Metaplanet posts $725 million Q1 net loss as bitcoin markdowns outweigh operating gains

Metaplanet (MTPLF) reported a net loss of 114.5 billion yen ($725.6 million) for the first quarter of fiscal 2026, as unrealized losses on its bitcoin (BTC) holdings weighed on results despite a stronger operating performance.

The losses were driven by accounting valuation adjustments tied to the drop in bitcoin prices at the close of the quarter, according to the company's consolidated financial results report for the period. Metaplanet noted that these losses reflect short-term mark-to-market fluctuations on its bitcoin holdings.

The company recorded 116.4 billion yen ($737.6 million) in bitcoin valuation losses during the quarter, according to the filing.

Revenue rose to 3.08 billion yen ($19.5 million), up 251.1% year-over-year, while operating profit increased to 2.3 billion yen ($14.4 million), up 282.5%. The company attributed the operating performance primarily to growth in its bitcoin income generation business, which includes options-based strategies tied to its BTC holdings, alongside contributions from its existing hotel operations. 

The results come as Metaplanet has continued stockpiling bitcoin, which the company calls the "world's first truly decentralized monetary asset." In April 2024, Metaplanet became the first listed Japanese company to adopt a "Bitcoin Standard," designating the cryptocurrency as its primary treasury reserve asset. 

Bitcoin accumulation 

During the quarter, Metaplanet added 5,075 BTC to its holdings, pushing its total to 40,177 BTC as of March 31. Within Japan, the company says it holds approximately 87% of all bitcoin held by listed companies as of May 2026. 

The holdings position Metaplanet as the third-largest corporate holder of bitcoin globally, trailing only Strategy's 818,869 BTC and Twenty One Capital's 43,514 BTC, per The Block's data dashboard.

Metaplanet intends to expand this position further through a combination of equity issuance and debt financing, including a $500 million bitcoin-collateralized credit facility, of which $302 million was drawn as of May 13, it said. 

"The Company will continue to accumulate Bitcoin, grow Bitcoin per share, and allocate capital with discipline," Metaplanet wrote in the report. "Over time, it intends to develop financing capabilities, operating businesses, and institutional relationships that make its Bitcoin position more productive and durable."

To gauge capital efficiency, the company stated it will continue to monitor key performance indicators, including total Bitcoin holdings, Bitcoin holdings per share, and BTC Yield, which reached 2.8% for the quarter. It also tracks mNAV, a valuation multiple comparing enterprise value to the market value of net bitcoin assets; the company noted that mNAV frequently traded below the prior quarter's levels during the recent market correction.

Meanwhile, fiscal year 2026 guidance remains unchanged. The company is targeting total revenue of 16 billion yen ($101.4 million) and an operating profit of 11.4 billion yen ($72.2 million), representing year-over-year increases of 80% and 81%, respectively.