Bitcoin income windfall drives Metaplanet to revise full-year revenue forecast upward

Metaplanet (3350) expects its revenue to nearly double this year after a volatile end to 2025 that saw the firm post a paper loss of over 100 billion yen ($650.6 million) over bitcoin’s sharp correction.

The Tokyo-listed company revised its full-year FY2025 forecast and released its outlook for FY2026, showing operating income and sales far exceeding earlier projections thanks to its expanding Bitcoin Income Generation business.

That unit uses the company’s bitcoin BTC$87,930.23 holdings as collateral to generate revenue through structured option strategies. Those holdings are of around 35,102 BTC, worth more than $3 billion.

The company attributes part of its success to the issuance of its Class B perpetual preferred equity, 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 share, MARS.

Revenue for FY2025 came in at 8.9 billion yen, up 31% from an earlier forecast of 6.8 billion yen. Operating income rose 34% to 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 flows or business fundamentals. Metaplanet’s BTC yield, defined as the growth in bitcoin holdings per share, rose 568% over the year, despite share dilution.

Looking ahead, Metaplanet forecasts 16 billion yen in revenue and 11.4 billion yen in operating income for FY2026, driven mostly by its bitcoin-linked activities. About 97.5% of projected sales are expected to come from this segment, with the remaining 400 million yen attributed to its hotel business, which the company says 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 yield generation, remains on track.