Metaplanet Posts $725M Q1 Loss; Holds 40,177 BTC

Metaplanet booked a ¥114.5 billion net loss for the first quarter of fiscal 2026, driven by mark-to-market valuation writedowns on its Bitcoin holdings after the cryptocurrency fell roughly 22% in the quarter. The company said the decline reflected short-term accounting losses tied to the quarter-end drop in Bitcoin prices.

“The ordinary loss and quarterly net loss attributable to owners of parent were primarily attributable to accounting valuation losses resulting from the decline in Bitcoin prices at the end of the first quarter and reflect short-term mark-to-market fluctuations,” the company said.

Operational results were stronger. Revenue rose 251% year over year to ¥3.08 billion and operating profit increased 282% to ¥2.27 billion ($14.4 million), producing an operating margin of about 73.6%. Net assets declined 12.1% quarter on quarter to ¥402.96 billion, reflecting the non-cash valuation impact of the Bitcoin writedown.

Metaplanet increased its Bitcoin holdings during the quarter to 40,177 BTC. BTC per fully diluted share rose 2.8% quarter on quarter to 0.0247319. The company reported it held roughly 87% of the Bitcoin reported by Japanese listed companies as of May 2026 and reported a quarter-to-date BTC yield of 2.8%.

Management kept FY2026 guidance unchanged, targeting ¥16.00 billion in revenue and ¥11.40 billion in operating profit.

Chief Executive Simon Gerovich addressed delays to a planned perpetual preferred share listing, citing Japanese listing rules that require preferred dividends to be supported by sustainable cash flows across multiple market scenarios and the operational work needed to implement monthly dividends. Gerovich wrote that the company has a six-quarter track record for its Bitcoin Income Generation Business and wants to demonstrate stable, recurring cash flows in different market conditions.

He added that implementing monthly distributions will require expanded procedures for record dates, shareholder identification, dividend calculations and recurring shareholder notices. The company said that if the offering is approved, it would be among a small number of preferred shares trading in Japan and would be the country’s first perpetual preferred share.

Metaplanet released the Q1 FY2026 results on May 13, 2026 and filed the financial statements with the relevant exchanges.