Metaplanet, a Tokyo‑listed Bitcoin treasury company, on Monday raised its 2025 revenue and operating income forecasts while warning of a large year‑end Bitcoin impairment that will produce heavy annual losses. The company now expects 2025 revenue of about $58 million and operating income of about $40 million, but it forecasts an ordinary loss of $632 million and a net loss of $491 million due to a $680–$700 million Bitcoin write‑down.
As stated, management said Q4 revenue from its Bitcoin income generation business “is expected to significantly exceed initial projections,” raising that segment’s full‑year revenue to about $55 million, up from $40 million previously.
The filing calls the impairment a mark‑to‑market accounting entry and describes it as “a non‑cash accounting adjustment reflecting period-end price fluctuations and has no direct impact on the Company’s cash flows or operations.” (Ed. note: the charge reflects year‑end BTC prices, not cash outflows.)
Metaplanet increased its BTC holdings from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, and reported a BTC backing per diluted share rise of 568%. For 2026 the company forecasts roughly $103 million in revenue, $73 million in operating income, and about $29 million in selling, general and administrative expenses, and it publishes daily data on BTC holdings and unrealized gains.
