Metaplanet Slides 7% Following $680M Bitcoin Accounting Loss

In Brief

• Metaplanet stock drops 7% after reporting a $680M bitcoin accounting impairment.
• Company posts non-cash losses while maintaining strong revenue and profit forecasts.
• Metaplanet holds over 35,000 bitcoin and projects higher income for fiscal 2026.

Metaplanet shares fell sharply after the company reported a large bitcoin-related impairment in its latest financial disclosure. The Tokyo-listed bitcoin treasury firm recorded significant paper losses, which weighed on investor sentiment and share performance.

According to Yahoo Finance, Metaplanet’s stock fell more than 7% following the report. The decline followed weeks of sideways trading and came immediately after the financial update.

The company reported an impairment loss of 104.6 billion yen ($680 million) tied to bitcoin price volatility in December 2025. This accounting adjustment reflected lower market prices rather than any reduction in actual bitcoin holdings.

Metaplanet clarified that the impairment is non-cash and does not affect operations or liquidity.
However, the figures translated into a consolidated ordinary loss of 98.6 billion yen ($640 million).

The firm also projected a consolidated net loss of 76.6 billion yen ($498 million) for the fiscal year. Management attributed the losses solely to accounting treatment under Japanese reporting standards.

Metaplanet ended 2025 holding 35,102 bitcoin, up significantly from the previous year.
Bitcoin traded well below the firm’s average acquisition price at year’s end.

Strategy Shifts and Forecast Revisions Shape Investor Outlook

Despite the impairment, Metaplanet raised its full-year revenue forecast for fiscal 2025. Revenue expectations increased to 8.9 billion yen ($57.8 million), exceeding earlier guidance.

The company also lifted its operating profit forecast to 6.3 billion yen ($41 million).
Management credited stronger performance from its bitcoin income generation business.

That business applies structured options strategies using bitcoin as collateral. The firm also expanded funding flexibility through preferred equity issuance and a $500 million credit facility.

For fiscal 2026, Metaplanet forecast revenue of 16 billion yen ($104 million). Operating income is expected to reach 11.4 billion yen ($74 million).

The company did not issue net income guidance due to bitcoin price volatility. Management emphasized that accounting swings do not reflect underlying business strength.

Metaplanet last reported a bitcoin purchase in late December 2025. The firm plans to release final fiscal results in mid-February as investors monitor market conditions.