Metaplanet books $680 million in Bitcoin impairment losses for FY2025…raises earnings outlook

Metaplanet, a Japan-based Bitcoin (BTC) treasury company, reported that it incurred impairment losses of about 104.6 billion yen (about $680 million) on its Bitcoin holdings in fiscal 2025.

According to The Block, a digital asset (cryptocurrency) news outlet, Metaplanet recognized the impairment as non-operating expenses amid a Bitcoin market correction. As a result, on a consolidated basis for fiscal 2025, ordinary loss is projected at 98.56 billion yen and net loss at 76.63 billion yen. Comprehensive loss attributable to shareholders was tallied at 54.02 billion yen. Final results are scheduled to be announced on the 16th of next month.

Metaplanet said, “While short-term accounting volatility is unavoidable given our business model, our medium- to long-term Bitcoin accumulation strategy and capital management plan are proceeding as scheduled.” The company added that the loss is an accounting expense that does not directly affect cash flow or operations.

According to the company, Bitcoin holdings stood at 35,102 as of end-2025, sharply up from 1,762 at end-2024. In particular, in Q4 2025 alone it deployed about $451.06 million to buy additional Bitcoin at an average purchase price of $105,412. Over the same period, Bitcoin was around $87,500 as of Dec. 31, 2025.

Despite recognizing the loss, Metaplanet raised its fiscal 2025 outlook. The company said results from its “Bitcoin yield generation business,” which uses Bitcoin derivatives and options strategies, were stronger than expected.

Metaplanet raised its 2025 revenue forecast by 31% to 8.9 billion yen from 6.8 billion yen, and lifted its operating profit outlook by 33.8% to 6.3 billion yen from 4.7 billion yen. On the funding front, it said capital management flexibility improved through measures including the issuance of convertible preferred shares and securing a $500 million credit facility.

For fiscal 2026, Metaplanet forecast revenue of 16.0 billion yen and operating profit of 11.4 billion yen—up 79.7% and 81.3%, respectively, versus its fiscal 2025 projections. It expects 15.6 billion yen in revenue from the Bitcoin yield generation business alone.

Meanwhile, Metaplanet shares listed on the Tokyo Stock Exchange fell 7.03% to 476 yen on the day. Shares traded on the U.S. OTC market closed at $3.26, up 1.56% from the previous session.