Crypto Journalist
Amin Ayan
Crypto Journalist
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Japanese Bitcoin treasury firm Metaplanet reported a 104.6 billion yen ($680 million) impairment on its Bitcoin holdings, reflecting the impact of last year’s market downturn on the value of its digital asset portfolio.
Key Takeaways:
- Metaplanet booked a $680 million Bitcoin impairment that will drive large reported losses but does not impact cash flow.
- The write-down reflects aggressive Bitcoin accumulation, with holdings rising to over 35,000 BTC.
- Bitcoin income strategies drove an upward revision to revenue forecasts.
In a press release issued Monday, the company said the impairment was recorded as a non-operating expense and does not affect cash flows or day-to-day operations.
Even so, the accounting charge is expected to weigh heavily on reported results for the fiscal year ended December 2025.
Metaplanet Forecasts Up to $640M Loss Following Bitcoin Write-Down
Including the Bitcoin-related write-down, Metaplanet now expects to post a consolidated ordinary loss of 98.56 billion yen ($640 million) and a consolidated net loss of 76.63 billion yen ($498 million).
The company also forecast a comprehensive loss attributable to shareholders of 54.02 billion yen ($351 million). Final earnings are scheduled for release on Feb. 16.
“While short-term accounting volatility is inherent to our business model, our medium-to-long-term BTC accumulation and capital strategy remain on track,” Metaplanet said, underscoring its commitment to maintaining Bitcoin as a core treasury asset.
The scale of the impairment reflects the company’s rapid accumulation of Bitcoin over the past year. By the end of 2025, Metaplanet held 35,102 BTC, up sharply from 1,762 BTC a year earlier.
According to a previous disclosure from Chief Executive Simon Gerovich, the firm spent $451.06 million during the fourth quarter of 2025 to expand its holdings, paying an average price of $105,412 per Bitcoin.
Bitcoin was trading near $87,500 at the end of December.
Despite the headline loss, Metaplanet raised its full-year 2025 guidance, pointing to stronger-than-expected performance in its Bitcoin income generation business.
That segment, which relies on derivatives and options strategies, has become a growing contributor to revenue.
The company now expects full-year revenue of 8.9 billion yen ($57.8 million), up 31% from its prior forecast, while operating income is projected at 6.3 billion yen ($41 million), representing a 33.8% increase.
Metaplanet cited more diversified funding, including the issuance of Series B perpetual convertible preferred stock and access to a $500 million credit facility, as key drivers of the upward revision.
Looking ahead, Metaplanet forecast revenue of 16 billion yen ($104 million) and operating income of 11.4 billion yen ($74 million) for fiscal 2026, with the Bitcoin income generation unit expected to account for the bulk of that growth.
Shares of Metaplanet listed in Tokyo fell 7.03% on Monday to 476 yen, while the company’s US-traded shares closed higher on Friday.
Last month, Metaplanet shareholders approved five proposals at an extraordinary meeting, clearing the way for two new classes of preferred shares designed to fund Bitcoin purchases while delivering fixed monthly and quarterly dividends to investors.
The Tokyo-listed company is now positioned to raise capital through dividend-paying securities rather than further diluting common stockholders.
