TLDR
- Metaplanet reports a $680 million impairment loss on its Bitcoin assets.
- The company forecasts $57.8 million in revenue for 2025, up 31% from previous estimates.
- Metaplanet holds 35,102 BTC by year-end 2025, up from 1,762 BTC a year prior.
- Bitcoin income generation business performance drove revenue and operating income growth.
Metaplanet, a Japanese Bitcoin treasury firm, announced a $680 million impairment loss on its Bitcoin holdings for the fiscal year 2025. The company reported the loss as part of its non-operating expenses, which will have no direct effect on its cash flows.
The downturn in the market, where Bitcoin prices fell, resulted in the impairment. This loss is part of Metaplanet’s ongoing efforts to build a significant Bitcoin reserve, despite the fluctuating market conditions.
🇯🇵 Metaplanet $BTC impairment@Metaplanet reported an unrealized/impairment hit of about $680M (≈¥104.6B) on its bitcoin holdings for FY2025, while also raising its FY2025 earnings outlook.#Bitcoin #Japan #Markets pic.twitter.com/2THVfzBmX4
— 99Bitcoins (@99BitcoinsHQ) January 26, 2026
The loss comes during a period of volatility in the cryptocurrency market. However, Metaplanet remains focused on its medium-to-long-term strategy. The company emphasized that it is still on track with its Bitcoin accumulation goals. By the end of 2025, Metaplanet expects to hold 35,102 BTC, a major increase from the previous year’s 1,762 BTC.
Revenue and Operating Income Outlook for 2025
Despite the Bitcoin impairment loss, Metaplanet raised its revenue and operating income projections for fiscal 2025. The company attributed this upward revision to stronger-than-expected performance from its Bitcoin income generation business, which uses derivative and options strategies. The revised revenue estimate is 8.9 billion yen ($57.8 million), a 31% increase from its prior estimate of 6.8 billion yen ($44 million).
The operating income forecast has also been revised upward to 6.3 billion yen ($41 million), representing a 33.8% increase from earlier projections. Metaplanet’s enhanced capital flexibility, fueled by the issuance of Series B perpetual convertible preferred stock and a $500 million credit facility, allowed the company to make these adjustments. The firm also noted that these funding sources played a key role in supporting its investment in Bitcoin-related businesses.
Focus on Bitcoin Accumulation and Business Expansion
Metaplanet’s primary focus remains its Bitcoin accumulation strategy. The company continued purchasing Bitcoin throughout 2025, acquiring a significant amount at an average price of $105,412 per BTC. Despite the market downturn, Metaplanet’s confidence in its long-term strategy persists. The company emphasized that the Bitcoin impairment loss does not change its overall direction and objectives in accumulating Bitcoin as part of its business model.
The company also looks to expand its Bitcoin income generation business, which has seen growing success. This segment utilizes Bitcoin derivatives and options strategies to generate revenue. Metaplanet aims for this business to be a major contributor to its projected 2026 revenue of 16 billion yen ($104 million) and operating income of 11.4 billion yen ($74 million). The firm sees substantial growth ahead, largely driven by this business line.
Stock Performance and Market Reaction
Following the announcement of the impairment loss, Metaplanet’s stock saw a decline of 7.03% on the Tokyo Stock Exchange. However, the company’s U.S.-traded shares on OTC Markets closed up 1.56%. This mixed reaction from the market reflects both the concern over the Bitcoin losses and the positive outlook for the company’s other business segments.
The financial report, including final results for the fiscal year ending December 2025, is set to be released on February 16. Investors and analysts will closely monitor the report to assess how Metaplanet is managing its Bitcoin-related risks while continuing to expand its operations.
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