Metaplanet, the Tokyo-listed company, reported a net loss of approximately $728 million for the first quarter of 2026, driven largely by non-cash valuation markdowns on its Bitcoin assets. The digital currency’s price fell nearly 24% during this period, declining from around $87,000 at the start of January to about $66,000 by March’s end. This loss sharply widened compared to the previous year’s first quarter, with the basic loss per share increasing to about $0.63 from $0.078 a year earlier.
Despite the net loss, Metaplanet’s operating results painted a brighter picture. The company earned an operating income of roughly $14.4 million on net sales near $19.5 million, pushing its operating margin close to 74%. Revenue more than tripled from the same quarter in 2025, fueled primarily by gains in its Bitcoin Income Generation segment, which benefits from option premiums and derivative valuations. Hotel operations added a more modest but stable revenue stream.
The firm continued to expand its Bitcoin holdings aggressively, ending the quarter with 40,177 BTC, up from 35,102 in December 2025. To fund these purchases, Metaplanet utilized a $500 million credit facility secured by Bitcoin, with about $302 million drawn as of mid-May. However, total net assets declined from $2.96 billion to $2.60 billion as valuation losses outpaced new equity inflows.
Despite the volatile Bitcoin market, Metaplanet maintained its full-year guidance, projecting approximately $100 million in net sales and $72 million in operating profit for 2026. The company refrained from providing net income forecasts due to continued Bitcoin price sensitivity.
Metaplanet measures shareholder value through "Bitcoin per diluted share," which increased over the quarter to 0.0247 BTC from 0.0240 BTC, reflecting a Bitcoin yield of 2.8% for Q1. This metric captures the company’s strategy of growing Bitcoin reserves on a per-share basis after accounting for equity dilution.