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Tokyo-listed Metaplanet (TSE: 3350) revised its earnings forecast for the year 2025 on January 26. The company disclosed a Bitcoin impairment loss of ¥104.6 billion ($678 million) while raising its operating profit guidance.
The results provide an immediate stress test for the digital asset treasury model, which faces severe uncertainties at the end of 2025.
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The decrease in Bitcoin is a non-monetary accounting adjustment
Despite the great loss, The company raised its revenue forecast for fiscal year 2025 to ¥8.9 billion ($57.7 million), up 31% from its previous estimate of ¥6.8 billion ($6.8 billion). Operating profit rose 33.8% to 6.29 billion yen ($40.8 million). Bitcoin’s stronger-than-expected revenue generation prompted the upgrade.
The company marks its Bitcoin shares to market every quarter in accordance with Japanese accounting standards. The resulting decrease was recorded as a non-operating expense, resulting in a consolidated net loss of ¥76.6 billion ($497 million).
Metaplanet emphasized that this shortfall “is only an accounting adjustment that reflects temporary price fluctuations at the end of the quarter and does not directly affect cash flows or business operations.”
The company also noted an increase in the foreign exchange market of ¥22.6 billion ($147 million) as a result of the depreciation of the yen, which partially offset the loss of Bitcoin. The net decrease in the net trading value of Bitcoin recorded in fixed assets is about 82 billion yen ($532 million).
a description Dylan LocklearDirector of Bitcoin Strategy at Metaplant, described the results as showing “a strong boost in fundamental operations with high transparency”, noting that the damage loss was not monetary while Bitcoin holdings rose to 35,102 coins.
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20-fold increase in Bitcoin holdings
MetaPlanet’s Bitcoin treasury grew significantly throughout the fiscal year 2025. Holds reached 35,102 BTC at the end of 2025, from 1,762 BTC the previous year – an increase of almost 20 times.
BTC’s return – which measures Bitcoin’s growth per fully diluted share – reached 568% for the year. Management stated that its “capital strategies and Bitcoin acquisition programs are exceeding initial targets.”
During the fourth quarter, Metaplanet expanded its funding sources through the issuance of Class B perpetual convertible preferred stock (“Mercury”) and established a $500 million credit facility, which allowed for a more flexible deployment of capital that was less dependent on stock price levels.
A test case for a stuttering DAT model
The planet in massive form has been the focus of the digital asset treasury (DAT) discussion since the model began to unravel at the end of 2025. In October, The company’s corporate value has fallen below its Bitcoin reserves For the first time, this indicates a decrease in global investor appetite for the sector. The mNAV index — a measure that compares market capitalization to cryptocurrency holdings — fell below 1.0x, and the stock is down about 80% from its June peak of ¥1,930.
Criticisms like Jim Chanos The DAT model called “no finance”, while Galaxy Digital warned that the proliferation of more than 200 treasury companies reflects the speculative excesses seen in investment funds in the 1920s. MetaPlanet, which previously traded at a value eight times the value of its possible bitcoins, has been a model of sector volatility.
FY 2026 Forecast: Expect 80% growth.
For fiscal year 2026, Metaplant expects revenue of 16 billion yen ($104 million), up 79.7% year over year, and operating profit of 11.4 billion yen ($74 million), up 81.3%. Among the expected revenues, it is expected to reach 15.6 billion yen from the Bitcoin income generation business. This suggests that income generation strategies built around Bitcoin deals can be more flexible than pure accumulation games.
The Company has not provided guidance on regular income or net income due to the inherent difficulty in predicting Bitcoin prices. The final numbers for fiscal year 2025 will be revealed in the earnings report expected on February 16, 2026.
