Metaplanet's earnings report is out! Q1 suffered a massive loss of $725 million due to Bitcoin's decline

ORIGINALMetaplanet 財報出爐！Q1 因比特幣下跌慘虧 7.25 億美元

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Metaplanet, known as "Japan's MicroStrategy," released its latest earnings report on Thursday. Although the company's core business revenue and profits grew strongly in Q1 of this year, it still swallowed a net loss of $725.6 million, due to Bitcoin's price decline at the end of the quarter, which caused unrealized losses on the books to drag down overall financial performance. The earnings report shows that Metaplanet's net loss in Q1 of fiscal year 2026 reached as high as 114.5 billion yen (approximately $725.6 million), not because of operational failure, but due to "book losses" generated by the Bitcoin price pullback at the end of the quarter. The document noted that such unrealized losses reflect short-term market volatility rather than actual capital outflows. Setting aside book fluctuations, Metaplanet's substantive operations are actually growing at high speed. Q1 revenue soared to 3.08 billion yen (approximately $19.5 million), a massive 251.1% surge from the same period last year; operating profit climbed to 2.3 billion yen (approximately $14.4 million), with year-over-year growth reaching 282.5%. Metaplanet attributed this dazzling report card to the strong growth of its Bitcoin revenue-generating business (including financial strategies that use Bitcoin holdings for options operations), combined with steady contributions from its original hotel business. As of March 31, 2026, the number of Bitcoin held by Metaplanet has increased to 40,177 BTC, firmly securing its position as the listed Japanese enterprise holding the most Bitcoin, and placing it third on the global list of listed enterprises by Bitcoin holdings, second only to Strategy and Twenty One Capital. To raise capital to continue accumulating Bitcoin, Metaplanet demonstrated flexible financial maneuvers. In addition to issuing new shares and taking on debt, it also utilized a $500 million Bitcoin-collateralized loan facility, having drawn $302 million as of May 13. Metaplanet emphasized in the earnings report: "We will maintain discipline, continue to accumulate Bitcoin, raise Bitcoin holdings per share, and conduct strict capital allocation. Over time, we will expand financing capabilities, deepen core business operations, and build more solid institutional relationships, making the company's Bitcoin position more productive and resilient against downturns." Looking ahead to the full year of 2026, Metaplanet maintains its financial forecast unchanged, targeting revenue of 16 billion yen and operating profit of 11.4 billion yen, demonstrating high confidence in its "Bitcoin strategy."

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