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Metaplanet reported a first-quarter loss of $725 million (¥114.5 billion) on Wednesday, a sharp widening from a $31 million (¥5 billion) loss a year earlier. The increase was driven by a decrease in the value of its Bitcoin holdings.
For the period ended March 31, the Tokyo-based firm added 5,075 Bitcoin to its stockpile, a 14.5% quarter-over-quarter increase. With Bitcoin recently trading around $79,300, Metaplanet’s total stash of 40,177 Bitcoin was valued at approximately $3.18 billion.
Since Metaplanet began accumulating Bitcoin in April 2024, the company has become the digital asset’s third-largest corporate holder. The firm has faced pressure as Bitcoin has fallen from last year’s record highs.
Metaplanet’s business has shifted away from its earlier focus on hotel management. In the first quarter, the company generated $15.8 million from selling Bitcoin options contracts, up from $4.8 million last year.
Despite the declining stock price, Metaplanet said its investor base widened to around 250,000 total shareholders during the period, compared with 63,600 last year.
Metaplanet’s shares closed at ¥327.00 on Wednesday, according to Yahoo Finance. The stock has gained 5.8% over the past month, as Bitcoin has hovered around the $80,000 level, but remains 45% lower than a year ago.
Metaplanet CEO Simon Gerovich said the company’s approach follows “two tracks”: continuing to build its Bitcoin position with “discipline and patience,” while developing services and businesses that operate on that foundation.
In a separate post, Gerovich acknowledged that Metaplanet has not yet issued “MARS” and “MERCURY,” dividend-paying products unveiled in November. He said the process is “taking longer than initially anticipated,” but that the company remains committed to bringing them to market.
Gerovich noted that while Strategy pays dividends monthly on STRC, Japanese listed companies typically distribute dividends once or twice a year. He added that the design for MARS and MERCURY is being refined to align with local market practices.
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