Japanese Bitcoin treasury company Metaplanet reported a 104.6 billion yen ($680 million) writedown on its Bitcoin holdings, reflecting the impact of last year’s market downturn on the value of its digital asset portfolio.
Key points to remember:
- Metaplanet recorded a $680 million Bitcoin depreciation that will result in large reported losses but will not impact cash flow.
- The depreciation reflects an aggressive accumulation of Bitcoin, with holdings reaching over 35,000 BTC.
- Bitcoin revenue strategies have led to an upward revision of revenue forecasts.
In a press release issued Monday, the company said the writedown was recorded as a non-operating expense and did not affect cash flow or daily operations.
However, the accounting burden should weigh heavily on the results published for the financial year ending December 2025.
Metaplanet predicts up to $640 million in losses from Bitcoin depreciation
Including the Bitcoin-related depreciation, 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 expects an overall loss attributable to shareholders of 54.02 billion yen ($351 million). The final results are expected to be released on February 16.
“While short-term accounting volatility is inherent to our business model, our medium-to-long-term BTC and capital accumulation strategy remains on track,” Metaplanet said, emphasizing its commitment to maintaining Bitcoin as a core treasury asset.
The scale of the depreciation reflects the company’s rapid accumulation of Bitcoin over the past year. At 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 Officer Simon Gerovich, the company spent $451.06 million during the fourth quarter of 2025 to expand its holdings, paying an average price of $105,412 per Bitcoin.
At the end of December, Bitcoin was trading at nearly $87,500.
Despite the overall loss, Metaplanet raised its guidance for the full year 2025, highlighting stronger-than-expected performance in its Bitcoin revenue generation business.
This segment, which relies on derivatives and options strategies, is increasingly contributing to revenues.
The company now expects annual revenue of 8.9 billion yen ($57.8 million), up 31% from its previous forecast, while operating profit is projected at 6.3 billion yen ($41 million), an increase of 33.8%.
Metaplanet cited more diversified financing, 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 forecasts revenue of 16 billion yen ($104 million) and operating profit of 11.4 billion yen ($74 million) for fiscal 2026, with the Bitcoin revenue generation unit expected to account for the bulk of this growth.
Tokyo-listed Metaplanet shares fell 7.03% on Monday to 476 yen, while the company’s U.S.-traded shares closed higher on Friday.
Last month, Metaplanet shareholders approved five proposals at a special meeting, paving the way for two new classes of preferred stock designed to fund Bitcoin purchases while paying fixed monthly and quarterly dividends to investors.
The Tokyo-listed company is now able to raise capital through dividend-paying securities rather than further diluting common shareholders.
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