Yeliz Akmaca 
Japanese bitcoin treasury firm Metaplanet recorded a $680 million decline in the value of its bitcoin portfolio for the 2025 fiscal year. The loss coincided with a period of intense market volatility. On paper, this represents a substantial loss, but the company insists that it does not affect operational performance.
The company noted that the loss does not impact operational cash flow and is recorded only as a “non-operating expense” in accounting. Following the impairment, Metaplanet reported a consolidated ordinary loss of ¥98.56 billion ($640 million) and a net loss of ¥76.63 billion ($498 million). This translates into a comprehensive loss of ¥54.02 billion ($351 million) attributable to shareholders. Final results are scheduled for release on February 16.
In a statement, the company said, “Short-term accounting volatility is inherent in our business model. Our medium- to long-term BTC accumulation and capital strategy remain on track.”
By the end of 2025, Metaplanet held 35,102 BTC, up from just 1,762 BTC a year earlier. According to CEO Simon Gerovich, the company spent $451.06 million in Q4 2025 at an average price of $105,412 per BTC. Bitcoin traded at around $87,500 on December 31, 2025.
Valuation Losses and Financial Overview
Interestingly, despite these losses, Metaplanet revised its 2025 revenue forecasts upward. The company saw stronger-than-expected returns from bitcoin derivatives and options strategies (Bitcoin Income Generation).
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Revenue: ¥8.9 billion ($57.8 million), up 31% from previous estimate of ¥6.8 billion ($44 million)
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Operating income: ¥6.3 billion ($41 million), up 33.8% from ¥4.7 billion ($30.5 million)
Growth was supported by a new share issuance and a $500 million credit facility. Metaplanet said, “We were able to deploy capital more flexibly than anticipated and allocated more resources to the Bitcoin Income Generation Business.”
For fiscal 2026, Metaplanet expects:
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Revenue: ¥16 billion ($104 million), up 79.7%
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Operating income: ¥11.4 billion ($74 million), up 81.3%
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Bitcoin Income Generation contribution: ¥15.6 billion ($101.3 million)
Metaplanet’s Tokyo-listed shares fell 7.03% to ¥476 today, while its U.S. OTC-traded shares rose 1.56% on Friday to $3.26.
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