Metaplanet Boosts 2026 Projections Despite Bitcoin Impairment Exceeding $670M
Tokyo-based Bitcoin treasury firm Metaplanet has elevated its financial projections for 2025 while anticipating nearly doubled revenue in 2026, driven by expanding BTC revenue streams and treasury operations.
Metaplanet, the Bitcoin treasury firm listed on the Tokyo exchange, has upgraded its revenue and operating income projections for 2025 and announced a substantial non-cash Bitcoin impairment charge, while simultaneously boosting its outlook for 2026 significantly.
The firm is now projecting 2025 revenue to reach 8.905 billion Japanese yen (roughly $58 million) alongside operating income of approximately $40 million, based on a notice released Monday.
While operating performance has improved, the company anticipates recording an ordinary loss of approximately $632 million and a net loss of roughly $491 million. These losses are primarily attributable to a Bitcoin impairment charge ranging from $680 to $700 million, representing a non-cash accounting adjustment reflecting the reduced value of its Bitcoin (BTC) portfolio at year-end pricing.
This means Metaplanet is set to report a significant annual loss for 2025 even as its core operating metrics strengthen, with full-year financial statements scheduled for release on Feb. 16, 2026.
According to Metaplanet's management team, fourth quarter 2025 revenue generated from its Bitcoin Income Generation business "is expected to significantly exceed initial projections," pushing total annual revenue for that division to approximately $55 million, compared to the roughly $40 million figure previously disclosed.
Bitcoin impairment and BTC yield
The company's filing clarifies that the impairment charge results from quarter-end mark-to-market valuation requirements and represents a "non-cash accounting adjustment reflecting period-end price fluctuations and has no direct impact on the Company's cash flows or operations."
Concurrently, the company's Bitcoin Treasury operations experienced continued expansion. The firm's BTC position grew from 1,762 BTC at year-end 2024 to 35,102 BTC by the conclusion of 2025, achieving a BTC yield per diluted share of 568% for the year. Put differently, the quantity of Bitcoin supporting each diluted share expanded by 568% throughout 2025, a performance indicator the company employs to measure BTC accumulation on a per-share basis.
Due to the inherent unpredictability of Bitcoin price movements, the company has opted not to issue guidance for ordinary income or net income projections for 2026.
2026 guidance and spending
Looking ahead to 2026, Metaplanet projects revenue of approximately $103 million alongside operating income of roughly $73 million, with the Bitcoin Income Generation business alone anticipated to generate nearly all of that revenue figure, while selling, general and administrative expenses are expected to total approximately $29 million.
The company makes publicly available daily updates regarding its BTC position, unrealized profit and loss figures, and other relevant performance indicators.