Metaplanet Stock: How a 24% Bitcoin Drop Erased Strong Operating Gains

TLDR

• Metaplanet posted a ¥114.5 billion (~$725M) net loss in Q1 FY2026, driven by Bitcoin valuation markdowns
• Bitcoin fell ~22–24% during Q1, its worst first quarter since 2018, hitting Metaplanet’s treasury hard
• Despite the loss, operating income jumped 282% YoY to ¥2.27B (~$14.4M) on surging Bitcoin options revenue
• Bitcoin holdings grew to 40,177 BTC, making Metaplanet the third-largest publicly listed Bitcoin treasury
• CEO Simon Gerovich confirmed delays to the preferred share listing; stock fell ~3.82% on Wednesday in Tokyo

Metaplanet’s Q1 FY2026 results told two very different stories at once.

On the operating side, things looked strong. Net sales climbed 251% year-over-year to about $19.5 million, and operating profit jumped 282% to ¥2.27 billion ($14.4 million). The bulk of that came from Bitcoin options and derivative income, with a 73.6% operating margin.

But below the operating line, the picture flipped.

Bitcoin dropped roughly 22–24% during Q1 2026, falling from around $87,000 at the start of January to about $66,000 by March 31. That was Bitcoin’s worst first quarter since 2018, and Metaplanet’s expanding BTC treasury took the hit directly.

The company recorded a ¥114.5 billion ($725 million) net loss for the quarter. Most of that was non-cash — accounting valuation losses on its Bitcoin holdings as prices declined. Basic loss came in at roughly $0.63 per share, compared to a loss of $0.078 a year earlier.

Metaplanet Inc., 3350.T

Metaplanet’s stock traded at around 327 yen ($2.07) on Wednesday in Tokyo, down 3.82% from Tuesday’s close.

Bitcoin Stack Keeps Growing

Despite the quarterly loss, Metaplanet kept buying Bitcoin.

The company ended Q1 holding 40,177 BTC, up from 35,102 at the end of December 2025 — an addition of roughly 5,075 BTC in the quarter. That positions it as the third-largest publicly listed Bitcoin treasury in the world.

Metaplanet holds approximately 87% of all Bitcoin held by Japanese listed companies as of May 2026.

On a fully diluted per-share basis, BTC holdings rose from 0.0240486 to 0.0247319 BTC — a 2.8% quarter-on-quarter gain. The company uses this metric, which it calls “BTC yield,” as a key indicator of shareholder value creation.

To fund those purchases, Metaplanet drew further on its $500 million Bitcoin-collateralized credit facility. As of May 13, 2026, it had $302 million outstanding under that facility.

Balance Sheet Takes the Strain

Total net assets fell from $2.96 billion at December 31 to approximately $2.60 billion by quarter-end, as Bitcoin-related losses outpaced equity raised during the period.

Short-term borrowings rose as the company leaned more heavily on its credit line to keep stacking BTC.

Metaplanet kept its full-year 2026 outlook unchanged — still forecasting net sales of around $101 million and operating profit of about $72 million. It did not provide ordinary or net income guidance, citing Bitcoin price sensitivity.

CEO Simon Gerovich confirmed delays to the company’s planned preferred share listing, adding another item to watch for investors tracking the stock.

Hotel operations continued to contribute a small, stable portion of revenue alongside the Bitcoin income business.

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