Metaplanet Reports $680M Bitcoin Losses, Projects 2026 Revenue Rise

TLDR

• Metaplanet reported an unrealized bitcoin impairment loss of $680 million for the fiscal year 2025.
• The company confirmed that the impairment is a non-operating expense and does not impact its cash flow or operations.
• Metaplanet expects a consolidated net loss of $498 million and a comprehensive loss of $351 million for 2025.
• By the end of 2025, the company held 35,102 BTC which increased from 1,762 BTC held the previous year.
• The company spent $451.06 million in the fourth quarter of 2025 at an average purchase price of $105,412 per BTC.

Metaplanet reported a 104.6 billion ($680 million) impairment on its bitcoin holdings during the 2025 fiscal year, while it projected higher revenues and operating income based on better-than-expected results from its Bitcoin income-generating business.

Even though it also reported a comprehensive loss of 54.02 billion ($351 million) for the year ended December 31, 2018. 2025. The company clarified that the impairment was a non-operating expense and did not affect cash flow or operations. Final audited results will be released on February 16, 2026.

Metaplanet Records ¥104.6 Billion Bitcoin Impairment in 2025

Metaplanet confirmed a Bitcoin impairment of ¥104.6 billion ($680 million) due to lower BTC prices at year-end. This loss contributed to a consolidated ordinary loss of ¥98.56 billion ($640 million) for the fiscal year. The company also expects a net loss of ¥76.63 billion ($498 million) for 2025.

The firm stated that the loss would not impact operational activities or liquidity. It explained that the impairment was a paper loss reflecting market conditions as of December 31, 2025. The company reaffirmed that its strategy of accumulating BTC would remain unaffected.

The unrealized loss was attributed to the difference between the acquisition cost and market price of its BTC holdings. Bitcoin traded at approximately $87,500 at the end of 2025.

Bitcoin Holdings Increased to 35,102 BTC by Year-End

By December 2025, Metaplanet held 35,102 BTC, up from 1,762 BTC in the previous year. The company invested $451.06 million in Q4 2025 alone, buying BTC at an average price of $105,412. This aggressive buying occurred despite market prices falling by year-end.

Metaplanet’s BTC purchases suggest long-term confidence despite near-term losses. The drop in bitcoin’s price led to unrealized losses on these acquisitions. Still, the company remained focused on increasing holdings and optimizing BTC-related revenue streams.

Its BTC income generation arm uses derivatives and options strategies to offset volatility. As a result, Metaplanet revised its 2025 revenue forecast up by 31% to ¥8.9 billion ($57.8 million). Operating income was also revised upward by 33.8% to ¥6.3 billion ($41 million).

Forecast Raised for Fiscal 2026 with Expanded BTC Income Business

For fiscal 2026, Metaplanet projected revenue of ¥16 billion ($104 million), reflecting a 79.7% increase over 2025 estimates. It also forecasted operating income of ¥11.4 billion ($74 million), up 81.3% from its 2025 outlook. The growth is attributed to expanding the bitcoin income generation business.

The company expects this BTC-focused business to generate ¥15.6 billion ($101.3 million) in revenue in 2026. It cited increased flexibility from a $500 million credit facility and issuance of Series B convertible preferred stock. These funding sources allowed capital deployment into BTC-related strategies beyond initial plans.

“As a result, we were able to deploy capital more flexibly,” Metaplanet stated in its press release. The firm emphasized ongoing development in income-generating strategies using BTC assets. These strategies continue to support the firm’s revenue and operating growth.

On Monday, Metaplanet’s Tokyo-listed shares declined by 7.03% to 476 yen, per Google Finance. In contrast, its U.S.-traded OTC shares rose 1.56% to close at $3.26 on Friday. Final earnings for fiscal year 2025 are scheduled for publication on February 16, 2026.

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