Japanese Bitcoin treasury firm Metaplanet has reported a substantial accounting loss for fiscal year 2025, but the company says its long-term confidence in Bitcoin remains firmly intact. The firm disclosed a 104.6 billion yen impairment, equivalent to about $680 million, tied to the decline in Bitcoin prices during the year. Despite the scale of the figure, Metaplanet emphasised that the loss is non-cash and does not affect its underlying operations or liquidity.
The impairment reflects Metaplanet’s accounting practice of marking its Bitcoin holdings to market at the end of each quarter. As a result, the downturn in crypto prices translated into a paper loss rather than an operational setback. The company also noted that foreign exchange movements helped soften the impact, with a weaker yen generating translation gains of roughly 22.6 billion yen. After accounting for these effects, the net reduction in Bitcoin’s value stood at around 82 billion yen.
Even as the market weakened, Metaplanet significantly expanded its Bitcoin reserves. Holdings surged from 1,762 BTC at the end of 2024 to 35,102 BTC by the close of 2025. Chief executive Simon Gerovich revealed that the firm spent approximately $451 million in the final quarter of the year alone, acquiring Bitcoin at an average price of $105,412 per coin. Bitcoin was trading closer to $87,500 at year-end, contributing to the impairment. Nevertheless, the company reported a BTC yield of 568 per cent, highlighting strong growth in Bitcoin held per diluted share.
Financially, the impairment is expected to push Metaplanet to a consolidated ordinary loss of 98.56 billion yen and a net loss of 76.63 billion yen for the year, with a comprehensive loss attributable to shareholders projected at 54.02 billion yen. Final results are scheduled for release on February 16, 2026. At the same time, the firm raised its full-year revenue forecast to 8.9 billion yen, representing a 31 per cent increase from its earlier guidance. Operating income is now expected to reach 6.3 billion yen, up nearly 34 per cent from prior estimates.
A major driver of this improved outlook has been Metaplanet’s Bitcoin Income Generation business, which employs options and derivatives strategies. Performance in this segment exceeded expectations in the fourth quarter, prompting the company to lift its revenue forecast for the unit to 8.6 billion yen for the year. To support expansion, Metaplanet secured fresh funding through the issuance of Series B perpetual convertible preferred shares and a $500 million credit facility.
Looking ahead, the company forecasts 2026 revenue of 16 billion yen and operating income of 11.4 billion yen, representing roughly 80 per cent growth year on year. Most of this is expected to come from Bitcoin Income Generation, while its hotel business is projected to remain stable. Although it offered no net income guidance due to Bitcoin’s price volatility, Metaplanet reaffirmed its intention to continue accumulating Bitcoin, a stance that sets it apart from many corporate treasury peers during market downturns.
