Quick Breakdown
- Metaplanet raised 2025 revenue and operating income forecasts despite a major Bitcoin impairment.
- A $680–700M non-cash BTC write-down is set to push the company into a deep annual loss.
- 2026 guidance points to strong growth, led almost entirely by Bitcoin income operations.
Tokyo-listed Bitcoin treasury firm Metaplanet has revised its revenue and operating income forecasts for 2025, even as it mentioned a substantial non-cash loss tied to Bitcoin price movements.
In a notice released Monday, the company said it now expects 2025 revenue of ¥8.9 billion ($58 million) and operating income of about $40 million, reflecting stronger-than-expected performance from its Bitcoin-linked businesses.
*Notice Regarding Revision of Full-Year Earnings Forecast for Fiscal Year Ending December 2025, Recording of Bitcoin Impairment Loss, and Announcement of Full-Year Earnings Forecast for Fiscal Year Ending December 2026* pic.twitter.com/VIKYRYb981
— Metaplanet Inc. (@Metaplanet) January 26, 2026
However, Metaplanet also projected an ordinary loss of roughly $632 million and a net loss of around $491 million, driven almost entirely by a large Bitcoin impairment charge.
Bitcoin write-down masks improving core performance
The projected loss stems from a $680–700 million Bitcoin impairment, a non-cash accounting adjustment based on year-end market prices of its BTC holdings. The company emphasized that the write-down does not affect cash flow or day-to-day operations.
Despite the accounting hit, Metaplanet said its Bitcoin Income Generation business significantly outperformed expectations in the fourth quarter. Full-year revenue from the segment is now estimated at around $55 million, up from a previously announced $40 million.
Meanwhile, the firm sharply expanded its Bitcoin treasury. BTC holdings surged from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025, with BTC yield per diluted share rising 568% year-on-year, a key metric Metaplanet uses to track shareholder exposure to Bitcoin.
Strong 2026 growth forecast, but no profit guidance
Looking ahead, Metaplanet issued upbeat guidance for 2026, forecasting revenue of about $103 million and operating income of roughly $73 million. Nearly all of that revenue is expected to come from the Bitcoin Income Generation unit, while selling, general and administrative expenses are projected at around $29 million.
Due to Bitcoin’s price volatility, the company declined to provide projections for ordinary or net income next year. Metaplanet said it will continue publishing daily disclosures on its Bitcoin holdings and unrealized gains and losses.
The company is scheduled to release its full-year 2025 results on February 16, 2026.
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