Metaplanet, a Tokyo-listed Bitcoin treasury company, has raised its revenue and operating income forecasts for 2025 and issued much higher guidance for 2026, even as it flagged a large non-cash Bitcoin write-down that is set to dominate its annual results.

In a notice released on Monday, the company said its Bitcoin income generation business is expected to deliver stronger-than-expected performance, particularly in the final quarter of the year.

However, Metaplanet also projected a steep ordinary loss and net loss for 2025, driven largely by accounting adjustments tied to Bitcoin’s valuation at year-end.

The company is scheduled to file its full-year results on Feb. 16.

Revenue upgrade driven by Bitcoin income generation

Metaplanet said it now expects 2025 revenue of 8.905 billion Japanese yen, or around $58 million, based on its updated guidance.

The company also raised its operating income forecast to $40 million, signalling improved performance at the operating level despite broader market volatility affecting its holdings.

Management said Q4 2025 revenue from its Bitcoin income generation business “is expected to significantly exceed initial projections,” which led it to lift full-year revenue guidance for that segment to about $55 million.

That compares with around $40 million previously announced, showing a sharp upgrade in the contribution from its Bitcoin-linked revenue stream.

Large impairment set to drive headline loss

Even with the stronger operating forecasts, Metaplanet expects to report a deep annual loss for 2025.

The company projected an ordinary loss of $632 million and a net loss of $491 million. These figures are largely attributed to a Bitcoin impairment loss estimated at roughly $680 million to $700 million, which is expected to be recognised in its year-end reporting.

Metaplanet explained that the impairment is a “non-cash accounting adjustment reflecting period-end price fluctuations” and said it has no direct impact on its cash flows or day-to-day operations.

The notice linked the impairment to quarter-end mark-to-market accounting treatment and referenced Bitcoin holdings valued at year-end prices, with Bitcoin shown at $87,876 in the disclosure.

BTC holdings and treasury metrics expand sharply

Metaplanet also reported rapid growth in its Bitcoin treasury business during 2025, underlining how the company has built up its exposure to Bitcoin while developing income generation activities around its holdings.

BTC holdings rose from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, showing a significant increase in the company’s balance sheet allocation.

It also reported BTC yield per diluted share of 568% for the year. The company uses this metric to measure how much Bitcoin backing each diluted share has increased, offering a per-share view of its Bitcoin accumulation.

While the impairment is expected to weigh heavily on reported net results, Metaplanet’s updated figures suggest it is still expanding its treasury position and Bitcoin-linked operations at a pace.

2026 guidance rises but earnings remain uncertain

For 2026, Metaplanet forecast revenue of around $103 million and operating income of $73 million, representing a sharp step up from its 2025 targets.

The company said almost all of its 2026 revenue is expected to come from the Bitcoin income generation business, reinforcing the segment’s central role in its business model.

Metaplanet also projected selling, general and administrative expenses of about $29 million for 2026 as it ramps up operations.

However, it said it will not provide guidance for ordinary income or net income for 2026 due to the difficulty of forecasting Bitcoin prices, signalling that future reported earnings could remain volatile even if operating performance strengthens.

The company added that it publishes daily data on its BTC holdings, unrealised gains and losses, and related metrics, offering investors regular visibility into how price swings affect its treasury position.

The post Metaplanet boosts forecasts despite Bitcoin write-down clouding annual results appeared first on CoinJournal.

Metaplanet boosts forecasts despite Bitcoin write-down clouding annual results

Source: https://coinjournal.net/news/metaplanet-boosts-forecasts-despite-bitcoin-write-down-clouding-annual-results/ ***

Japan could be heading towards its first exchange-traded funds (ETFs) that invest in cryptocurrencies, with listings possible as early as 2028, Nikkei reports.

If the plan moves forward, it could give everyday investors an easier route into bitcoin and other digital tokens, without the added complexity of buying and storing crypto directly.

The development comes at a time when large global institutions are already adding crypto ETFs to their portfolios, while regulators in major markets have started treating digital assets as a more established part of modern investing.

Japan’s Financial Services Agency (FSA) now appears set to test how far crypto exposure can go inside traditional market products, while tightening investor safeguards to match the risks involved.

