Metaplanet Reports ¥104.6B Bitcoin Impairment as Operating Profit Rises

Tokyo-listed Bitcoin treasury company Metaplanet (TSE: 3350) revised its full-year FY2025 earnings forecast on January 26, offering one of the clearest real-world tests yet of the Digital Asset Treasury (DAT) model. While the company disclosed a massive ¥104.6 billion ($678 million) Bitcoin impairment loss, it simultaneously raised its revenue and operating profit guidance, underscoring the accounting-driven nature of the headline loss.

Metaplanet upgraded its FY2025 revenue forecast to ¥8.9 billion ($57.7 million), a 31% increase from its prior estimate, while operating profit guidance climbed 33.8% to ¥6.29 billion ($40.8 million). The upside was driven by stronger-than-expected performance from its Bitcoin Income Generation business, highlighting a shift toward monetizing digital asset holdings rather than relying solely on accumulation.

Under Japanese accounting standards, Metaplanet marks its Bitcoin holdings to market at each quarter-end. As a result, the company recorded the impairment as a non-operating expense, leading to a consolidated net loss of ¥76.6 billion ($497 million). Management emphasized that the Bitcoin impairment is a non-cash accounting adjustment reflecting temporary price fluctuations and does not impact cash flow or day-to-day operations. A ¥22.6 billion ($147 million) foreign exchange gain from yen depreciation partially offset the loss, resulting in a net ¥82 billion ($532 million) reduction in Bitcoin NAV recorded as fixed assets.

Metaplanet’s Bitcoin treasury expanded aggressively throughout FY2025, with holdings surging to 35,102 BTC from 1,762 BTC a year earlier, representing nearly 20x growth. BTC Yield, which measures Bitcoin growth per fully diluted share, reached 568% for the year. The company also diversified funding through Series B perpetual convertible preferred shares and a $500 million credit facility, reducing reliance on equity market conditions.

Looking ahead, Metaplanet forecasts strong momentum in FY2026, projecting revenue of ¥16 billion ($104 million) and operating profit of ¥11.4 billion ($74 million), both implying roughly 80% year-over-year growth. With most revenue expected from Bitcoin income strategies, the company is positioning itself as a key case study in whether yield-focused digital asset treasury models can outperform pure Bitcoin accumulation amid market volatility.