Metaplanet reports $680 million in unrealized bitcoin losses

Japan’s bitcoin treasury firm Metaplanet reported ¥104.6 billion — about $680 million — in unrealized losses for 2025 after a drop in bitcoin’s market value triggered a major accounting impairment.

The company stressed the loss is non-operational and does not affect cash flow or ongoing activity. Even so, Metaplanet now expects a consolidated ordinary loss of ¥98.56 billion ($640 million) and a net loss of ¥76.63 billion ($498 million) for 2025. The projected loss attributable to shareholders is ¥54.02 billion ($351 million). Final results will be released on February 16.

Despite the sharp markdown, Metaplanet continued to expand its bitcoin reserves aggressively. By year-end 2025, the company held 35,102 BTC, up from 1,762 BTC the year before. In the fourth quarter alone, it purchased $451 million in bitcoin at an average price of $105,412 per coin. Bitcoin traded near $87,500 on December 31, triggering the impairment.

At the same time, Metaplanet raised its financial outlook. The company increased its 2025 revenue forecast to ¥8.9 billion ($57.8 million), up 31% from its previous estimate, citing gains from its Bitcoin Income Generation business, which uses BTC options and derivatives. The operating-income forecast was also revised upward to ¥6.3 billion ($41 million), a 33.8% increase.

Metaplanet said the improved projections reflect more flexible capital management, including the issuance of Series B preferred convertible shares and a $500 million credit facility.

The company also issued guidance for 2026: expected revenue of ¥16 billion ($104 million) and operating income of ¥11.4 billion ($74 million). Nearly all anticipated growth is tied to its bitcoin income-generation operations, projected to contribute ¥15.6 billion ($101.3 million).

Metaplanet’s Tokyo-listed shares fell 7% to ¥476. Its OTC-traded stock in the United States ended the prior session up 1.56% at $3.26.