Metaplanet raises 2026 outlook despite $680M Bitcoin impairment

Tokyo-listed Bitcoin treasury firm Metaplanet raised its 2025 revenue and operating income forecasts while flagging a large non-cash Bitcoin impairment.

The company now expects 2025 revenue of 8.9 billion yen, or about $58 million, with operating income forecast at roughly $40 million.

Metaplanet projected an ordinary loss of around $632 million and a net loss of about $491 million due to a Bitcoin write-down of up to $700 million.

The impairment reflects mark-to-market accounting on Bitcoin holdings and does not affect cash flows or operations.

Bitcoin income generation revenue in the fourth quarter of 2025 exceeded expectations, lifting full-year segment revenue to about $55 million.

Metaplanet’s Bitcoin holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025.

The company reported a BTC yield per diluted share of 568% for 2025, indicating significant growth in Bitcoin backing per share.

For 2026, Metaplanet forecast revenue of roughly $103 million and operating income of around $73 million.

Nearly all 2026 revenue is expected to come from its Bitcoin income generation business, with operating expenses estimated at $29 million.

Metaplanet said it does not provide net income guidance for 2026 due to the difficulty of forecasting Bitcoin prices.

At the time of reporting, Bitcoin price was $88,256.35.