Tokyo-listed Bitcoin treasury firm Metaplanet has revised its revenue outlook for 2025 and raised its guidance for 2026 significantly, following a forecast for a near doubling of sales due to its BTC income and treasury strategy.

Metaplanet now anticipates a revenue of 8.905 billion Japanese yen (about $58 million) and an operating income of $40 million for 2025, as stated in their recent notice.

However, despite the favorable operational projections, the company is preparing for an ordinary loss estimated at $632 million and a net loss of $491 million due to an impairment loss of approximately $680–$700 million related to their Bitcoin holdings.

This impairment reflects a non-cash write-down aligned with the declining value of Bitcoin at year-end prices. Metaplanet remains on track for a substantial annual loss for 2025, even with improved operational performance.

The company revealed that Q4 2025 revenue from its Bitcoin income is predicted to surpass earlier expectations, raising full-year revenue in that category to around $55 million, up from a previously announced $40 million.

Bitcoin Impairment and BTC Yield

The write-down is a non-cash adjustment capturing price fluctuations without affecting the company’s cash flow. It indicates Metaplanet’s Bitcoin treasury business is gaining momentum, with holdings climbing from 1,762 BTC in 2024 to 35,102 BTC by 2025. The Bitcoin yield per diluted share reached 568%, signifying growth in Bitcoin value per share.

Uncertainty in Bitcoin price forecasting means Metaplanet refrains from giving ordinary income or net income guidance for 2026. For 2026, they predict revenue around $103 million and an operating income of $73 million, with most income originating from Bitcoin operations, and anticipate expenses for selling, general and administrative costs to be about $29 million.

Metaplanet regularly publishes data regarding its Bitcoin holdings, including unrealized gains, losses, and other relevant metrics.