Metaplanet

2024

2026

Bitcoin

Generation

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 <a href="https://metaplanet.jp/disclosure/en/1769413778206-(1_26_26)%20Notice%20Regarding%20Revision%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202025,%20Recording%20of%20Bitcoin%20Impairment%20Loss,%20and%20Announcement%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202026%20(5).pdf" rel="nofollow noopener" target="_blank" title="https://metaplanet.jp/disclosure/en/1769413778206-(1_26_26)%20Notice%20Regarding%20Revision%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202025,%20Recording%20of%20Bitcoin%20Impairment%20Loss,%20and%20Announcement%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202026%20(5).pdf">expects</a> 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 (<a href="/bitcoin-price">BTC</a>) 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.
<figure> 
 <img alt="Metaplanet raises 2026 outlook as Bitcoin write-down tops $680M" src="https://s3.cointelegraph.com/uploads/2026-01/019bf99c-219c-7f7b-a668-ba316dc50507.png" title="">
 <figcaption style="text-align: center;">
 Notice regarding revision of full-year earnings forecast. Source: <a href="https://metaplanet.jp/disclosure/en/1769413778206-(1_26_26)%20Notice%20Regarding%20Revision%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202025,%20Recording%20of%20Bitcoin%20Impairment%20Loss,%20and%20Announcement%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202026%20(5).pdf" rel="nofollow noopener" target="_blank" title="https://metaplanet.jp/disclosure/en/1769413778206-(1_26_26)%20Notice%20Regarding%20Revision%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202025,%20Recording%20of%20Bitcoin%20Impairment%20Loss,%20and%20Announcement%20of%20Full-Year%20Earnings%20Forecast%20for%20Fiscal%20Year%20Ending%20December%202026%20(5).pdf">Metaplanet</a>
 </figcaption>
</figure>
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: <a href="https://cointelegraph.com/news/strategy-2026-116m-bitcoin-buy-17b-loss-q4" rel="" target="_self" title="https://cointelegraph.com/news/strategy-2026-116m-bitcoin-buy-17b-loss-q4">Strategy kickstarts 2026 with $116M Bitcoin buy as Q4 paper loss hits $17B</a>
<h2 id="bitcoin-impairment-and-btc-yield">Bitcoin impairment and BTC yield</h2>
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.”&nbsp;
At the same time, Metaplanet’s <a href="https://cointelegraph.com/news/metaplanet-becomes-world-s-5th-largest-corporate-bitcoin-holder-with-633m-buy" rel="" target="_self" title="https://cointelegraph.com/news/metaplanet-becomes-world-s-5th-largest-corporate-bitcoin-holder-with-633m-buy">Bitcoin treasury business continued to grow</a>. 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.
<h2 id="2026-guidance-and-spending">2026 guidance and spending</h2>
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 <a href="https://metaplanet.jp/jp/analytics" rel="noopener nofollow" target="_blank">publishes</a> daily data on its BTC holdings, unrealized gains and losses and related metrics.
Big questions: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/">Would Bitcoin survive a 10-year power outage?</a>

Metaplanet raises 2026 outlook as Bitcoin write-down tops $680M

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