 
 
The crypto market’s sustained downturn since mid-October has had a major impact on Bitcoin-buying firms such as Tokyo-listed Metaplanet.
Metaplanet reported a staggering impairment loss of 104.6 billion yen — about $680 million at current exchange rates — from its Bitcoin stockpile.
Paper Losses
With Bitcoin hovering around $88,365 on Monday, a majority of digital asset treasuries faced unrealized losses.
In a Monday notice, Metaplanet reported an impairment loss of about $680–$700 million. This accounting loss, the company noted, is booked as a non-operating expense and does not affect cash flows or business fundamentals. Metaplanet’s BTC yield, defined as the growth in Bitcoin holdings per share, jumped 568% over the year, despite share dilution.
Metaplanet owned roughly 35,102 BTC, worth over $3.08 billion, by the end of 2025.
 
With the BTC-linked impairment, the company expects a consolidated ordinary loss of $633 million and a consolidated net loss of $491 million. That leaves Metaplanet on course to book a deep annual loss for the fiscal year ended December 2025, despite stronger underlying operating performance, with final full‑year results set for release on Feb. 16.
Metaplanet Remains Optimistic About Its Future
Despite the losses, Metaplanet revised its full-year 2025 forecasts upward, thanks to its expanding Bitcoin Income Generation business, which mainly employs derivatives and options strategies on the apex crypto.
Revenue is now projected at 8.9 billion yen, up 31% from the earlier forecast of 6.8 billion yen, while operating income is expected to rise 34% from 4.7 billion yen to 6.3 billion yen. The company also attributed the growth to diversified funding sources, including the issuance of its Class B perpetual preferred equity, MERCURY, and the creation of a $500 million credit facility.
Moreover, Metaplanet stressed that its Bitcoin strategy, including acquisition and income generation, remains on track.
“While short-term accounting volatility is inherent to our business model, our medium-to-long-term BTC accumulation and capital strategy remain on track,” the company postulated in the statement.