Metaplanet loss hits $725M as Bitcoin price falls

Metaplanet loss hit $725 million in Q1 2026, driven entirely by a $737 million non-cash Bitcoin writedown.

Tokyo-listed Metaplanet (TSE: 3350) reported a net loss of ¥114.5 billion ($725.6 million) for Q1 2026, a figure that reflects Japan’s accounting requirement to mark Bitcoin holdings to market value at quarter-end. Bitcoin fell 24% from roughly $87,000 on January 1 to around $66,000 on March 31, generating a ¥116.4 billion non-cash valuation charge.

The operational picture was sharply different. Revenue rose 251% year over year to ¥3.08 billion ($19.5 million), and operating profit climbed 283% to ¥2.27 billion ($14.4 million), implying a 73.6% operating margin. The Bitcoin Income Generation business, which uses options strategies on the company’s BTC stack, drove the majority of that revenue growth.

What the numbers mean for Metaplanet’s strategy

CEO Simon Gerovich described the quarter as a demonstration of the company’s dual nature: a growing operational business alongside short-term accounting volatility from Bitcoin’s price movements.

Metaplanet did not sell any bitcoin during the quarter. It added 5,075 BTC at an average acquisition price near $79,000, bringing total holdings to 40,177 BTC as of March 31.

The company raised ¥12.2 billion in new shares in February and ¥40.8 billion in March to fund the purchases, and drew on a $500 million Bitcoin-backed credit facility with $302 million outstanding as of May 13. BTC Yield, Metaplanet’s internal metric tracking bitcoin per fully diluted share, came in at 2.8% for the quarter.

Metaplanet is now the third-largest publicly listed Bitcoin holder globally, trailing only Strategy and Twenty One Capital. The company controls approximately 87% of all Bitcoin held by publicly listed companies in Japan. Its long-term target remains 210,000 BTC by the end of 2027.

Full-year outlook and what analysts are watching

Metaplanet maintained its full-year 2026 forecast unchanged, projecting ¥16 billion in net sales and ¥11.4 billion in operating profit. It did not provide ordinary or net income guidance due to Bitcoin price sensitivity.

The company’s stated strategy is to continue accumulating bitcoin regardless of short-term accounting outcomes, framing quarterly losses from mark-to-market rules as structurally expected rather than operationally meaningful.

Metaplanet shares fell 3.82% to ¥327 on May 13 in Tokyo following the report. The company began its Bitcoin treasury strategy with fewer than 100 BTC in April 2024, and its stock has risen more than 7,500% from those levels despite the Q1 paper loss.