Metaplanet posts $680 million bitcoin writedown despite 45% revenue jump to $58 million

Tokyo-listed Metaplanet will report a net loss of approximately $491 million for 2025, primarily driven by a $680 million non-cash bitcoin writedown required under Japanese accounting standards.

The impairment comes despite the company’s operating revenue climbing 45% to $58 million (8.9 billion yen), lifted by stronger-than-expected returns from its bitcoin treasury operations as holdings surged from 1,762 BTC to 35,102 BTC during the year.

Metaplanet management emphasized that the rise in Metaplanet revenue from the Bitcoin segment is substantial, lifting full year revenue for that business to about $55 million up from the previously announced $40 million.

BTC holdings grew dramatically from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025 resulting in a BTC yield per diluted share of 568%, a key metric used to measure growth per share.

Looking ahead, Metaplanet has forecast Metaplanet revenue of roughly $103 million and operating income of $73 million for 2026.

Nearly all of this expected Metaplanet revenue will come from the Bitcoin income generation business with projected selling, general, and administrative expenses around $29 million.

While the company refrained from providing guidance on ordinary or net income for 2026 due to Bitcoin price volatility, management highlighted that the growth in Metaplanet revenue demonstrates the scalability of its treasury strategy.

Daily reporting of BTC holdings, unrealized gains and losses and related metrics continues to ensure transparency.

Analysts note that while Bitcoin impairment drives headline losses, the underlying operating performance and growth in Metaplanet revenue indicate strong operational momentum and investor confidence in its BTC strategy.

By strengthening its Bitcoin treasury and income generation business, Metaplanet expects to maintain significant growth in Metaplanet revenue positioning the company for a robust 2026 despite the volatility in crypto markets.