- Japanese bitcoin treasury firm Metaplanet reported a $725 million quarterly net loss due to bitcoin valuation declines.
- The company recorded over $737 million in unrealized bitcoin markdown losses during Q1.
- Despite the loss, revenue rose 251% year-over-year while operating profit climbed 282%.
- Metaplanet expanded its bitcoin holdings to 40,177 BTC, making it the world’s third-largest corporate bitcoin holder.
- The company continues aggressively raising capital to increase its bitcoin treasury position.
Bitcoin Accounting Losses Hit Results
Japanese bitcoin treasury company Metaplanet reported a massive net loss of 114.5 billion yen ($725.6 million) during the first quarter of fiscal 2026 as falling bitcoin prices heavily impacted its financial statements.
The majority of the loss came from accounting-related valuation adjustments on the company’s large bitcoin holdings. During the quarter, Metaplanet recorded roughly 116.4 billion yen ($737.6 million) in unrealized bitcoin markdown losses.
The company stressed that these were paper losses tied to quarter-end pricing and did not reflect realized sales or operational weakness.
Core Business Performance Continued Improving
Despite the headline loss, Metaplanet’s core operations showed strong growth. Revenue rose 251% year-over-year to 3.08 billion yen ($19.5 million), while operating profit increased 282.5% to 2.3 billion yen ($14.4 million).
The company attributed the growth largely to its bitcoin income generation business, which includes options-based yield strategies built around its BTC holdings. Its hotel business also contributed to revenue growth.
Metaplanet became the first publicly listed Japanese company to adopt a “Bitcoin Standard” treasury strategy in 2024, making bitcoin its primary reserve asset.
Metaplanet Keeps Buying Bitcoin Aggressively
During the quarter, Metaplanet purchased another 5,075 BTC, increasing total holdings to 40,177 BTC by March 31.
That position now makes the company the third-largest corporate bitcoin holder globally, behind only Strategy and Twenty One Capital.
The company said it plans to continue expanding its treasury using debt financing and equity issuance. It has already secured access to a $500 million bitcoin-collateralized credit facility, with more than $300 million already drawn.
Metaplanet said its long-term strategy remains focused on increasing bitcoin per share while building financing tools and institutional relationships around its treasury business.
