In a significant financial update, Metaplanet has disclosed an unrealized impairment loss of $680 million related to its bitcoin holdings for the fiscal year 2025. The company clarified that this impairment represents a non-operating expense, ensuring that it does not affect its operational cash flow or overall business activities.
For the year ending December 31, 2025, Metaplanet anticipates a consolidated net loss of $498 million alongside a comprehensive loss of $351 million. By the conclusion of 2025, the company”s bitcoin holdings had surged to 35,102 BTC, a substantial increase from the 1,762 BTC it held the previous year.
During the fourth quarter of 2025, Metaplanet invested $451.06 million, acquiring bitcoin at an average price of $105,412 per BTC. This aggressive accumulation occurred despite the declining market prices, which resulted in the substantial impairment loss recorded at the year”s end when bitcoin traded at approximately $87,500.
The firm attributed the $680 million impairment to the disparity between its acquisition cost and the market price of its bitcoin assets. Metaplanet emphasized that this loss is merely a reflection of market conditions and does not hinder its liquidity or operational capabilities. The company remains committed to its strategy of accumulating bitcoin, stating, “While short-term accounting volatility is inherent to our business model, our BTC accumulation and capital strategy remain on track.”
In light of these developments, Metaplanet has adjusted its revenue forecasts for 2025, projecting a 31% increase to ¥8.9 billion ($57.8 million). Furthermore, the company revised its operating income outlook upward by 33.8% to ¥6.3 billion ($41 million), driven by better-than-expected performance from its bitcoin income-generating ventures.
Looking ahead to fiscal year 2026, Metaplanet has set ambitious revenue targets, projecting earnings of ¥16 billion ($104 million), marking a staggering 79.7% increase over the 2025 estimates. The anticipated operating income for 2026 is set at ¥11.4 billion ($74 million), which reflects an 81.3% rise from previous forecasts. This growth is attributed to the expansion of its bitcoin income generation business, which is expected to yield ¥15.6 billion ($101.3 million) in revenue.
Metaplanet”s recent financial maneuvers, including a $500 million credit facility and the issuance of Series B convertible preferred stock, have provided it with enhanced flexibility to deploy capital into various bitcoin-related strategies. The firm expressed its intent to continue developing income-generating strategies utilizing its bitcoin assets, which are vital for supporting its revenue and operating growth.
In market reactions, Metaplanet”s shares listed in Tokyo dropped by 7.03% to 476 yen, while its OTC shares in the U.S. saw a modest increase of 1.56% to close at $3.26. The final audited results for the fiscal year 2025 are scheduled for release on February 16, 2026.
