Metaplanet (3350) expects its revenue to nearly 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 full-year fiscal 2025 forecast and released its outlook for fiscal 2026, showing that operating income and sales far exceeded previous projections thanks to its expanding Bitcoin revenue-generating business.
That unit uses the company’s bitcoin. shares as collateral to generate income through structured options strategies. Those holdings are 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 stock, MERCURY, and the establishment of a $500 million credit facility, which made its capital structure less dependent on its stock price. The company also introduced a Class A senior preferred stock, MARS.
Revenue for fiscal 2025 came to 8.9 billion yen, up 31% from a previous forecast of 6.8 billion yen. Operating income increased 34% to 6.3 billion. However, a 104.6 billion yen writedown on 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 flows or business fundamentals. Metaplanet’s BTC yield, defined as 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 fiscal 2026, driven primarily 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.
