Metaplanet, a Tokyo-listed Bitcoin treasury company, has unveiled its revised financial forecasts for 2025 and 2026, painting a complex picture of robust operational growth alongside a significant non-monetary write-down tied to its Bitcoin holdings. This update showcases the company's expanding Bitcoin-centric business while navigating the unique accounting realities of crypto volatility.
Bolstered Operational Outlook for 2025
Despite the volatility inherent in the crypto market, Metaplanet is projecting a substantial uplift in its operational performance for 2025. The company now anticipates revenues of approximately $58 million and an operating profit of $40 million, both figures representing a significant increase over initial forecasts. This positive revision is largely attributed to its Bitcoin income generation business, which is expected to considerably exceed prior expectations, reaching an estimated $55 million for the year.
Navigating Bitcoin Valuations: A Non-Cash Write-Down
However, the improved operational outlook for 2025 is overshadowed by a projected ordinary loss of $632 million and a net loss of $491 million. These losses stem primarily from a substantial non-monetary Bitcoin impairment of $680-$700 million. Metaplanet clarifies that this is an accounting adjustment reflecting quarter-end market-to-market valuations and does not directly impact the company’s cash flows or ongoing operations. Crucially, the company's Bitcoin treasury strategy continued to thrive, with BTC holdings surging from 1,762 BTC at the end of 2024 to an impressive 35,102 BTC by the close of 2025, and BTC per diluted share growing by a remarkable 568%.
Ambitious Projections for 2026
Looking ahead, Metaplanet maintains an optimistic trajectory for 2026. The company forecasts revenues of around $103 million and an operating income of $73 million, with the vast majority of this growth expected to be driven by its burgeoning Bitcoin income generation activities. While the inherent difficulty in forecasting Bitcoin prices prevents projections for ordinary or net income for 2026, these operational figures underscore Metaplanet's confidence in its strategic focus on Bitcoin-backed business expansion.
