Tokyo-listed Bitcoin treasury company Metaplanet (TSE: 3350) revised its full-year FY2025 earnings forecast on January 26, offering one of the clearest real-world tests yet of the Digital Asset Treasury (DAT) model. While the company disclosed a massive 104.6 billion ($678 million) Bitcoin impairment loss, it simultaneously raised its revenue and operating profit guidance, underscoring the accounting-driven nature of the headline loss.