Metaplanet Posts $680M Loss, Expects Strong Bitcoin Growth in 2026

Highlights:

• Metaplanet reported a $680–$700 million Bitcoin loss, but daily operations remain stable.
• The company grew BTC holdings to 35,102 coins, and Q4 revenue exceeded projections.

• For 2026, Metaplanet expects $103 million in revenue and $73 million in operating income.

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Metaplanet, a Tokyo-listed Bitcoin treasury firm, reported a large impairment on its Bitcoin holdings of around $680–$700 million. This is a non-operating loss, so daily operations and cash flow are not affected. Still, it will impact annual results. For fiscal 2025, Metaplanet now expects an ordinary loss of $632 million and a net loss of $491 million. Full-year earnings will be released on February 16.

Despite the big impairment, Metaplanet grew its Bitcoin holdings a lot in one year. They went from over 1,700 BTC to more than 35,000 BTC by the end of last year. BTC yield per diluted share rose 568% during the year. Revenue from the Bitcoin income business in Q4 beat initial projections. This pushed full-year revenue in that segment to about $55 million, up from $40 million.

The company now expects 2025 revenue of 8.905 billion yen (around $58 million) and operating income of $40 million. This shows strong operations despite the total loss from the impairment.

*Notice Regarding Revision of Full-Year Earnings Forecast for Fiscal Year Ending December 2025, Recording of Bitcoin Impairment Loss, and Announcement of Full-Year Earnings Forecast for Fiscal Year Ending December 2026* pic.twitter.com/VIKYRYb981

— Metaplanet Inc. (@Metaplanet) January 26, 2026

Bitcoin was around $87,500 at the end of December, which shows a gap between purchase price and market value. The company said its long-term plan remains unchanged. “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.

Metaplanet Raises 2026 Forecast and Keeps Focus on Bitcoin

Looking ahead, Metaplanet raised its 2026 guidance. Revenue is expected to be $103 million, and operating income at $73 million. Most of this will come from the Bitcoin income business, with selling and administrative expenses around $29 million. 

The company did not give guidance for ordinary or net income because Bitcoin prices are hard to predict. The focus is on revenue and operating income, which are expected to grow strongly. Metaplanet also bought $116 million in Bitcoin at the start of 2026, even as Q4 paper losses hit $17 billion. This shows the firm’s continued commitment to Bitcoin despite market swings.

Shareholders Approve New Shares to Fund Bitcoin Buying

Building on its growth plans, last month Metaplanet shareholders approved five proposals at an extraordinary meeting. Two new preferred share classes will fund Bitcoin purchases and pay fixed monthly and quarterly dividends. This lets the Tokyo-listed company raise capital without reducing common stock value.

Meanwhile, Bitcoin’s role as “digital gold” faced pressure. Gold passed $5,000 per ounce while Bitcoin stayed more than 30% below its record high. On Monday, Bitcoin fell 1.04% to $87,865. Ethereum dropped 0.8% to $2,944, while Solana fell 2.94% to $123.35. The total crypto market value stood at $2.97 trillion, down 1.06% in 24 hours, according to CoinMarketCap. The figures highlight the challenges Metaplanet faces as it continues to rely on Bitcoin as a core treasury asset.

Japan is showing the fastest growth in corporate Bitcoin, second to the U.S. Nearly half of all non-US corporate Bitcoin is now held by Japanese companies. This reflects a major shift in how Asian firms handle digital assets. Japan also plans to approve its first crypto exchange-traded funds in 2028.

米国を除くと、日本は企業によるビットコイン保有の伸びが最も大きい国です。全文レポートはこちら:https://t.co/arnzfwBf2n https://t.co/gS9NqL4lqR pic.twitter.com/GxaFTYMr7s

— Simon Gerovich (@gerovich) January 24, 2026