Metaplanet’s Bitcoin Bet Triggers Quarterly Paper Loss Despite Revenue Surge

13. May 2026 Posted by Laurent C. on News

Japanese investment firm Metaplanet posted a net loss of 114.5 billion yen ($725.6 million) in the first quarter of fiscal 2026 after a decline in bitcoin prices triggered sizable unrealized valuation losses on its crypto reserves.

According to the company’s latest earnings report, Metaplanet booked 116.4 billion yen ($737.6 million) in mark-to-market losses tied to its bitcoin holdings during the quarter. The company emphasized that the losses were accounting-related and reflected temporary fluctuations in BTC prices at the end of the reporting period rather than realized sales.

Despite the headline loss, Metaplanet’s core business performance improved significantly. Revenue climbed 251.1% year-over-year to 3.08 billion yen ($19.5 million), while operating profit jumped 282.5% to 2.3 billion yen ($14.4 million).

The company credited the gains to expansion in its bitcoin-focused income strategies, including options-related activities connected to its BTC reserves, alongside contributions from its hotel business segment.

Metaplanet has continued aggressively increasing its bitcoin exposure since adopting a “Bitcoin Standard” strategy in April 2024, becoming the first publicly listed Japanese company to use bitcoin as its primary treasury reserve asset.

During the quarter, the firm added 5,075 BTC, lifting total holdings to 40,177 BTC by March 31. The company said it now controls roughly 87% of all bitcoin held by publicly listed firms in Japan as of May 2026.

The growing stash places Metaplanet among the world’s largest corporate bitcoin holders, behind only Strategy and Twenty One Capital.

Metaplanet said it plans to keep expanding its bitcoin reserves through debt and equity financing initiatives, including a $500 million bitcoin-backed credit facility. As of May 13, the company had already drawn approximately $302 million from the facility.

Looking ahead, Metaplanet maintained its full-year fiscal 2026 outlook, forecasting revenue of 16 billion yen ($101.4 million) and operating profit of 11.4 billion yen ($72.2 million), representing projected annual growth of roughly 80% across both metrics.