Metaplanet (3350) expects its revenue to nearly double this year after a shaky end to 2025 that saw the firm take a paper loss of more than 100 billion yen ($650.6 million) over bitcoin’s sharp correction.
The Tokyo-listed company revised its FY2025 full-year forecast and released its FY2026 outlook, showing operating income and sales far exceeding previous forecasts thanks to its expanding Bitcoin monetization business.
That device uses the company’s bitcoin holdings as collateral to generate income through structured option strategies. These holdings are about 35,102 BTC, worth more than $3 billion.
The company attributes part of its success to the issuance of its Class B perpetual preferred stock, MERCURY, and the establishment of a $500 million credit facility, which made its capital structure less dependent on the price of its shares. The company also introduced a senior class A preferred stock, MARS.
Revenue for FY2025 came in at 8.9 billion yen, up 31% from a previous forecast of 6.8 billion yen. Operating earnings rose 34% to DKK 6.3 billion. However, a 104.6 billion write-down on its bitcoin holdings in Q4 forced Metaplanet to report an ordinary loss of 98.6 billion yen and a net loss of 76.6 billion yen.
This accounting loss, the company said, does not affect cash flow or the bottom line. Metaplanet’s BTC yield, defined as the growth in bitcoin holdings per per share, rose 568% over the year despite share dilution.
Looking ahead, Metaplanet expects 16 billion yen in revenue and 11.4 billion yen in operating income for FY2026, mainly driven by its bitcoin-related activities. About 97.5% of expected sales are expected to come from this segment, while the remaining ¥400 million is attributed to its hotel business, which the company said remains stable.
While Metaplanet did not provide guidance for net income in 2026 due to bitcoin price volatility, it emphasized that its Bitcoin strategy, including acquisition and return generation, remains on track.
