Metaplanet Financial Report Released! Q1 Suffered a Loss of $725 Million Due to Bitcoin Decline

Often referred to as “Japan’s MicroStrategy,” Metaplanet released its latest financial report on Thursday.
Although the company’s core revenue and profits grew strongly in the first quarter of this year, it still reported a net loss of $725.6 million, due to Bitcoin prices declining at the end of the quarter, which led to unrealized losses on paper dragging down the overall financial performance.
The financial report shows that Metaplanet suffered a net loss of 114.5 billion yen (about $725.6 million) in the first quarter of fiscal year 2026.
The reason is not operational failure but the “on-paper loss” caused by Bitcoin price retracement at the end of the quarter.
The document states that such unrealized losses reflect short-term market fluctuations rather than actual cash outflows.
Setting aside the paper volatility, Metaplanet’s actual operations are actually growing rapidly.
First-quarter revenue soared to 3.08 billion yen (about $19.5 million), a significant increase of 251.1% compared to the same period last year;
Operating profit further surged to 2.3 billion yen (about $14.4 million), with an annual growth rate of 282.5%.
Metaplanet attributes this impressive performance to the strong growth of its Bitcoin revenue-generating business (including financial strategies involving options trading on Bitcoin holdings),
plus the steady contribution from its existing hotel business.
As of March 31, 2026, Metaplanet’s Bitcoin holdings increased to 40,177 BTC, making it the Japanese listed company with the most Bitcoin holdings,
and ranking third among publicly listed companies worldwide in Bitcoin holdings, behind MicroStrategy and Twenty One Capital.
To continue increasing its Bitcoin holdings, Metaplanet has demonstrated flexible financial strategies,
including issuing new shares and taking on debt, as well as utilizing $500 million in Bitcoin-backed loans,
with $302 million already drawn as of May 13.
In the financial report, Metaplanet emphasized: “We will maintain discipline, continue accumulating Bitcoin, increase Bitcoin holdings per share, and implement strict capital allocation.
Over time, we will expand financing capabilities, deepen core operations, and establish more solid institutional relationships, making the company’s Bitcoin position more productive and resilient to downturns.”