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Metaplanet Posts $725M Quarterly Loss After Bitcoin Mark-to-Market Hit

Metaplanet reported a steep quarterly loss after a slide in Bitcoin's price drove large unrealized valuation write-downs on its crypto treasury, even as its core businesses delivered sharp growth. In its fiscal 2026 first-quarter filing, the Japanese investment firm said it booked a net loss of 114.5 billion yen. The result was primarily tied to mark-to-market accounting on its Bitcoin holdings near quarter-end, with unrealized Bitcoin valuation losses totaling about 116.4 billion yen. Operationally, performance strengthened. Revenue rose 251.1% year over year to 3.08 billion yen, while operating profit increased 282.5% to 2.3 billion yen. The company cited Bitcoin-related income strategies and its hotel operations as key contributors. Metaplanet also continued to expand its Bitcoin position. It added 5,075 BTC during the quarter, taking total holdings to 40,177 BTC as of March 31. The company said this places it among the largest corporate Bitcoin holders globally. In Japan, Metaplanet reportedly accounts for nearly 87% of Bitcoin held by publicly listed companies as of May 2026. Globally, it trails only Strategy and Twenty One Capital by corporate Bitcoin holdings. Despite the paper loss, Metaplanet reiterated that its accumulation plan remains intact, describing Bitcoin as a decentralized monetary asset and prioritizing long-term treasury growth over short-term price swings. The company said it intends to fund additional purchases through debt issuance and equity fundraising. Metaplanet previously arranged a $500 million Bitcoin-backed credit facility, with about $302 million drawn as of May 13. Management kept its fiscal 2026 guidance unchanged, projecting annual revenue of 16 billion yen and operating profit of 11.4 billion yen. The results underscore the balance-sheet volatility that can come with aggressive corporate Bitcoin strategies, even as Metaplanet continues to position recent market weakness as a temporary headwind to its longer-term plan.
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