Metaplanet (3350) expects its revenue to almost double this year after a volatile end to 2025 that saw the company post a paper loss of more than 100 billion yen ($650.6 million) due to bitcoin’s sharp correction.
The Tokyo-listed company revised its guidance for fiscal 2025 and released its outlook for fiscal 2026, showing operating profit and sales far exceeding previous projections thanks to its growing Bitcoin revenue generation business.
This unit uses the company’s bitcoin assets as collateral to generate income through structured options strategies. These holdings amount to approximately 35,102 BTC, worth over $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 Class A senior preferred stock, MARS.
Revenue for fiscal 2025 was 8.9 billion yen, up 31% from the prior forecast of 6.8 billion yen. Operating profit increased by 34% to 6.3 billion. However, a 104.6 billion depreciation of its bitcoin holdings in the fourth quarter 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 business fundamentals. Metaplanet’s BTC yield, defined as growth in bitcoin holdings per share, increased 568% year-over-year, despite stock dilution.
Looking ahead, Metaplanet forecasts revenue of 16 billion yen and operating profit of 11.4 billion yen for fiscal 2026, driven primarily by its bitcoin business. 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.
Although Metaplanet did not provide guidance for net profit in 2026 due to Bitcoin price volatility, it emphasized that its Bitcoin strategy, including vesting and yield generation, remains on track.
