Metaplanet has upgraded its full-year outlook, forecasting a sharp jump in revenue and operating profit in FY2026 after stronger than expected performance from its Bitcoin income generation business, even as it booked one of the largest crypto impairment charges seen by a public company.
The Tokyo Stock Exchange-listed firm now expects FY2026 revenue of 16.0bn yen ($104mn) and operating income of 11.4bn yen ($74mn), implying growth of roughly 80% year on year from its revised FY2025 forecast. In a stock exchange update on 26 Jan, management framed the upgrade as validation of a strategy that combines aggressive Bitcoin accumulation with derivatives-driven income, positioning Metaplanet as one of the most leveraged corporate Bitcoin plays globally.
Impairment masks balance sheet expansion
The upgraded outlook arrives alongside a headline-grabbing accounting loss. Metaplanet recorded a 104.6bn yen ($679mn) Bitcoin impairment in FY2025 after marking its holdings to market at year's end, contributing to an expected ordinary loss of 98.6bn yen ($640mn) and net loss of 76.6bn yen ($497mn).
The company stressed that the impairment is non-cash and reflects period-end price fluctuations rather than operational weakness. It also highlighted offsetting currency effects, noting that yen depreciation generated 22.6bn yen ($146.5mn) in FX translation gains, reducing the net decline in Bitcoin NAV to roughly 82bn yen ($532mn). Behind the accounting volatility sits a dramatic expansion in scale. Metaplanet ended 2025 holding 35,102 BTC, up from 1,762 BTC a year earlier. BTC yield, measured as Bitcoin per diluted share, reached 568%, exceeding initial targets and showing the aggressiveness of the accumulation programme.
Bitcoin income drives upgrade
Metaplanet also revised up its FY2025 guidance, projecting revenue of 8.9bn yen ($57.7mn), up 31% from its prior forecast, and operating income of 6.3bn yen ($40.9mn), up 34%. The change was driven by outsized fourth quarter performance in its Bitcoin Income Generation business, which uses options and structured strategies linked to Bitcoin price action.
Revenue from that unit is now expected to reach 8.6bn yen ($55.8mn) in FY2025, well above the previously guided 6.3bn yen. Management attributed the upside to a shift in funding assumptions. Rather than limiting capital deployment due to equity price sensitivity, the company diversified its balance sheet by issuing Series B perpetual convertible preferred stock and establishing a $500mn credit facility, giving it greater flexibility over how to manage its stack.
For FY2026, Metaplanet expects 15.6bn yen ($101.2mn) of its 16.0bn yen revenue to come from the Bitcoin income business, with operating margins supported by SG&A of around 4.6bn yen ($29.8mn). The hotel business is expected to contribute stable but comparatively modest earnings.
Strategy sets benchmark
Metaplanet’s approach is increasingly being read alongside moves by Strategy, the US-based corporate Bitcoin bellwether. In a filing on Monday, Strategy disclosed it had acquired 2,932 BTC between 20 and 25 Jan for $264.1mn, funded through market equity issuance.
That pushed its total holdings to 712,647 BTC, by far the largest corporate position globally. It continues to demonstrate that capital markets can be repeatedly tapped to fund Bitcoin accumulation at scale, even in volatile conditions. Metaplanet is pursuing a similar playbook in Japan, using a low-rate domestic environment and structured financing to expand its Bitcoin exposure while layering on income generation.
