Japan’s Metaplanet Takes $680M Accounting Hit on Bitcoin Holdings
Japanese Bitcoin treasury agency Metaplanet reported a 104.6 billion yen ($680 million) impairment on its Bitcoin holdings, reflecting the influence of last year’s market downturn on the value of its digital asset portfolio.
Key Takeaways:
- Metaplanet booked a $680 million Bitcoin impairment that may drive massive reported losses however doesn’t influence money circulate.
- The write-down displays aggressive Bitcoin accumulation, with holdings rising to over 35,000 BTC.
- Bitcoin revenue methods drove an upward revision to income forecasts.
In a press release issued Monday, the corporate stated the impairment was recorded as a non-operating expense and doesn’t have an effect on money flows or day-to-day operations.
Even so, the accounting cost is predicted to weigh closely on reported outcomes for the fiscal yr ended December 2025.
Metaplanet Forecasts Up to $640M Loss Following Bitcoin Write-Down
Including the Bitcoin-related write-down, Metaplanet now expects to publish a consolidated strange lack of 98.56 billion yen ($640 million) and a consolidated internet lack of 76.63 billion yen ($498 million).
The firm additionally forecast a complete loss attributable to shareholders of 54.02 billion yen ($351 million). Final earnings are scheduled for launch on Feb. 16.
“While short-term accounting volatility is inherent to our enterprise mannequin, our medium-to-long-term BTC accumulation and capital technique stay on observe,” Metaplanet stated, underscoring its dedication to sustaining Bitcoin as a core treasury asset.
The scale of the impairment displays the corporate’s fast accumulation of Bitcoin over the previous yr. By the top of 2025, Metaplanet held 35,102 BTC, up sharply from 1,762 BTC a yr earlier.
According to a earlier disclosure from Chief Executive Simon Gerovich, the agency spent $451.06 million through the fourth quarter of 2025 to increase its holdings, paying a mean worth of $105,412 per Bitcoin.
Bitcoin was buying and selling close to $87,500 on the finish of December.
Despite the headline loss, Metaplanet raised its full-year 2025 steering, pointing to stronger-than-expected efficiency in its Bitcoin revenue technology enterprise.
That phase, which depends on derivatives and choices methods, has turn into a rising contributor to income.
The firm now expects full-year income of 8.9 billion yen ($57.8 million), up 31% from its prior forecast, whereas working revenue is projected at 6.3 billion yen ($41 million), representing a 33.8% enhance.
Metaplanet cited extra diversified funding, together with the issuance of Series B perpetual convertible most popular inventory and entry to a $500 million credit score facility, as key drivers of the upward revision.
Looking forward, Metaplanet forecast income of 16 billion yen ($104 million) and working revenue of 11.4 billion yen ($74 million) for fiscal 2026, with the Bitcoin revenue technology unit anticipated to account for the majority of that progress.
Shares of Metaplanet listed in Tokyo fell 7.03% on Monday to 476 yen, whereas the corporate’s US-traded shares closed larger on Friday.
Last month, Metaplanet shareholders approved five proposals at a rare assembly, clearing the way in which for 2 new courses of most popular shares designed to fund Bitcoin purchases whereas delivering fastened month-to-month and quarterly dividends to traders.
The Tokyo-listed firm is now positioned to lift capital by dividend-paying securities quite than additional diluting widespread stockholders.
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