Metaplanet sees $680 million in unrealized losses on bitcoin holdings in 2025

Japanese bitcoin treasury firm Metaplanet reported an impairment of 104.6 billion yen — $680 million at current exchange rates — from its bitcoin BTC holdings amid a market downturn.

The loss, however, is booked as a non-operating expense with no direct impact on the company's cash flows or operations, the company noted in a Monday press release. 

With the bitcoin-related impairment, the company expects a consolidated ordinary loss of 98.56 billion yen ($640 million) and a consolidated net loss of 76.63 billion yen ($498 million). This would translate into a comprehensive loss of 54.02 billion yen ($351 million) attributable to shareholders for the fiscal year ended December 2025. Final results are set for release on Feb. 16.

"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 in the statement.

By the end of 2025, the bitcoin treasury firm held 35,102 BTC, up from 1,762 BTC recorded a year earlier. According to an earlier post from CEO Simon Gerovich, the company spent $451.06 million in the fourth quarter of 2025, at an average price of $105,412 per BTC. Bitcoin traded at around $87,500 on Dec. 31, 2025. 

Upward revision

Despite the losses, Metaplanet revised its full-year 2025 forecasts upward, citing stronger-than-expected performance in its bitcoin income generation business, which primarily employs derivatives and options strategies on bitcoin. 

Revenue is now projected at 8.9 billion yen ($57.8 million), revised up 31% from the prior estimate of 6.8 billion yen ($44 million), while operating income is expected to reach 6.3 billion yen ($41 million), a 33.8% upward revision from 4.7 billion yen ($30.5 million). The company also attributed the growth to diversified funding sources, including the issuance of Series B perpetual convertible preferred stock and a $500 million credit facility.

"As a result, we were able to deploy capital more flexibly than initially anticipated, expanding allocation to the Bitcoin Income Generation Business," the company said.

For fiscal 2026, Metaplanet forecasts revenue of 16 billion yen ($104 million) and operating income of 11.4 billion yen ($74 million), up 79.7% and 81.3%, respectively, from its 2025 projections. The bitcoin income generation business is expected to contribute 15.6 billion yen ($101.3 million) in revenue.

Metaplanet's Tokyo-listed stock fell 7.03% today to 476 yen, according to Google Finance data. The company's U.S.-traded shares on OTC Markets closed up 1.56% on Friday at $3.26.