Metaplanet’s Strategic Pivot: Navigating Bitcoin’s Accounting Impact Amid Operational Surge

Metaplanet JP3481200008

Japanese investment firm Metaplanet has issued a significantly revised forecast for its fiscal year ending December 2025, revealing a stark dichotomy between a substantial paper loss and robust underlying business growth. The company's deepening commitment to Bitcoin as a treasury asset is central to this narrative, creating a complex financial picture for investors.

Despite anticipating a major non-cash impairment charge, Metaplanet has raised its operational outlook considerably. The company now projects revenue for FY2025 to reach 8.9 billion yen, marking an upward revision of 31%. Furthermore, its forecast for operating income has been lifted by nearly 34% to 6.3 billion yen.

Management attributes this projected operational growth primarily to sophisticated "Bitcoin income strategies." These involve generating yield from the company's substantial cryptocurrency holdings, such as through writing options contracts, rather than relying solely on price appreciation.

The Bitcoin Impairment Explained

A defining feature of the new guidance is an expected Bitcoin impairment expense of 104.6 billion yen (approximately $678 million) for FY2025. This accounting charge is mandated by Japanese regulations, which require cryptocurrency holdings to be written down to their market value at each period-end.

Company executives were quick to clarify the nature of this charge. They emphasized it is a non-cash valuation effect that does not impact the actual Bitcoin holdings or the liquidity and payment capacity of the core business operations.

Treasury Strategy Accelerates

Metaplanet's transformation into a corporate Bitcoin treasury is accelerating at a remarkable pace. The firm reported holding 35,102 BTC as of December 31, 2025. This represents a twenty-fold increase from the 1,762 BTC it held at the end of 2024.

Market data indicates the company was an aggressive buyer in the final quarter of 2025, acquiring Bitcoin worth roughly $451 million. The average purchase price for these acquisitions was about $105,412 per coin. Subsequent market prices falling below this entry level directly triggered the sizable impairment charge now projected.

The net result of this accounting dynamic is a forecasted consolidated net loss of 76.6 billion yen for FY2025. This bottom-line figure is almost entirely attributable to the Bitcoin valuation adjustment, overshadowing the improved operational performance.

Looking Ahead to an Ambitious 2026

For the following fiscal year ending December 2026 (FY2026), Metaplanet has outlined even more ambitious targets. The company forecasts revenue will nearly double to approximately 16 billion yen. Operating income is projected to rise sharply to 11.4 billion yen.

Once again, the majority of this anticipated income is expected to stem from Bitcoin-related yield-generation activities on the company's own holdings, not from speculative price gains.

Market Response and Strategic Positioning

The announcement on January 26, 2026, prompted an immediate negative reaction in Tokyo trading, with Metaplanet's stock price declining by approximately 7%. Investors appeared to initially focus on the headline net loss figure for 2025, despite the upward revisions to sales and operating profit.

With this strategic update, Metaplanet firmly aligns itself with other publicly-listed companies adopting significant Bitcoin treasury strategies. The impairment charge underscores the inherent volatility and accounting implications of this approach. Simultaneously, the raised operational targets demonstrate an attempt to actively monetize these holdings through derivative-based income strategies.

Key Date for Final Results

The market will gain full clarity on these projections when Metaplanet releases its final audited results for FY2025 on February 16, 2026. This report will detail the exact scale of the impairment charge, the final operational profit, and the contribution from Bitcoin-earning activities.

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Essential Data Summary

• Announcement Date: 26 January 2026 (Forecast Revision)
• Bitcoin Holdings: 35,102 BTC (as of 31 December 2025)
• FY2025 Bitcoin Impairment: 104.6 billion yen (non-cash charge)
• FY2025 Revenue Forecast: 8.9 billion yen (revised upward)
• FY2026 Revenue Forecast: 16 billion yen
• Next Key Milestone: 16 February 2026 (Final FY2025 Results Publication)