Bitcoin Firm Metaplanet Posts $725 Million Loss, Delays Preferred Share Offerings

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In brief - Metaplanet reported a first-quarter loss of $725 million, a sharp widening compared to $31 million last year - The company reported a jump in revenue derived from selling Bitcoin options contracts at $15.8 million. - The Tokyo-based company highlighted an expansion in its investor base, reaching 250,000 total shareholders during the period. Metaplanet reported a first-quarter loss of $725 million (¥114.5 billion) on Wednesday, a sharp widening driven by a decrease in the value of its Bitcoin holdings. The firm posted a $31 million (¥5 billion) loss a year ago. During the period ended March 31, the Tokyo-based firm added 5,075 Bitcoin to its stockpile, a 14.5% increase quarter-over-quarter. With Bitcoin recently changing hands around $79,300, the company’s stash, totaling 40,177 Bitcoin, was valued around $3.18 billion. Since Metaplanet began accumulating Bitcoin in April 2024, the company has emerged as the digital asset’s third-largest corporate holder. Like many Bitcoin-buying firms, the company has faced pressure as the digital asset has declined from record highs last year. The company’s stock closed at ¥327.00 on Wednesday, according to Yahoo Finance. Shares have advanced 5.8% over the past month—turning higher as Bitcoin’s price has hovered around the $80,000 mark—but they remain 45% lower compared to a year ago. Despite a declining stock price, the company signaled that its investor base has widened to around 250,000 total shareholders compared with 63,600 last year. Metaplanet’s business once revolved around hotel management, but it now derives most of its revenue from selling Bitcoin options contracts. In the first quarter, the company generated $15.8 million (¥2.5 billion) from that segment, up sharply from $4.8 million (¥770 million) last year. “Our ambition runs along two tracks: continuing to build our Bitcoin position with discipline and patience, while developing the services and businesses that operate atop that foundation,” Metaplanet CEO Simon Gerovich said in a post to X. The company, in many ways, has positioned itself as the Strategy of Japan. Along those lines, Metaplanet has moved to establish a preferred share that mimics STRC, the variable-rate product that Michael Saylor’s Bitcoin giant has embraced as a source of funding. In a separate post to X, Gerovich acknowledged that the firm has yet to issue “MARS” and “MERCURY,” dividend-paying products unveiled in November. He said the process is “taking longer than initially anticipated,” but remains committed to bringing them to market. Although Strategy currently pays out dividends monthly on STRC, Gerovich noted that Japanese listed companies typically make distributions once or twice a year. He added that the design for MARS and MERCURY is currently being refined in relation to local market practices.

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