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Metaplanet, Japan's largest corporate Bitcoin holder and the world's third-largest Bitcoin treasury company, reported a net loss of ¥114.5 billion ($725 million) for its first quarter ended March 31, 2026, as Bitcoin's 24% decline through the period converted a profitable operating quarter into a substantial headline loss.
The loss is non-cash. Bitcoin fell from approximately $87,000 at the start of the year to around $66,000 at quarter-end, and under fair value accounting rules, Metaplanet was required to mark its 40,177 BTC position lower accordingly. The company's operating profit for the quarter was ¥2.3 billion ($14.4 million), up 282.5% year-on-year, on revenue of ¥3.08 billion ($19.5 million), which tripled compared to a year earlier. The Bitcoin treasury operations drove that revenue growth.
Metaplanet added 5,075 BTC during the quarter – a 14.5% increase quarter-on-quarter – funded through equity issuance and Bitcoin-backed borrowing. In April, the company also raised $50 million in zero-interest bonds to buy additional BTC. Bitcoin is trading at approximately $80,300 today, still well below the start-of-year level that set the Q1 cost base.
The pattern – strong operational execution swamped by a mark-to-market write-down – mirrors what has become a recurring feature of Bitcoin treasury company earnings. Strategy has reported similar dynamics repeatedly; Upexi disclosed a $92.3 million unrealized SOL loss in its own Q3 results this week for the same accounting reason.
The quarter's other notable development is a delay to Metaplanet's planned preferred share listings. CEO Simon Gerovich said Japan's exchange rules require preferred dividends to be backed by stable, recurring cash flows assessed across multiple market conditions — a standard that Metaplanet, with only six quarters of operating history in its Bitcoin Income Generation Business, has not yet met. The proposed instrument would be only the seventh listed preferred share in Japan and the first-ever perpetual preferred in the market. Gerovich also noted that the company's plan to pay monthly dividends is unusual in a market where annual or semi-annual payouts are the norm.
Metaplanet stock (TSE: 3350) fell 4.9% on Tuesday. The company has not revised its Bitcoin accumulation strategy.
