Japan’s most visible corporate adopter of metaplanet bitcoin assets has updated investors on earnings, guidance, and its evolving balance sheet exposure.
Metaplanet lifts FY2025 guidance despite market headwinds
Metaplanet Inc., a Tokyo-listed bitcoin treasury firm, revised its full-year forecast for fiscal 2025 after a stronger-than-expected operating performance. However, the update also reflected the impact of a sharp accounting loss tied to the latest Bitcoin price decline.
The company said its core business operations performed better than earlier projections. Moreover, it emphasized that the main earnings engine remains its bitcoin income generation business, which applies Bitcoin-related options strategies to its large holdings.
As of the end of the period, Metaplanet reported total holdings of 35,102 BTC, up sharply from 1,762 BTC one year earlier. That said, management reiterated that, despite the size of its position, its long term digital asset strategy remains unchanged.
FY2025 revenue and profit forecast revisions
For fiscal year 2025, Metaplanet raised its revenue forecast to ¥8.9 billion. In parallel, it lifted its operating profit estimate to ¥6.3 billion, reflecting the stronger contribution from its options-based Bitcoin activities.
The company framed these changes in a formal notice titled “Notice Regarding Revision of Full-Year Earnings Forecast for Fiscal Year Ending December 2025, Recording of Bitcoin Impairment Loss, and Announcement of Full-Year Earnings Forecast for Fiscal Year Ending December 2026”. Moreover, it said the upward revisions illustrate the scalability of its operating model.
In the fourth quarter, revenue from the income generation segment exceeded internal expectations. According to Metaplanet, the business earned more than planned because the group expanded its funding sources and increased capital flexibility.
To support this growth, the firm executed a preferred stock issuance and arranged a large credit facility. As a result, it could deploy capital more dynamically across its Bitcoin-driven strategies. At the same time, its hotel business performance stayed stable, providing an additional earnings base.
Together, these factors pushed full-year performance above earlier targets for both revenue and operating profit. Management said the robust numbers demonstrate that the model remains resilient even as broader market conditions shift.
Bitcoin impairment loss drives large paper deficit
Alongside the upgraded operational guidance, Metaplanet disclosed a substantial bitcoin impairment loss. The company booked a ¥104.6 billion impairment because Bitcoin prices were lower at the end of December 2025 than at prior measurement dates.
This adjustment follows Japanese accounting rules requiring cryptocurrencies to be marked to market each quarter. However, the company stressed that the impairment is an accounting entry rather than a reflection of forced selling or reduced strategic exposure.
Due to this impairment, Metaplanet now expects to report a net loss of ¥76.6 billion for FY2025. Management underlined that this loss is non-cash and does not affect the group’s actual Bitcoin holdings or its day-to-day operations.
Moreover, the firm highlighted that foreign exchange movements partially offset the headline impairment. A weaker yen generated gains on U.S. dollar-denominated assets, narrowing the overall hit to its balance sheet.
After including these currency effects, the net reduction in Bitcoin asset value was about ¥82 billion. Metaplanet urged investors to assess the impairment and FX-related gains together when evaluating the impact on shareholders.
2026 forecast underlines confidence in the model
Looking ahead, the company provided an optimistic forecast for fiscal 2026. It expects revenue to reach ¥16 billion and projects operating profit of ¥11.4 billion, assuming continued strength in its options-based strategies.
According to Metaplanet, much of this growth should come from its enlarged Bitcoin position, which it believes can support more stable premium income. Moreover, it anticipates steady contributions from its hotel operations, which have proven relatively resilient.
However, Metaplanet did not issue a net profit forecast for 2026. The company said Bitcoin prices remain too volatile to model with sufficient accuracy for bottom-line guidance, especially under Japanese accounting standards.
Management reiterated that Metaplanet bitcoin remains one of Asia’s most aggressive corporate exposure profiles to the asset. The strategy focuses on steadily increasing Bitcoin per share over time, rather than short-term price moves.
Balance sheet strategy and upcoming results
Even after the impairment charge, Metaplanet’s leadership said it intends to continue building its digital asset balance sheet. That said, the pace of accumulation will remain sensitive to funding conditions and market liquidity.
The company plans to release its final FY2025 earnings on February 16. Moreover, it emphasized that transparency around both operations and balance sheet management will remain a top priority for investors and regulators.
Overall, Metaplanet’s latest update shows a business model driven by strong operational earnings, offset by short-term accounting volatility tied to Bitcoin‘s market price. The firm is signaling a long-term commitment to its strategy while navigating the constraints of domestic reporting rules.
Source: https://en.cryptonomist.ch/2026/01/26/metaplanet-bitcoin-outlook-2025/