Metaplanet Q1 Profit Surges Despite $728M Bitcoin Loss
Terrill Dicki May 13, 2026 13:20
Metaplanet's Q1 operating profit rose to $14.4M, but a $728M non-cash Bitcoin valuation loss weighed heavily as BTC dropped 24%.
Tokyo-listed Metaplanet reported robust first-quarter operating income of 2.27 billion Japanese yen (approximately $14.38 million) for fiscal year 2026, driven by surging Bitcoin-related revenues. However, the company suffered an ordinary loss of $728 million due to non-cash valuation markdowns on its expanding Bitcoin holdings as BTC prices tumbled 24% in the same period.
Revenues climbed sharply to $19.5 million, up from $5.5 million a year earlier, fueled by its Bitcoin Income Generation business, which includes option premiums and derivative valuation gains. Despite these gains, the company marked down its Bitcoin holdings as prices fell from $87,000 on January 1 to $66,000 by March 31, according to Coingecko data.
Metaplanet ended Q1 holding 40,177 Bitcoin, up from 35,102 at the close of 2025. This 5,075 BTC increase elevated Metaplanet to the third-largest publicly listed Bitcoin treasury globally. The company financed its acquisitions through a mix of equity issuance and Bitcoin-backed borrowing, drawing $302 million against its $500 million Bitcoin-collateralized credit line.
Operating margin for the quarter reached an impressive 73.6%, reflecting the profitability of its BTC-focused business model. Despite the strong operating performance, the $728 million loss widened its basic per-share deficit to $0.63, compared to $0.078 in Q1 2025.
Metaplanet's Bitcoin holdings per share rose to 0.0247319 BTC, a quarterly yield of 2.8%, which the company emphasized as a key shareholder performance metric. However, total net assets declined from $2.96 billion at the end of 2025 to $2.60 billion, largely due to Bitcoin valuation losses exceeding new equity raised.
The company maintained its full-year forecast, projecting $101 million in net sales and $72 million in operating profit, but refrained from providing ordinary or net income guidance, citing Bitcoin price volatility.
Despite the earnings report, Metaplanet shares dropped 3.82% on Wednesday on the Tokyo Stock Exchange, trading at 327 yen (about $2.07). Investors appear cautious as the company’s fortunes remain closely tied to Bitcoin’s volatile price trajectory.
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