Metaplanet raises 2025–26 revenue guidance while booking $680–700M non‑cash Bitcoin impairment
Metaplanet, a Tokyo‑listed Bitcoin treasury company, raised its 2025 revenue and operating‑income guidance after stronger‑than‑expected performance from its Bitcoin income‑generation business. The company now forecasts 2025 revenue of ¥8.905 billion (≈$58M) and operating income of about $40M, with full‑year Bitcoin income guidance increased to roughly $55M from $40M. The firm dramatically expanded its Bitcoin treasury from 1,762 BTC at end‑2024 to 35,102 BTC at end‑2025 and reports BTC backing per diluted share up 568% year‑over‑year. However, year‑end mark‑to‑market accounting produced a large non‑cash Bitcoin impairment estimated at $680–700M, producing an expected ordinary loss of about $632M and a net loss near $491M for 2025. Management says the impairment is non‑cash and does not affect operational cash flow; it publishes daily BTC holdings and unrealised P/L for transparency. For 2026 Metaplanet forecasts revenue of about $103M and operating income of roughly $73M but declines to give ordinary or net income guidance because of Bitcoin price volatility. Key SEO keywords: Metaplanet, Bitcoin treasury, BTC holdings, Bitcoin impairment, revenue guidance.
Neutral
The news has mixed implications for BTC price. Positive drivers: Metaplanet is aggressively accumulating BTC (35,102 BTC year‑end) and scaling a revenue‑generating business, which signals institutional demand and strengthens on‑chain accumulation narratives that can support longer‑term price appreciation. Operationally the company upgraded 2025–26 revenue and operating income guidance, indicating business momentum that is Bitcoin‑positive. Negative drivers: a very large $680–700M mark‑to‑market impairment tied to year‑end BTC pricing will produce headline losses and could trigger short‑term selling pressure around reporting dates as investors and some holders de‑risk in response to accounting losses or margin/capital concerns. Management’s emphasis that the impairment is non‑cash mitigates fears about liquidity, but profit volatility from periodic mark‑to‑market accounting will likely keep headline risk elevated. Net effect: neither decisively bullish nor bearish on BTC price — accumulation and business strength are supportive, while recurring large impairments create episodic negative sentiment. Traders should watch Metaplanet’s ongoing BTC purchases, its daily disclosed unrealised P/L, and broader market liquidity around major reporting dates for potential short‑term volatility. Tactical guidance: expect episodic downside risk on reports or price draws near quarter‑end, but treat the company’s accumulation as a constructive longer‑term signal for demand.