Metaplanet Posts $725 Million Q1 Loss as Bitcoin Price Drop Hits Treasury Valuation

Japanese bitcoin treasury company Metaplanet reported a 114.5 billion yen ($725.6 million) net loss for Q1 fiscal 2026. The loss was mainly driven by unrealized mark-to-market losses on its bitcoin holdings, as BTC price declines at quarter-end reduced asset valuations. The company confirmed total bitcoin valuation losses of 116.4 billion yen ($737.6 million) during the period.

Strong operating growth despite crypto market pressure

Despite the headline loss, Metaplanet’s core business performance improved sharply. Revenue rose to 3.08 billion yen ($19.5 million), up more than 250% year-over-year, while operating profit increased 282.5% to 2.3 billion yen ($14.4 million). Growth was supported by its bitcoin income strategy, including options-based yield programs, along with contributions from hotel operations.

Bitcoin accumulation strategy and treasury expansion

During the quarter, Metaplanet added 5,075 BTC, bringing total holdings to 40,177 BTC as of March 31. The company remains one of the largest corporate bitcoin holders globally, ranking behind Strategy and Twenty One Capital. It also holds a dominant share of Japan’s listed-company bitcoin reserves.

Financing plan and future outlook

Metaplanet continues expanding its bitcoin position through equity issuance and a $500 million BTC-backed credit facility, partially drawn. The company maintains its guidance, targeting 16 billion yen revenue and 11.4 billion yen operating profit for fiscal 2026.