Paper Loss, Real Growth: Metaplanet Projects 80% Revenue Jump
Tokyo-listed Bitcoin treasury firm Metaplanet (TSE: 3350) revised its FY2025 full-year earnings forecast on January 26. The firm revealed a ¥104.6 billion ($678 million) Bitcoin impairment loss whereas elevating its working revenue steerage.
The outcomes provide a real-time stress take a look at for the Digital Asset Treasury mannequin, which confronted intense skepticism all through late 2025.
Bitcoin Impairment Is a Non-Cash Accounting Adjustment
Despite the headline loss, the corporate upgraded its FY2025 income forecast to ¥8.9 billion ($57.7 million), up 31% from its earlier estimate of ¥6.8 billion. Operating revenue rose 33.8% to ¥6.29 billion ($40.8 million). Stronger-than-expected Bitcoin Income Generation income drove the improve.
The firm marked its Bitcoin holdings to market at every quarter-end underneath Japanese accounting requirements. The ensuing impairment was recorded as a non-operating expense, resulting in a consolidated web lack of ¥76.6 billion ($497 million).
Metaplanet emphasised that the impairment “is merely an accounting valuation adjustment reflecting momentary worth fluctuations at quarter-end and has no direct impression on money flows or enterprise operations.”
The firm additionally famous a ¥22.6 billion ($147 million) international change acquire from yen depreciation, partially offsetting the Bitcoin loss. The web lower in Bitcoin NAV recorded in fastened property quantities to roughly ¥82 billion ($532 million).
Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy, characterised the outcomes as exhibiting “robust momentum in core operations with high transparency,” noting that the impairment loss is non-cash whereas BTC holdings surged to 35,102 cash.
20x Increase in Bitcoin Holdings
Metaplanet’s Bitcoin treasury grew dramatically all through FY2025. Holdings reached 35,102 BTC by year-end 2025, up from 1,762 BTC a 12 months earlier—an almost 20-fold enhance.
BTC Yield—measuring Bitcoin development per totally diluted share—reached 568% for the complete 12 months. Management acknowledged that “capital technique and Bitcoin acquisition packages have exceeded preliminary targets.”
During This autumn, Metaplanet diversified its funding sources by way of the issuance of Series B Perpetual Convertible Preferred Stock (“MERCURY”) and established a $500 million credit score facility, enabling extra versatile capital deployment much less depending on share worth ranges.
A Test Case for the Embattled DAT Model
Metaplanet has been on the heart of the Digital Asset Treasury (DAT) debate for the reason that mannequin started unraveling in late 2025. In October, the corporate’s enterprise worth dipped below its Bitcoin reserves for the primary time, an indication of diminishing international investor urge for food for the sector. Its mNAV—a metric evaluating market cap to crypto holdings—fell beneath 1.0x, and the inventory plunged roughly 80% from its June peak of ¥1,930.
Critics like Jim Chanos dismissed the DAT mannequin as “monetary gibberish,” whereas Galaxy Digital warned that the proliferation of over 200 treasury corporations echoed the speculative excesses of Twenties funding trusts. Metaplanet, as soon as buying and selling at eight occasions the worth of its Bitcoin holdings, grew to become a poster little one for the sector’s volatility.
FY2026 Outlook: 80% Growth Expected
For fiscal 12 months 2026, Metaplanet initiatives income of ¥16 billion ($104 million), up 79.7% year-over-year, and working revenue of ¥11.4 billion ($74 million), up 81.3%. Of the projected income, ¥15.6 billion is predicted from the Bitcoin Income Generation enterprise. This means that income-generating methods constructed atop Bitcoin holdings might show extra resilient than pure accumulation performs.
The firm didn’t present steerage for extraordinary revenue or web revenue because of the inherent issue in forecasting Bitcoin costs. Final FY2025 figures might be disclosed within the earnings report scheduled for February 16, 2026.
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