Tokyo-listed Bitcoin treasury firm Metaplanet has significantly revised its financial outlook, signaling a massive scale-up in its digital asset operations. While the company faces a substantial non-cash impairment charge for 2025, its long-term growth trajectory for 2026 appears more aggressive than ever.
Updated Financial Guidance (2025–2026)
The company recently adjusted its projections, showing a clear divide between underlying operating success and year-end accounting adjustments.
| Metric | 2025 Forecast (Updated) | 2026 Guidance |
| Revenue | 8.905 Billion JPY (~$58M) | ~$103M |
| Operating Income | $40M | ~$73M |
| Net Result | ~$491M Loss (Projected) | N/A (BTC price volatility) |
The Bitcoin Paradox: Paper Losses vs. Massive Growth
Metaplanet is navigating a unique financial landscape where its “paper” losses tell a very different story than its actual business expansion.
- The Accounting Hit: The company anticipates a $680–$700 million Bitcoin impairment loss for 2025.
- The Reality Check: This is a non-cash adjustment driven by mark-to-market accounting at year-end prices. It has no direct impact on the company’s actual operations or cash liquidity.
- Explosive BTC Yield: Despite the accounting write-down, the Bitcoin treasury strategy is flourishing. The company’s BTC yield per diluted share—a key internal metric—surged by 568% over the year.
- Stacking Sats: Metaplanet’s total holdings skyrocketed from 1,762 BTC at the end of 2024 to 35,102 BTC by the end of 2025.
“The Bitcoin income generation business is expected to significantly exceed initial projections,” noted management regarding the strong performance in Q4 2025.
Looking Toward 2026
For the upcoming fiscal year, Metaplanet expects its Bitcoin-related revenue streams to provide the lion’s share of its projected $103 million in sales. With selling, general, and administrative (SG&A) expenses estimated at $29 million, the company is positioning itself for a highly efficient $73 million in operating income.