Crypto ETFs could enter Japan’s regulated market

The FSA plans to add cryptocurrencies to the list of specified assets that ETFs can invest in, according to Nikkei.

This would be a key regulatory step because it would allow fund managers to create products that track crypto prices and trade them through an exchange, much like equity or commodity ETFs.

Stronger investor protection measures are also expected to be proposed alongside the change.

That is likely to be central to how Japan positions crypto ETFs, given the market’s reputation for sharp price swings and the history of losses faced by retail traders during major downturns.

If the rule change is implemented, it would bring crypto closer to Japan’s mainstream investment structure, making it available through products that are more familiar to everyday investors and operate within established oversight.

Nomura and SBI may lead the first wave

Several large financial players are already seen as potential early movers.

Nikkei named Nomura Holdings and SBI Holdings among the groups poised to create Japan’s first crypto ETFs, signalling growing interest from firms that already play a major role in Japan’s financial system.

However, any ETFs built on this framework would still need approval to list on the Tokyo Stock Exchange.

That means Japan’s top exchange would decide whether these funds can trade publicly, opening the door for wider retail participation through ordinary brokerage accounts.

For fund issuers, ETFs could also provide a more scalable way to meet growing demand for crypto exposure, while keeping investors inside more regulated channels than direct crypto trading platforms.

Why ETFs could lower the barrier for retail investors

Crypto has become a significant alternative asset class, but ordinary investors still face practical hurdles when buying it directly.

Bitcoin and other digital assets are traded and stored in crypto wallets protected by private keys, which can be difficult for less experienced investors to manage safely.

This is where ETFs can change the experience.

Instead of learning how wallets work or taking responsibility for storage, investors can buy and sell ETF units through a stock exchange, similar to how they trade shares.

That ease of access is one reason crypto ETFs have become a popular gateway product in other markets.

Regulators elsewhere have already taken this route.

The US and Hong Kong approved their first spot cryptocurrency ETFs in 2024, setting a benchmark that Japan could eventually follow as it builds its own framework.

Institutional adoption is growing, despite volatility

Bitcoin and other cryptocurrencies can be volatile, but the sector has continued to expand.

Global crypto market capitalisation has tripled over the past three years to around $3 trillion.

Institutional investors have also played a bigger role in turning crypto into a more portfolio-friendly asset class.

Pension funds, endowment funds for major universities such as Harvard, and government-affiliated investors have started including bitcoin ETFs in their holdings, adding weight to the idea that crypto exposure is no longer limited to high-risk retail speculation.

The US market offers an example of the scale involved once regulated products become widely available.

The total net assets of US-listed spot bitcoin ETFs now amount to roughly $120 billion.

Some in Japan’s asset management industry estimate that crypto ETFs in the country could eventually reach 1 trillion yen ($6.4 billion).

If Japan moves ahead with listings, that projection suggests a meaningful level of demand could emerge from domestic investors looking for exposure through exchange-traded funds rather than direct ownership.

The post Bitcoin ETFs in Japan: why the FSA’s next move could reshape retail investing appeared first on CoinJournal.

Bitcoin ETFs in Japan: why the FSA’s next move could reshape retail investing

Source: https://coinjournal.net/news/bitcoin-etfs-in-japan-why-the-fsas-next-move-could-reshape-retail-investing/

Check our Market Overview

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research (DYOR).
 

Japan is laying the groundwork for crypto exchange-traded funds as part of a broader effort to bring digital assets into its regulated financial system.

The shift was outlined by Finance Minister Satsuki Katayama during her New Year address at the Tokyo Stock Exchange, where she confirmed government backing for integrating blockchain-based assets into the country’s stock and commodity exchanges.

The comments place Japan alongside jurisdictions that are rethinking how digital assets fit within traditional markets, with 2026 framed as a pivotal year for implementation.

Katayama described 2026 as the first year of a new digital phase for Japan’s economy, pointing to developments overseas to underline the direction of travel.

She highlighted how crypto ETFs in the US have expanded access to digital assets by embedding them within familiar investment structures, rather than treating them as a separate asset class operating outside regulated exchanges.

ETFs enter policy debate

The minister’s remarks signalled a clear intention to use existing exchange infrastructure as the foundation for digital asset adoption.

By anchoring crypto trading to securities and commodity exchanges, policymakers appear focused on standardisation and oversight, rather than rapid deregulation.

