Metaplanet Posts 725m USD Q1 Loss On Bitcoin Writedown

Paper Loss Masks Strong Operating Performance

Japan's @Metaplanet (TSE: 3350) reported a net loss of ¥114.5 billion ($725.6 million) for the first quarter of 2026, a figure that reflects Japan's accounting requirement to mark $BTC holdings to market value at quarter-end. The Block reported that the loss was driven by non-cash Bitcoin mark-to-market valuation markdowns after Bitcoin's price fell roughly 24% during the quarter, from around $87,000 on January 1 to roughly $66,000 on March 31.

Strip out the accounting adjustment, however, and the underlying business looks quite different. Revenue rose 251% year-on-year to approximately $19.5 million, with operating profit climbing 282.5% to $14.4 million and an operating margin of 73.6%. The growth was fuelled primarily by the company's Bitcoin Income Generation business, which earns option premiums and derivative valuation gains against its existing holdings. @Metaplanet did not sell any Bitcoin during the quarter.

Third-Largest Listed Bitcoin Holder Globally

The Tokyo-listed firm added 5,075 $BTC in Q1 at a weighted average price near $79,000, bringing total holdings to 40,177 BTC as of March 31, 2026. That positions Metaplanet as the third-largest publicly listed Bitcoin holder globally, trailing only Strategy's 818,869 BTC and Twenty One Capital's 43,514 BTC, according to data from The Block's data dashboard. Within Japan, the company says it holds approximately 87% of all Bitcoin held by listed companies.

To fund continued accumulation, Metaplanet is drawing on a $500 million Bitcoin-collateralized credit facility, of which $302 million was outstanding as of May 13. The company has set a long-term target of 210,000 BTC by the end of 2027, equivalent to roughly 1% of Bitcoin's fixed supply. Full-year 2026 guidance remains unchanged, with the company projecting net sales of approximately $101 million and operating profit of around $72 million.

Tokyo shares fell 3.82% on the day of the earnings release.

Sources:
The Block: Metaplanet posts $725 million Q1 net loss as bitcoin markdowns outweigh operating gains
Cointelegraph: Metaplanet Q1 profit jumps, but Bitcoin losses hit bottom line
Bitcoin.com News: Japan's Metaplanet Posts $725M Q1 Loss as Bitcoin Stack Reaches 40,177 BTC