Metaplanet logs $725.6 million Q1 loss after $737 million Bitcoin impairment

Japan's Metaplanet posted a net loss of $725.6 million for Q1 2026, entirely due to a $737 million noncash impairment tied to its Bitcoin holdings after bitcoin:native fell 24% over the quarter. Underlying operations showed strong momentum. Revenue jumped 251% year on year to $19.5 million, and operating margin reached 73.6%, led by the firm's Bitcoin Income Generation options strategy. Metaplanet said it did not sell any Bitcoin during the period. The company added 5,075 BTC at an average price near $79,000, lifting total holdings to 40,177 BTC. It now ranks as the world's third-largest publicly listed Bitcoin holder, behind Strategy and Twenty One Capital. Metaplanet's Tokyo-listed shares fell 3.82% following the release.