Metaplanet disclosed a massive quarterly loss after falling Bitcoin prices triggered significant accounting related valuation declines on its holdings.
For the first quarter of fiscal year 2026, the company posted a net loss of ¥114.5 billion, equivalent to roughly $725.6 million.
Metaplanet also recorded an ordinary loss of ¥114.9 billion, or approximately $728 million, with the majority of the decline linked to ¥116.3 billion in bitcoin valuation losses during the quarter.
Strong Operating Performance Offset by Bitcoin Price Weakness
Despite the heavy paper losses, Metaplanet reported substantial growth across its operating business.
Net sales surged 251.1 percent year over year to ¥3.08 billion, while operating profit climbed 282.5 percent to ¥2.27 billion.
A major contributor to the growth was the company’s Bitcoin Income Generation division, which focuses on options premium strategies connected to BTC derivatives. Revenue from that segment rose sharply to ¥2.54 billion during the quarter.
Metaplanet expanded its bitcoin holdings to 40,177 BTC by the end of March 2026, compared to 35,102 BTC at the close of December 2025.
According to the company’s filing, this keeps Metaplanet positioned as the largest publicly listed corporate bitcoin holder outside the United States.
To continue accumulating bitcoin, the company raised additional capital through common share issuances, preferred stock offerings, stock acquisition rights, and bitcoin backed financing arrangements.
Metaplanet also revealed that it secured a $500 million credit facility collateralized by bitcoin. As of May 13, 2026, the company had already drawn approximately $302 million from the arrangement.
Meanwhile, total assets declined to ¥466.7 billion at the end of March, down from ¥505.3 billion at the close of 2025, largely due to lower bitcoin valuations.
The company stated that it plans to continue increasing its bitcoin holdings, expanding bitcoin per share, and deploying capital in a disciplined manner. Metaplanet added that it aims to strengthen financing capabilities, operating businesses, and institutional partnerships to make its bitcoin strategy more sustainable over the long term.
The firm also said its broader vision aligns with the ongoing transformation of global money systems and capital markets, with ambitions to contribute to the development of Japan’s digital capital markets infrastructure.
CEO Defends Bitcoin Strategy Amid Online Criticism
The earnings report arrives as Metaplanet faces growing scrutiny online regarding its bitcoin acquisition strategy and transparency practices.
Earlier this year, Simon Gerovich defended the company’s approach, stating that all bitcoin purchases, wallet addresses, and borrowing arrangements had been disclosed publicly in real time.
Gerovich also explained that the company’s options based strategy is designed to acquire BTC below prevailing market prices by generating premium income rather than engaging in short term speculative trading.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
