Metaplanet ended the primary quarter of 2026 with 40,177 Bitcoins (up from 35,102 Bitcoins on the finish of December 2025) after buying roughly 5,075BTC throughout this era, making it the third largest publicly traded Bitcoin treasury firm on this planet. That aggressive accumulation got here at a price.
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The Tokyo-listed firm posted an peculiar lack of about $728 million for the three months ended March 31. This was because of a non-cash write-down of its Bitcoin holdings, which went from about $87,000 on January 1 to about $66,000 on the finish of the quarter, after the value of Bitcoin fell by about 24% in the course of the quarter.
Losses widened considerably in comparison with the year-ago interval, with primary loss per share of roughly $0.63 (in comparison with roughly $0.078 12 months in the past).
The hit to earnings was in distinction to the corporate’s efficiency. Metaplanet reported first-quarter working revenue of two.27 billion yen, or roughly $14.38 million in Japanese yen, and internet gross sales of roughly $19.5 million.
This ends in an working revenue margin of 73.6%. Income greater than tripled year-over-year from about $5.5 million in the identical quarter of 2025, with a lot of the expansion coming from the Bitcoin revenue-generating division, which information possibility premiums and derivatives valuation beneficial properties. Lodge operations contributed to smaller and extra secure revenues.
Borrow to purchase extra Bitcoin
Metaplanet utilized a further $500 million Bitcoin-backed credit score facility to fund its Bitcoin purchases. As of Might 13, the corporate had $302 million in excellent funds underneath the deal.
Complete internet property fell to about $2.6 billion by March 31 from $2.96 billion on the finish of December, as writedowns exceeded new fairness raised in the course of the quarter.
Regardless of the loss, Metaplanet didn’t change its full-year 2026 outlook. The corporate nonetheless expects internet gross sales to be about $100 million this yr and working revenue to be about $72 million. Because of Bitcoin’s worth sensitivity, the corporate didn’t present forecasts for peculiar revenue or internet revenue.
BTC yield as a yardstick
Bitcoin per diluted share, the corporate’s most well-liked efficiency indicator, rose from 0.0240486 BTC to 0.0247319 BTC within the quarter, reflecting what Metaplanet mentioned was a 2.8% BTC yield within the first quarter.
The corporate makes use of this metric as its major measure of shareholder worth, measuring Bitcoin accumulation per share after taking into consideration dilution from new inventory issuance.
Featured picture from Getty Photographs, chart from TradingView
