Japan’s Metaplanet Reports ¥114.5B Q1 Loss as Bitcoin Holdings Reach 40,177 BTC

TLDR

• Metaplanet reported a ¥114.5B net loss for Q1 2026 due mainly to Bitcoin impairment charges.
• Revenue rose 251.1% year over year to ¥3.08B, while operating profit reached ¥2.27B.
• The company held 40,177 BTC as of March 31, 2026.
• Metaplanet bought 5,075 BTC in Q1 at a weighted average price near $79,000.
• The firm kept its 2026 guidance at ¥16B revenue and ¥11.4B operating profit.

Metaplanet Inc. reported a large first-quarter net loss for 2026 after accounting markdowns on its Bitcoin holdings weighed on results, even as revenue and operating profit rose sharply from a year earlier.

The Tokyo-listed investment firm posted a net loss of ¥114.5 billion, or about $725.6 million, for the quarter ended March 31, 2026. The loss was mainly tied to ¥116.4 billion in non-cash Bitcoin impairment charges caused by Bitcoin price declines during the period.

Revenue rose to ¥3.08 billion, up 251.1% year over year. Operating profit increased 282.5% to ¥2.27 billion, supported by the company’s Bitcoin yield business and hotel operations.

Chief Executive Simon Gerovich said Metaplanet recorded a 73.6% operating margin and a 2.8% BTC Yield for the quarter. The company kept its full-year 2026 forecast unchanged, projecting ¥16 billion in revenue and ¥11.4 billion in operating profit.

Bitcoin Markdown Drives Net Loss

Metaplanet’s reported loss was mainly an accounting result rather than a reflection of weaker operating revenue. The company’s Bitcoin treasury faced a large valuation adjustment as BTC traded below the firm’s average purchase price during the quarter.

Metaplanet held 40,177 BTC as of March 31, 2026. That made it one of the world’s largest public corporate Bitcoin holders and the largest listed Bitcoin holder outside the United States, according to company statements.

The firm bought 5,075 BTC during the quarter for about ¥60 billion, at a weighted average price near $79,000 per coin. Its total average cost basis across all holdings stood near $104,106 per BTC.

With Bitcoin trading near $81,211 around the reporting period, the holdings carried a large unrealized loss against cost. The company said it still plans to continue its Bitcoin Standard treasury strategy despite short-term accounting pressure.

The company also said it controls about 87% of Bitcoin held by listed companies in Japan, placing it at the center of the country’s corporate Bitcoin treasury market.

Revenue Growth Comes From Bitcoin Yield and Hotels

Metaplanet’s operating business continued to grow despite the mark-to-market loss. Revenue of ¥3.08 billion reflected strong year-over-year growth, while operating profit reached ¥2.27 billion.

Management linked the increase to its Bitcoin yield business, which includes options-related strategies, and to its existing hotel operations. These income sources helped the company maintain positive operating profit even while Bitcoin valuation losses affected net results.

The firm’s Q1 net loss exceeded its full-year fiscal 2025 net loss, showing how accounting treatment can create sharp earnings swings for companies holding large digital asset treasuries.

Metaplanet’s total assets fell to ¥466.6 billion from ¥505.2 billion at the end of December. Net assets declined 12.1% quarter over quarter to ¥402.9 billion.

The balance sheet decline was tied mainly to Bitcoin price movements rather than lower operating activity. The company said it remains focused on building its Bitcoin position and improving BTC exposure per share over time.

Capital Raises Support Accumulation Strategy

Metaplanet raised capital during the quarter to support its Bitcoin strategy and operations. The company issued ¥12.2 billion in new shares in February and another ¥40.7 billion in March.

It also used Bitcoin-backed credit facilities and Class B preferred shares as part of its funding structure. The company introduced mNAV-linked moving strike warrants, which are designed to adjust capital raising based on market conditions and share performance.

The financing tools allow Metaplanet to keep buying Bitcoin while managing dilution and funding flexibility. The strategy also reduces reliance on only one capital source.

Metaplanet has expanded its digital finance activity beyond Bitcoin. The company invested in stablecoin issuer JPYC and launched a U.S.-based subsidiary, Metaplanet Asset Management.

Japan’s developing crypto regulation and tokenization policies provide the broader setting for the company’s strategy. Metaplanet has framed its Bitcoin treasury approach as part of a long-term plan linked to digital assets, stablecoins and capital markets.

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