Metaplanet doubles revenue forecast despite ¥104.6B BTC loss

Metaplanet posts a ¥104.6bn bitcoin write-down for FY2025 but, backed by 35,102 BTC and its Bitcoin Income Generation unit, says cash flows are intact and forecasts ¥16bn revenue and ¥11.4bn operating income for FY2026.

  • Metaplanet revised FY2025 results and issued an FY2026 outlook after a large Bitcoin-related write-down.
  • The company’s Bitcoin Income Generation unit drives most growth, supported by about 35,102 BTC holdings worth more than $3 billion.
  • FY2025 revenue rose to 8.9 billion yen ($58 million) and operating income to 6.3 billion yen ($41 million), above prior forecasts.
  • A Q4 write-down of 104.6 billion yen (~$681 million) produced an ordinary loss of 98.6 billion yen (~$641 million) and a net loss of 76.6 billion yen (~$499 million), which the company said *”does not affect cash flows or business fundamentals.”*
  • For FY2026 the firm forecasts 16 billion yen ($104 million) in revenue and 11.4 billion yen ($74 million) in operating income, with nearly all sales tied to bitcoin activities.

Metaplanet, a Tokyo-listed firm, revised its FY2025 forecast and published its FY2026 outlook after a volatile end to 2025 that included a large bitcoin-linked accounting loss. The company said its expanding Bitcoin Income Generation business and new capital instruments underpinned stronger operating results and future guidance. See a company image here: company photo.

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Revenue for FY2025 reached 8.9 billion yen ($58 million), up from an earlier forecast of 6.8 billion yen ($44 million). Operating income rose to 6.3 billion yen ($41 million), an increase of roughly 34% over prior guidance.

The firm recorded a 104.6 billion yen (~$681 million) write-down on bitcoin holdings in Q4. That loss produced an ordinary loss of 98.6 billion yen (~$641 million) and a net loss of 76.6 billion yen (~$499 million). The company stated that the accounting loss "does not affect cash flows or business fundamentals."

Metaplanet holds about 35,102 BTC, worth more than $3 billion, and uses those holdings as collateral for structured option strategies inside its Bitcoin Income Generation unit. The company reported a BTC yield—growth in bitcoin holdings per share—up 568% year-on-year despite share dilution.

Capital changes included issuance of Class B perpetual preferred equity, MERCURY, a $500 million credit facility, and a senior Class A preferred share, MARS. Management said the moves reduced reliance on ordinary equity prices.

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For FY2026 the company forecasts 16 billion yen ($104 million) in revenue and 11.4 billion yen ($74 million) in operating income. About 97.5% of projected sales are expected from bitcoin-linked activities, with roughly 400 million yen ($2.6 million) coming from its hotel business. The company did not provide a net income forecast for 2026 due to Bitcoin Price volatility.

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