Tokyo‑listed Bitcoin treasury company Metaplanet raised its 2025 revenue and operating income forecasts and flagged a large non‑cash Bitcoin write‑down, while sharply increasing guidance for 2026.
The company now expects 2025 revenue of 8.905 billion Japanese yen (about $58 million) and operating income of $40 million, according to a Monday notice.
Despite an improved operating outlook, Metaplanet forecasts an ordinary loss of $632 million and a net loss of $491 million. Both figures are driven by a Bitcoin impairment loss of about $680–$700 million, which is a non‑cash write‑down of the value of its Bitcoin (BTC) holdings at year‑end prices.
That leaves Metaplanet on track to post a deep annual loss for 2025, despite stronger underlying operating performance, when it files its full‑year results on Feb. 16.
Metaplanet management said that Q4 2025 revenue from its Bitcoin income generation business “is expected to significantly exceed initial projections,” lifting full‑year revenue in that segment to about $55 million, up from $40 million previously announced.
Related: Strategy kickstarts 2026 with $116M Bitcoin buy as Q4 paper loss hits $17B
Bitcoin impairment and BTC yield
The filing explains that the impairment stems from quarter‑end mark‑to‑market accounting and is a “non‑cash accounting adjustment reflecting period-end price fluctuations and has no direct impact on the Company's cash flows or operations.”
At the same time, Metaplanet’s Bitcoin treasury business continued to grow. BTC holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, with BTC yield per diluted share reaching 568% for the year. In other words, the amount of Bitcoin backing each diluted share increased by 568%, a metric the company uses to track BTC growth on a per share basis.
Because of the difficulty of forecasting Bitcoin prices, the company does not provide guidance for ordinary income or net income for 2026.
2026 guidance and spending
For 2026, Metaplanet forecasts revenue of around $103 million and operating income of $73 million, with almost all that revenue expected from the Bitcoin income generation business, with selling, general and administrative expenses of about $29 million.
Metaplanet publishes daily data on its BTC holdings, unrealized gains and losses and related metrics.
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