Japanese Bitcoin treasury firm Metaplanet has upgraded its revenue and operating income forecasts for 2025 and 2026, even as it prepares to report a massive non-cash Bitcoin impairment loss tied to year-end price fluctuations.
The Tokyo-listed company says its expanding Bitcoin income strategy is driving stronger underlying performance, setting the stage for nearly double the revenue in 2026.
Metaplanet Boosts 2025 Forecast While Posting Large Bitcoin Impairment
Metaplanet now expects 2025 revenue of ¥8.905 billion (around $58 million) and operating income of approximately $40 million, according to a company notice released Monday. This marks a notable improvement from earlier projections, largely driven by higher-than-expected returns from its Bitcoin income generation business.
However, the company is also forecasting an ordinary loss of roughly $632 million and a net loss of about $491 million for the year. These losses stem almost entirely from a Bitcoin impairment write-down estimated between $680 million and $700 million.
The write-down is a non-cash accounting adjustment, reflecting Bitcoin’s market price at the end of the reporting period rather than any realized loss. Metaplanet emphasized that this accounting treatment has no impact on cash flow or day-to-day operations.
Despite the expected headline loss, the company’s Bitcoin income business significantly outperformed expectations in the fourth quarter. Full-year revenue from this segment is now projected at around $55 million, up from the previously announced $40 million.
Bitcoin Treasury Growth and Strong 2026 Revenue Guidance
Metaplanet’s Bitcoin treasury strategy continued to scale rapidly throughout 2025. The company’s BTC holdings surged from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025.
One of the company’s key internal metrics, BTC yield per diluted share, reached 568% for the year, meaning the amount of Bitcoin backing each diluted share increased more than fivefold. This measure is used by Metaplanet to show how aggressively it is growing Bitcoin exposure on a per-share basis.
Looking ahead, Metaplanet forecasts 2026 revenue of approximately $103 million and operating income of $73 million, with nearly all revenue expected to come from its Bitcoin income generation activities. Selling, general, and administrative expenses are projected to total around $29 million.
Due to Bitcoin’s price volatility, the company has chosen not to provide guidance for net or ordinary income in 2026. Metaplanet continues to publish daily updates on its Bitcoin holdings, unrealized gains and losses, and treasury performance metrics, offering investors ongoing transparency into its strategy.
