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Metaplanet reported a net loss of 114.5 billion yen (or $725.6 million) for fiscal 2026 first quarter, citing heavy unrealized bitcoin valuation losses that outweighed higher revenue and operating profit. The figures were released in its consolidated financial report for the quarter ended March 31.
During the quarter, Metaplanet booked 116.4 billion yen (or $737.6 million) in bitcoin valuation losses. The company said the losses resulted from mark-to-market adjustments tied to a lower bitcoin price at quarter-end, reflecting short-term fluctuations in the value of its holdings.
Despite the valuation hit, revenue increased to 3.08 billion yen (or $19.5 million), up 251.1% year over year. Operating profit rose to 2.3 billion yen (or $14.4 million), a 282.5% increase.
Metaplanet attributed the operating improvement to its bitcoin income generation business and hotel operations. It said its bitcoin income strategies include options-based approaches linked to its BTC reserves, which contributed to improved operating performance during the period. The company also reported that hotel operations continued to generate steady earnings.
Metaplanet reiterated its focus on bitcoin as a core treasury asset, describing bitcoin as the world’s first truly decentralized monetary asset. It said accounting losses reflect price movements at the reporting date.
The company increased its Bitcoin reserves during the quarter, adding 5,075 BTC between January and March. Total holdings reached 40,177 BTC as of March 31.
Metaplanet said it adopted a Bitcoin Standard in April 2024, designating bitcoin as its primary treasury reserve asset. It stated this made it the first listed Japanese company to take that step.
The firm reported that it holds about 87% of all bitcoin owned by listed companies in Japan as of May 2026. It continued accumulating bitcoin during the quarter despite price volatility, and did not disclose the average purchase price for the added coins.
In its quarterly filing, Metaplanet said bitcoin markdowns drove the overall net loss. However, it reported that operating metrics improved versus the prior year period, and confirmed its total bitcoin holdings at 40,177 BTC at the end of March.
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