Tokyo-listed Bitcoin treasury firm Metaplanet Inc. has released a major earnings update, revising its full-year forecast for fiscal 2025 and providing an optimistic outlook for 2026. The update follows a significant non-cash accounting loss tied to the decline in Bitcoin's price.
The company reported a Bitcoin impairment loss of ¥104.6 billion (approximately $670–700 million) for the fiscal year ending December 2025. This adjustment is mandated by Japanese accounting rules, which require Bitcoin holdings to be marked to market each quarter. As a result, Metaplanet expects to report a net loss of ¥76.6 billion (about $491 million) for FY2025. Management emphasized that this is a paper loss with no impact on cash flows, operations, or the firm's actual Bitcoin holdings.
Despite the impairment, Metaplanet's underlying business operations performed strongly. The company raised its FY2025 revenue forecast to ¥8.9 billion ($58 million) and its operating profit estimate to ¥6.3 billion ($40 million). The primary driver was its Bitcoin Income Generation business, which utilizes options strategies. Revenue from this segment in Q4 2025 "significantly exceeded initial projections," lifting the full-year segment revenue to around $55 million.
Metaplanet's Bitcoin holdings grew dramatically over the year, increasing from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025. The firm highlighted that its Bitcoin yield per diluted share reached 568% for the year, a key metric for its strategy of growing Bitcoin per share.
Looking ahead to fiscal 2026, the company shared a confident forecast, expecting revenue to reach ¥16 billion ($103 million) and operating profit of ¥11.4 billion ($73 million). It anticipates most of this growth will come from its Bitcoin income business, supported by its larger BTC position. However, due to Bitcoin price volatility, Metaplanet did not provide net profit guidance for 2026. The company plans to release its final FY2025 earnings on February 16, 2026.
