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- Strong Q4 performance lifts Bitcoin income outlook for FY2025.
- Flexible funding expands capital deployment beyond early plans.
- FX gains soften the impact of large Bitcoin impairment losses.
Metaplanet has revised its earnings outlook for the fiscal year ending December 2025. The update follows a sharp upside in fourth-quarter performance. The company also released its full-year forecast for the fiscal year ending December 2026. Management links the revision to stronger results from its Bitcoin Income Generation business and a shift in capital strategy.
The main reason for the revised forecast comes from Q4 FY2025 revenue. Bitcoin income exceeded earlier estimates by a wide margin. Full-year revenue from this segment now stands at JPY 8.6 billion. The prior forecast showed JPY 6.3 billion.
Earlier projections relied on limited equity financing. Management believed the share price failed to reflect true value. That view led to cautious capital planning and reduced collateral use for options strategies. The company expected lower activity over time.
Metaplanet Expands Capital Strategy in Q4
However, the market environment changed in the fourth quarter. The company issued Series B perpetual convertible preferred stock, also known as MERCURY. Additionally, the firm obtained a 500 million dollar credit facility. This helped the firm reduce its dependency on the share price levels. The firm also opened up access to other sources of funding.
The firm increased investment in Bitcoin options strategies with the help of the flexible capital. This is because the strategies are designed to generate income from Bitcoin-linked derivatives. The firm also saw higher revenue growth than anticipated. This is because the firm now views this segment as a stable growth engine.
The firm uses the mark-to-market approach to value its Bitcoin holdings on a quarterly basis. This led to a large impairment charge at the end of the year. The company reported a non-operating bitcoin impairment loss of JPY 104,636 million as of December 31, 2025.
This change has no impact on cash flows. The change is based on price levels at a given date of reporting. The operations of the company were not interrupted in any way. The business of BTC Treasury has grown steadily over time. The company held 35,102 Bitcoins at the end of 2025.
The company held 1,762 Bitcoins a year ago. The company’s BTC yield per diluted share increased by 568 percent for the year. The company believes this demonstrates that their accumulation model is working, regardless of price fluctuations.
Bitcoin Income Expected to Dominate FY2026 Revenue
Chairman Cha owns a total of 53.44 percent. His personal stake is valued at 19.14 percent. His company, The One Group, owns 34.30 percent. Com2uS is the second-largest shareholder. It owns a total of 38.42 percent.
Both stakes may be on the market. Chairman Cha took back management leadership. He took it back after four months of relinquishing it. He is ready to sell. Coinone has a different reason for its move. The reason is technology leadership. The market share is close to double digits. Chairman Cha made his reputation as a security expert.
He used to be a white hat hacker. He still works on products. Chairman Cha assembled a team of AI experts. Product development is still a priority. Losses are still impacting valuation. Book value is now 75.2 billion won. This is down from the initial purchase price. Com2uS bought the shares in 2021 and 2022.
Coinbase is planning a visit to Korea this week. The US exchange plans to visit large Korean companies. Coinone is on the top of the agenda. Talks will be about equity participation and cooperation. Korean investor demand is still high.
Also Read: Bitcoin Nears 21 Million Cap as Miners Prepare for a Fee-Driven Future
