Metaplanet Aggressively Expands Bitcoin Income Strategy as 2026 Revenue Forecasts Nearly Double

Japan’s Metaplanet has raised its full-year projections significantly after a challenging final quarter, positioning itself for what could be a breakthrough year in bitcoin-driven revenue generation. Despite a substantial paper loss stemming from bitcoin’s sharp correction in late 2025, the Tokyo-listed company is moving forward with confidence, backed by strong operational performance and a fundamentally sound business model centered on its expanding Bitcoin Income Generation division.

Financial Rebound Driven by Bitcoin Income Generation Surge

The numbers tell a compelling story. Metaplanet’s FY2025 revenue reached 8.9 billion yen, representing a 31% increase over its earlier forecast of 6.8 billion yen. Operating income climbed 34% to 6.3 billion yen. These gains come despite the company recording a 104.6 billion yen write-down on its bitcoin holdings during Q4—a move that resulted in reported ordinary and net losses of 98.6 billion yen and 76.6 billion yen respectively.

The critical distinction here is that Metaplanet treats these accounting losses separately from operational performance. The company emphasizes that write-downs tied to bitcoin price fluctuations do not impact cash flows or underlying business fundamentals. In other words, the accounting loss is a valuation adjustment, not a reflection of the company’s revenue-generating capability.

Structured Strategies Amplify BTC Yield Despite Market Turbulence

At the heart of Metaplanet’s growth sits its Bitcoin Income Generation business, which generated over 97.5% of projected FY2026 revenue. This unit operates a sophisticated model: it deploys the company’s substantial bitcoin holdings—approximately 35,102 BTC currently valued at over $3 billion—as collateral for structured option strategies designed to generate consistent income streams.

The execution has proved remarkably effective. Metaplanet’s BTC yield, measured as the growth in bitcoin holdings per share, surged 568% over the past year despite ongoing share dilution. This metric underscores the efficiency of the strategy—the company is accumulating bitcoin wealth faster than it’s diluting shareholder stakes, a feat that requires both disciplined capital deployment and favorable market conditions.

At current bitcoin valuations around $78.79K, the company’s holdings represent a formidable asset base supporting its income generation objectives.

Capital Structure Overhaul Enables Strategic Independence

Metaplanet’s success isn’t accidental. The company deliberately restructured its capital base to reduce dependency on share price movements. This was accomplished through the issuance of Class B perpetual preferred equity (branded as MERCURY) and the establishment of a $500 million credit facility. Additionally, the company introduced Class A preferred shares (MARS) to further diversify its funding sources.

This capital architecture matters because it insulates the Bitcoin Income Generation business from equity volatility while providing multiple financing channels. The company can now pursue its bitcoin accumulation and yield-generation strategy without forcing constant dilutive share issuances.

Looking Ahead: Metaplanet’s Bitcoin-Centric Path

For FY2026, Metaplanet forecasts 16 billion yen in revenue and 11.4 billion yen in operating income—roughly doubling this year’s performance. The Bitcoin Income Generation segment is expected to contribute approximately 15.6 billion yen in revenue, with the company’s stable hotel business accounting for the remaining 400 million yen.

Notably, Metaplanet declined to provide net income guidance for 2026, citing bitcoin price volatility as the principal variable. However, the company reiterated that its dual-track strategy—accumulating bitcoin holdings while generating yield through structured strategies—remains firmly on course.

The company’s trajectory suggests that Metaplanet has evolved beyond traditional corporate models. It’s functioning as a quasi-bitcoin investment vehicle wrapped in a publicly listed company structure, leveraging financial engineering to extract returns from its digital asset holdings. Whether this unconventional approach sustains long-term investor confidence will likely depend on sustained execution and bitcoin market stability in the year ahead.