- Metaplanet raised its 2025 and 2026 revenue guidance as its Bitcoin income business grows.
- A non-cash Bitcoin impairment of nearly $680M will drive a large net loss for 2025.
- The firm sharply increased BTC holdings and focuses on per-share Bitcoin yield growth.
Metaplanet, as it is called, is a Japanese-listed firm that runs a bitcoin treasury. The firm, which is based in Japan, raised its guidance for revenue and operating profit for 2025 while issuing far more robust guidance for 2026, even as it is about to take an enormous non-cash impairment charge on its bitcoin holding.
The company now expects 2025 revenue to reach about 8.9 billion Japanese yen, roughly $58 million, alongside operating income near $40 million. Management attributes the upgrade to stronger-than-expected performance from its Bitcoin income generation segment, particularly in the fourth quarter.
However, headline profit figures tell a different story. Metaplanet projects ordinary loss of about $632 million and net loss of about $491 million in 2025. The ordinary and net loss are attributed to a Bitcoin impairment charge of about $680 to $700 million. Metaplanet marks its BTC holdings at a market value based on end-of-period prices, thereby leading to a paper loss when a decrease in prices from the previous book value arises.
Management stresses that this impairment does not affect cash flow or day-to-day operations. The write-down reflects accounting rules rather than a sale of assets. Still, the scale of the charge means Metaplanet will report a deep annual loss when it releases full-year results in February.
Bitcoin strategy keeps expanding
While accounting losses dominate the income statement, Metaplanet’s core strategy continues to scale. The company increased its Bitcoin holdings from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025. That dramatic rise underpins its identity as a Bitcoin treasury vehicle.
The firm also tracks a metric it calls BTC yield per diluted share. This figure rose 568% over the year, meaning each diluted share now represents significantly more Bitcoin than before. Management uses this measure to show how shareholder exposure to BTC grows over time, regardless of short-term price swings.
2026 outlook turns more bullish
Looking ahead, Metaplanet forecasts 2026 revenue of about $103 million and operating income of roughly $73 million. Most of that revenue should come from its Bitcoin income generation business, which includes strategies that monetize its BTC holdings.
The company plans to keep operating costs relatively contained, with selling, general, and administrative expenses projected at $29 million. However, it does not provide guidance for ordinary or net income in 2026. Management cites the difficulty of forecasting Bitcoin prices, which directly affect accounting outcomes.
Metaplanet also continues to publish daily data on its BTC holdings and unrealized gains or losses. That transparency supports its positioning as a public vehicle designed to give investors leveraged exposure to Bitcoin’s long-term trajectory.
In short, Metaplanet’s update shows a company that accepts short-term accounting pain while doubling down on a Bitcoin-centric growth model.
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