Metaplanet sees $680 million in unrealized losses on bitcoin holdings in 2025

Metaplanet Corp., the technology firm known for its substantial corporate treasury allocation to Bitcoin (BTC), disclosed an estimated $680 million in unrealized impairment charges on its digital asset portfolio for the fiscal year ending December 31, 2025. This figure was presented in the company’s preliminary Q4 earnings report, shocking analysts who had anticipated a smaller impairment following the aggressive market correction of late 2025.

The impairment stems from the sustained drop in Bitcoin’s market price, which fell significantly below Metaplanet’s average cost basis. Throughout the year, the firm executed multiple purchases, culminating in an estimated total holding of 155,000 BTC. The company’s average cost per Bitcoin is calculated to be approximately $47,500. Under current accounting rules, Metaplanet is required to recognize a non-cash loss when the asset’s fair market value falls below its cost basis.

While Bitcoin had traded above $80,000 during the initial half of 2025, a combination of prolonged macroeconomic headwinds, rising interest rates, and regulatory uncertainty pushed the price down sharply in the latter half. The year-end low, used for impairment calculation purposes, briefly dipped below $35,000.

CEO Marcus Thorne issued a statement affirming the company’s long-term strategy. “This is a characteristic non-cash charge that reflects short-term market volatility,” Thorne said. “It does not impact our operational cash flow or our long-term commitment to Bitcoin as a reserve asset. We view these periods as opportunities to reinforce our foundational belief in decentralized technology.”

Despite the management’s assurances, Metaplanet’s stock saw a 6% decline in extended trading hours as investors reacted negatively to the scale of the required writedown.

Source: Metaplanet sees $680 million in unrealized losses on bitcoin holdings in 2025