Metaplanet Reports $725M Q1 Loss on Bitcoin Markdown

TLDR

• Metaplanet reported a net loss of 114.5 billion yen or $725.6 million in the first quarter of fiscal 2026.
• The company recorded 116.4 billion yen in bitcoin valuation losses due to lower prices at quarter’s end.
• Revenue rose 251.1% year over year to 3.08 billion yen during the quarter.
• Operating profit increased 282.5% to 2.3 billion yen, driven by bitcoin income strategies and hotel operations.
• Metaplanet added 5,075 BTC in the quarter, bringing total holdings to 40,177 BTC as of March 31.

Metaplanet reported a net loss of 114.5 billion yen, or $725.6 million, for the fiscal 2026 first quarter. The company recorded heavy unrealized Bitcoin valuation losses, which offset higher revenue and operating profit. It released the figures in its consolidated financial report for the quarter ended March 31.

Metaplanet Records Bitcoin Markdowns Despite Higher Revenue

Metaplanet booked 116.4 billion yen, or $737.6 million, in bitcoin valuation losses during the quarter. The company said the losses stemmed from mark-to-market adjustments tied to lower Bitcoin price at quarter’s end. It stated that these losses reflect short-term fluctuations in the value of its holdings.

However, revenue rose to 3.08 billion yen, or $19.5 million, up 251.1% year over year. Operating profit increased to 2.3 billion yen, or $14.4 million, marking a 282.5% rise. The company attributed the operating growth to its bitcoin income generation business and hotel operations.

The firm said its bitcoin income strategies include options-based approaches linked to its BTC reserves. It reported that these activities contributed to improved operating performance during the period. At the same time, hotel operations continued to generate steady earnings.

Management reiterated its focus on bitcoin as a core treasury asset. The company described Bitcoin as the “world’s first truly decentralized monetary asset.” It maintained that accounting losses reflect price movements at the reporting date.

Bitcoin Holdings Expand Under Treasury Strategy

Metaplanet increased its Bitcoin reserves during the quarter. The company added 5,075 BTC to its balance sheet between January and March. As a result, total holdings reached 40,177 BTC as of March 31.

The company stated that it adopted a “Bitcoin Standard” in April 2024. Under this policy, it designated bitcoin as its primary treasury reserve asset. It said this move made it the first listed Japanese company to take that step.

Metaplanet reported that it holds about 87% of all bitcoin owned by listed companies in Japan as of May 2026. The company continued accumulating bitcoin during the quarter despite price volatility. It did not disclose the average purchase price for the added coins.

The quarterly filing showed that bitcoin markdowns drove the overall net loss. However, operating metrics improved compared with the prior year period. The company confirmed its total bitcoin holdings stood at 40,177 BTC at the end of March.

The post Metaplanet Reports $725M Q1 Loss on Bitcoin Markdown appeared first on Blockonomi.