Metaplanet Forecasts Dramatic Earnings Rebound Amid Bitcoin Strategy Shift

Metaplanet projects strong 2026 profit, pays preferred dividends, and holds 35,102 BTC despite a record 2025 net loss driven by Bitcoin impairment charges.

Shares of Metaplanet advanced in Thursday's trading session. The Tokyo-based Bitcoin treasury company has issued a bullish profit forecast for its 2026 fiscal year and announced dividend payments for its Class B preferred shares, signaling confidence despite posting a record net loss for 2025.

CEO Addresses Critics as Analyst Adjusts Target

Market sentiment received mixed signals in late February 2026. Cantor Fitzgerald revised its price target for Metaplanet downward from $6.00 to $3.00 on February 18, while maintaining an Overweight rating. The firm cited concerns over weak gross margins in recent quarterly results.

In response to anonymous critics who alleged the company was obscuring Bitcoin trading losses, CEO Simon Gerovich issued a rebuttal reported by TipRanks on February 20. He pointed to a $58 million increase in revenue as clear evidence supporting the viability of the firm's core strategy.

A Detailed Look at the Financial Forecast

According to a report from Simply Wall St. dated February 26, 2026, Metaplanet projects substantial growth for the fiscal year ending March 31, 2026. The company anticipates revenue of 16,000 million yen and an operating profit of 11,400 million yen.

This optimistic outlook follows a tumultuous 2025. While the company achieved staggering revenue growth of 738% year-over-year to 8,905 million yen, as reported by CoinDesk, it simultaneously recorded a net loss of 95,046 million yen. This loss was almost entirely attributable to a non-cash Bitcoin impairment charge of 102.2 billion yen (approximately $650 million). The accounting adjustment reflected Bitcoin's decline from its peak near $125,000 to below $90,000 by the end of 2025.

Notably, the firm's operational performance told a different story. Operating profit for 2025 surged to 6.29 billion yen, representing a seventeen-fold increase from the prior year. This surge was primarily driven by premium income from Bitcoin option sales, which skyrocketed from 691 million yen to 7.98 billion yen. Bitcoin-related business accounted for 95% of Metaplanet's total revenue.

New Dividend and Evolving Capital Strategy

In a parallel development, Metaplanet declared quarterly dividends for its Class B preferred stock. This move initiates a planned return of capital to preferred shareholders. Common shareholders, however, continue to experience dilution from recent equity and warrant offerings.

An analysis from Seeking Alpha on February 25, 2026, indicates the company is diversifying its financing methods beyond Moving-Strike Warrants. Metaplanet is now utilizing perpetual preferred stock instruments—named "MERCURY" and "MARS"—a strategy that mirrors the approach of Strategy Inc. (formerly MicroStrategy). The MERCURY issuance alone raised 21.2 billion yen through a private placement.

Bitcoin Holdings and Ambitious Accumulation Plan

Metaplanet's corporate treasury currently holds 35,102 BTC, ranking it as the world's fourth-largest publicly traded Bitcoin holder behind Strategy Inc., MARA Holdings, and Twenty One Capital. The average purchase price sits at approximately $107,000 per coin. With Bitcoin's current market price fluctuating between $64,000 and $68,000, the portfolio carries significant unrealized losses.

Undeterred, the company has outlined an aggressive acquisition strategy dubbed the "555-Million-Plan." The goal is to expand its Bitcoin holdings to 100,000 BTC by the end of 2026 and ultimately to 210,000 by 2027.

Stock Performance Snapshot

Metaplanet's shares closed at 319 yen on the Tokyo exchange on February 20, 2026. This price remains substantially below its 52-week high of 1,930 yen, with an annual low of 291 yen. In over-the-counter (OTC) trading, the stock has traded within a range of $1.51 to $16.00.