Katayama also linked crypto ETFs in the US to their growing use as an inflation hedge for households, suggesting that Japan is assessing how similar products could function within domestic portfolios.

As Minister of State for Financial Services, she pledged full support for exchanges developing fintech-focused trading systems.

This backing indicates that crypto-linked products are no longer being treated as experimental but as instruments that could sit alongside equities, commodities, and derivatives.

Tax and legal reset for 2026

The ETF discussion coincides with sweeping regulatory changes already locked in for 2026.

Japan will cut its crypto tax rate from a maximum of 55% to a flat 20%, aligning digital assets with stocks and other conventional investments.

The government has also reclassified 105 cryptocurrencies, including Bitcoin and Ethereum, as financial products under the Financial Instruments and Exchange Act.

These changes allow investors to carry forward crypto trading losses for up to three years, mirroring rules that apply to equities.

The clearer framework has prompted long-standing preparations by domestic firms.

Implications beyond domestic markets

Japan’s evolving stance is being watched closely outside the country.

As the largest foreign holder of US Treasury bonds, with holdings of about $1.2 trillion, Japan plays a significant role in global capital flows.

Any reallocation by Japanese institutions toward digital assets could influence market sentiment well beyond Asia.

At home, the Financial Services Agency has already approved the country’s first yen-pegged stablecoin, JPYC, and has discussed allowing banks to hold and trade crypto directly.

Katayama has characterised 2026 as a turning point for addressing Japan’s economic challenges through fiscal policy and targeted investment in growth sectors, with digital assets now firmly part of that strategy.

With lower taxes, clearer legal definitions, and ETF-style products edging closer, Japan is repositioning crypto from the fringes of finance toward the centre of its regulated markets.

The post Crypto ETFs may soon hit Japan amid tax cuts and regulatory reset appeared first on CoinJournal.

Crypto ETFs may soon hit Japan amid tax cuts and regulatory reset

Source: https://coinjournal.net/news/crypto-etfs-may-soon-hit-japan-amid-tax-cuts-and-regulatory-reset/

Check our Market Overview 

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research (DYOR).

Bybit is preparing to gradually scale back services for users based in Japan from 2026, marking a further shift in how global crypto exchanges navigate one of the world’s most tightly regulated digital asset markets.

The move follows months of regulatory pressure and earlier steps taken by the exchange to reduce its footprint in the country.

Bybit said the process will involve rolling account restrictions applied over time, rather than an immediate shutdown, as it aligns with Japan’s regulatory framework.

The development comes even as the exchange expands in other jurisdictions, underlining the uneven global regulatory landscape for crypto platforms.

Japan’s regulatory pressure

The phased restrictions will apply to users identified as Japanese residents, with Bybit implementing the measures on a rolling basis.

Users who believe they have been incorrectly classified have been asked to complete additional identity verification checks to resolve their status.

Bybit is not registered with the Financial Services Agency, which requires crypto exchanges serving Japanese residents to obtain local approval before offering services.

Japan’s regulatory regime has long been regarded as one of the strictest globally, shaped by past exchange failures and consumer protection concerns.

This framework has limited the ability of overseas platforms to operate freely in the country without a local licence.

Bybit’s decision to begin a structured withdrawal from 2026 reflects the growing difficulty for unregistered foreign exchanges to maintain access to Japanese users.

Earlier restrictions in Japan

The latest announcement builds on earlier actions taken by Bybit to curb its exposure to the Japanese market.

In October, the exchange halted new user registrations in Japan, citing ongoing discussions with regulators.

That decision signalled that continued full operations without registration were becoming increasingly unsustainable.

Regulatory scrutiny intensified in February, when Japan’s Financial Services Agency requested that app stores run by Apple and Google suspend downloads of five unregistered cryptocurrency exchanges.

Alongside Bybit, the list included MEXC Global, LBank Exchange, KuCoin, and Bitget. The move reinforced Japan’s stance that access to local users must be tightly controlled.

Industry figures have warned that this regulatory bottleneck is driving innovation elsewhere.

In July, Maksym Sakharov, co-founder and CEO of WeFi, said Japan’s strict oversight was pushing crypto development out of the country, as companies look for more flexible jurisdictions.

Despite the Japan pullback, Bybit remains one of the most active exchanges globally.

