Catenaa, Sunday, February 01, 2026-Japanese Bitcoin treasury firm Metaplanet recorded a 104.6 billion yen ($680 million) impairment on its Bitcoin holdings, reflecting last year’s market downturn, while projecting continued growth in revenue from its crypto income strategies.
The non-operating write-down does not affect cash flow or day-to-day operations but will weigh heavily on reported results for the fiscal year ended December 2025.
Including the impairment, Metaplanet expects a consolidated ordinary loss of 98.56 billion yen ($640 million), a net loss of 76.63 billion yen ($498 million), and a comprehensive shareholder loss of 54.02 billion yen ($351 million).
Final earnings are scheduled for February 16.
Metaplanet rapidly increased its Bitcoin treasury over the past year, holding 35,102 BTC by the end of 2025, up from 1,762 BTC a year earlier.
The firm spent roughly $451 million in the fourth quarter to expand holdings, paying an average price of $105,412 per coin. Bitcoin was trading near $87,500 at year-end.
Despite the impairment, Metaplanet raised its full-year 2025 revenue forecast to 8.9 billion yen ($57.8 million), a 31% increase from prior guidance, and projected operating income of 6.3 billion yen ($41 million), up 33.8%.
The firm highlighted strong performance from its Bitcoin income generation business, which uses derivatives and options strategies.
Looking ahead, Metaplanet expects fiscal 2026 revenue of 16 billion yen ($104 million) and operating income of 11.4 billion yen ($74 million), with its Bitcoin income unit driving most of the growth.
The company recently introduced dividend-paying preferred shares to fund further Bitcoin purchases without diluting common stockholders.
Shares listed in Tokyo fell 7% on Monday, while US-traded shares gained modestly on Friday.
