Metaplanet Reports $680M Bitcoin Loss in Fiscal 2025

Metaplanet absorbed a major bitcoin paper loss in 2025 but continues buying BTC and expects higher revenue in 2026.

A year of heavy swings in the crypto market left a clear mark on Metaplanet’s balance sheet. The Japanese firm said the loss exists on paper only and had no effect on cash or core operations. Despite the hit, Metaplanet is pressing forward and is pointing to a stronger outlook for the next fiscal year.

Bitcoin Decline Triggers Major Accounting Charge for Treasury Firm

Metaplanet reported a loss of 104.6 billion yen ($680 million) due to a steep drop in Bitcoin holdings last year. The figure shows a decline in BTC’s market value during the fiscal year. 

According to the firm’s Monday filings, the loss was recorded outside operating results and charge required no cash payments. Management said business activity and funding levels were unaffected.

For fiscal 2025, Metaplanet expects ordinary losses to be projected at 98.56 billion yen, while net losses are estimated at 76.63 billion yen. Losses assigned to shareholders are expected to reach 54.02 billion yen for the year.

*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* pic.twitter.com/VIKYRYb981

— Metaplanet Inc. (@Metaplanet) January 26, 2026

Concurrently, Metaplanet regularly converts yen into U.S. dollars as part of its operating and Bitcoin buying activity. As yen weakened, the value of dollar-denominated assets increased, creating accounting gains. Those gains were recorded in other comprehensive income as translation adjustments.

As such, financial filings show a Bitcoin value loss of 104.64 billion yen in the consolidated income statement. Separately, gains of 22.61 billion yen linked to exchange rate changes were booked outside the main income line.

Both figures stem from the same currency environment and offset each other to a degree. After accounting for currency gains, the net decline in the recorded value of the firm’s BTC holdings is about 82 billion yen for the period.

Metaplanet Eyes Revenue Jump While Withholding Profit Forecast

As of December 31, 2025, the Bitcoin treasury company held about 35,000 BTC. Management said reliable price movements remain too uncertain to support earnings forecasts, leaving the firm without income guidance for shareholders.

Even after posting large losses on paper, Metaplanet said it will keep buying bitcoin and adding it to its holdings. Many treasury-focused firms tend to slow or halt purchases during market downturns. Metaplanet’s decision to keep buying sets it apart from peers taking a more cautious stance.

The corporate BTC holder said it expects to generate 16 billion yen in revenue, with operating profit reaching 11.4 billion yen. Both figures point to a sharp improvement of around 80% from the prior year.

Nearly all of that revenue is expected to come from bitcoin-related business. The company’s hotel business is expected to continue operations at current levels. Metaplanet did not provide a forecast for net income, citing asset prices that are still moving too unpredictably.