Rather than exiting heavily regulated markets altogether, Bybit has increasingly adopted jurisdiction-specific strategies, limiting certain services while expanding in regions with clearer or more accommodating frameworks.

Expansion beyond Japan

While scaling down in Japan, Bybit is simultaneously rebuilding its presence in other markets.

The exchange is reentering the UK after a two-year pause, launching a platform that offers spot trading and peer-to-peer services.

The UK return is structured through a promotions arrangement approved by Archax, rather than through direct UK registration.

Bybit has also strengthened its position in the Middle East.

Last month, it secured a Virtual Asset Platform Operator Licence from the United Arab Emirates’ Securities and Commodities Authority, eight months after receiving in-principle approval.

The licence allows the exchange to expand services in a region that has actively positioned itself as a hub for digital asset firms.

The post Bybit to gradually scale back Japan services from 2026 due to tight crypto regulations appeared first on CoinJournal.

Bybit to gradually scale back Japan services from 2026 due to tight crypto regulations

Source: https://coinjournal.net/news/bybit-to-gradually-scale-back-japan-services-from-2026-due-to-tight-crypto-regulations/

Binance has unveiled a new feature enabling direct USD deposits and withdrawals through its regulated subsidiary, BPay Global.

Licensed by the Central Bank of Bahrain, BPay Global strengthens Binance’s position in bridging traditional finance with digital assets.

Announced on October 22, the feature is now available to users in over 70 countries.

It offers fee-free SWIFT transfers and integration with Apple Pay, Google Pay, and debit or credit cards, creating a smoother experience for both retail and corporate users seeking secure fiat-to-crypto transactions.

Seamless integration of USD and crypto payments

The new service allows Binance users to deposit and withdraw USD directly through BPay Global, bypassing traditional intermediaries.

Users can store funds in a regulated e-wallet and utilise them instantly for trading or conversions on the Binance platform.

By eliminating deposit fees for SWIFT transfers, Binance aims to reduce the cost and friction of moving between fiat and crypto markets.

This initiative caters to the growing global demand for accessible, compliant, and cost-efficient payment channels.

The move aligns with Binance’s broader strategy to expand its fiat gateway infrastructure while maintaining compliance with international financial standards.

Building on recent payments and compliance initiatives

The launch follows a series of updates strengthening Binance’s payments ecosystem.

Earlier in October, Binance.US introduced dynamic withdrawal fees for ERC-20 tokens and reduced trading fees on major pairs including Ethereum, Solana, and BNB.

These changes were designed to create a more efficient environment for traders and liquidity providers across markets.

In Japan, Binance deepened its reach through a partnership with PayPay, the country’s largest cashless payment platform.

This collaboration enables users to buy cryptocurrencies directly using PayPay Money, which is then credited to their Binance accounts.

The partnership highlights Binance’s growing integration with regional payment systems to make digital assets more mainstream.

Integrating real-world assets through blockchain innovation

Beyond fiat transactions, Binance has also advanced its blockchain payment infrastructure through the integration of Plume Network.

This collaboration allows gas-free transactions for tokenised real-world assets (RWAs) across thousands of merchants, broadening the usability of digital currencies in real-world commerce.

Such developments mark a strategic evolution in Binance’s long-term objective — merging traditional and digital economies.

By combining global compliance oversight, regulated financial channels, and blockchain innovation, Binance is positioning itself at the forefront of Web3-driven financial systems.

Expanding global reach through BPay Global

The introduction of BPay Global’s USD transfer capabilities marks a critical step toward a more inclusive financial ecosystem.

By extending access to users across 70 countries, Binance not only simplifies global payments but also demonstrates its commitment to offering secure, regulated, and cost-effective cross-border financial tools.

The expansion reinforces Binance’s ongoing transition from a pure crypto exchange to a comprehensive financial services provider.

With fiat and digital assets increasingly intertwined, BPay Global serves as a bridge between legacy systems and decentralised finance, further establishing Binance’s influence in shaping the next generation of global payments.

The post Binance expands global crypto access with new USD transfer feature appeared first on CoinJournal.

Binance expands global crypto access with new USD transfer feature

Source: https://coinjournal.net/news/binance-expands-global-crypto-access-with-new-usd-transfer-feature/