Key Highlights
- Metaplanet reported a $680 million bitcoin impairment for 2025, but it is a non-cash accounting loss.
- The company’s bitcoin holdings grew to 35,102 BTC and it plans to continue accumulating despite the losses.
- Metaplanet’s Bitcoin Income Generation business outperformed expectations, helping boost revenue and operating income forecasts.
Japanese bitcoin treasury firm Metaplanet recorded a 104.6 billion yen ($680 million) impairment on its bitcoin holdings for fiscal 2025, reflecting a slump in the cryptocurrency market. While the loss appears significant, the company said it does not affect cash flows or operations because it is a non-operating, non-cash expense.
Record Bitcoin holdings despite market drop
Metaplanet’s bitcoin holdings grew dramatically over the year, from 1,762 BTC at the end of 2024 to 35,102 BTC at the close of 2025. CEO Simon Gerovich said the company spent $451 million in the fourth quarter (Q4) of 2025 to buy bitcoin, paying an average of $105,412 per Bitcoin, while bitcoin was trading at around $87,500 at the end of the year.
Despite the impairment, the company’s BTC Yield—the growth in BTC per diluted share—reached 568%, underscoring that its long-term accumulation plan remains on track.
Financial impact
The impairment will contribute to an expected consolidated ordinary loss of 98.56 billion yen ($640 million) and a net loss of 76.63 billion yen ($498 million) for the year. Comprehensive loss attributable to shareholders is projected at 54.02 billion yen ($351 million). Final figures will be published on February 16, 2026.
At the same time, Metaplanet raised its full-year revenue forecast to 8.9 billion yen ($57.8 million), up 31% from the previous estimate. Operating income is now expected at 6.3 billion yen ($41 million), a 33.8% increase over earlier projections.
Explaining the impairment
Metaplanet marks its bitcoin holdings to market at each quarter-end. The 104.6 billion yen impairment is therefore an accounting adjustment, not a cash loss. Foreign exchange effects also played a role: with a weak yen, Metaplanet reported FX translation gains of 22.6 billion yen, partially offsetting the bitcoin loss. The net effect on BTC value was around 82 billion yen.
“While short-term accounting volatility is inherent to our business model, our medium- to long-term BTC accumulation and capital strategy remain on track,” the company said.
Bitcoin income generation outperforms
Metaplanet’s Bitcoin Income Generation business, which uses derivatives and options strategies, performed better than expected in the fourth quarter. Revenue from the Bitcoin Income Generation segment is now expected to reach 8.6 billion yen for the full year, up from the previous forecast of 6.3 billion yen.
To fund its operations, Metaplanet raised money by issuing Series B perpetual convertible preferred stock and securing a $500 million credit facility, giving it more room to expand its bitcoin-related activities.
For 2026, the company expects revenue of 16 billion yen ($104 million) and operating income of 11.4 billion yen ($74 million), which would be about an 80% increase over 2025.
Almost all of this revenue—15.6 billion yen- is expected to come from the Bitcoin Income Generation business, while its hotel operations are expected to stay stable. The company did not guide net income, noting that bitcoin prices remain unpredictable.
Even though Metaplanet posted big accounting losses in 2025, the company still plans to continue buying bitcoin. Most other treasury-focused firms would probably pause or slow down their purchases in a market slump, which makes Metaplanet’s approach unusual.
This brings up a few important questions:
- Will other big investors start buying bitcoin as aggressively as Metaplanet?
- How will Metaplanet deal with the risk if Bitcoin prices keep falling?
- Could holding a lot of bitcoin and using derivatives become the new way for companies to manage crypto?
Also Read: GameStop Moves Bitcoin to Coinbase Prime, Signals Possible Exit
