment is a “non-cash accounting adjustment reflecting period-end price fluctuations” and said it has no direct impact on its cash flows or day-to-day operations.
The notice linked the impairment to quarter-end mark-to-market accounting treatment and referenced Bitcoin holdings valued at year-end prices, with Bitcoin shown at $87,876 in the disclosure.
BTC holdings and treasury metrics expand sharply
Metaplanet also reported rapid growth in its Bitcoin treasury business during 2025, highlighting how the company has expanded its exposure to Bitcoin while building income-generation activities around its holdings.
BTC holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, a substantial increase in the company’s balance sheet allocation to Bitcoin.
The company reported BTC yield per diluted share of 568% for the year. Metaplanet uses this metric to show how much Bitcoin backing each diluted share has increased, offering a per-share perspective on its accumulation.
While the impairment is expected to weigh heavily on reported net results, Metaplanet’s updated figures indicate it is continuing to expand its treasury position and Bitcoin-linked operations at pace.
2026 guidance rises but earnings remain uncertain
For 2026, Metaplanet forecast revenue of about $103 million and operating income of $73 million, representing a sharp increase from its 2025 targets.
The company said nearly all of its 2026 revenue is expected to come from the Bitcoin income generation business, underscoring the segment’s central role in its model.
Metaplanet also projected selling, general and administrative expenses of around $29 million for 2026 as it scales operations.
However, it will not provide guidance for ordinary income or net income for 2026 because forecasting Bitcoin prices remains difficult, indicating that future reported earnings could stay 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 ongoing visibility into how price swings affect its treasury position.