The surge in Bitcoin earnings has led Metaplanet to adjust its full-year revenue projections upward.

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The organization anticipates revenue exceeding $100 million for FY2026, with 97.5% of expected sales originating from its Bitcoin Income Generation sector.

(Behnam Norouzi/Unsplash/Modified by CoinDesk)

Key Points:

  • Metaplanet faced a turbulent conclusion to 2025, recording a paper loss exceeding 100 billion yen due to a correction in bitcoin prices, yet retains a positive outlook for the future.
  • The firm projects revenue surpassing $100 million for FY2026, with 97.5% of anticipated sales stemming from its Bitcoin Income Generation operations.
  • In spite of a considerable accounting loss, Metaplanet asserts that its business fundamentals remain robust, with its yield increasing by 568% over the last year.

Metaplanet (3350) foresees its revenue nearly doubling this year following a tumultuous end to 2025, which resulted in a paper loss exceeding 100 billion yen ($650.6 million) due to a sharp downturn in bitcoin.

The Tokyo-listed entity updated its annual FY2025 forecast and released its projections for FY2026, revealing operating income and sales that significantly exceed previous estimates, largely driven by its growing Bitcoin Income Generation business.

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The unit utilizes the company’s bitcoin holdings as collateral to produce revenue via structured option strategies. These holdings consist of approximately 35,102 BTC, valued at over $3 billion.

The company credits part of its achievements to the issuance of its Class B perpetual preferred equity, MERCURY, and the creation of a $500 million credit facility, which has alleviated its capital structure’s reliance on share prices. Additionally, the company has introduced a senior Class A preferred share, MARS.

Revenue for FY2025 amounted to 8.9 billion yen, marking a 31% increase from a prior forecast of 6.8 billion yen. Operating income increased by 34% to reach 6.3 billion. However, a 104.6 billion write-down on its bitcoin assets in Q4 compelled Metaplanet to report an ordinary loss of 98.6 billion yen and a net loss of 76.6 billion yen.

The company stated that this accounting loss does not influence cash flows or business fundamentals. Metaplanet’s BTC yield, characterized as the growth in bitcoin holdings per share, surged by 568% over the year, despite dilution of shares.

Looking forward, Metaplanet anticipates revenue of 16 billion yen and operating income of 11.4 billion yen for FY2026, predominantly driven by its bitcoin-related endeavors. Approximately 97.5% of expected sales are anticipated to come from this segment, with the remaining 400 million yen associated with its hotel operations, which the company claims to be stable.

Although Metaplanet has not provided guidance for net income in 2026 due to fluctuations in bitcoin prices, it highlighted that its Bitcoin strategy, encompassing acquisition and yield generation, remains on course.