Metaplanet ended the primary quarter of 2026 holding 40,177 Bitcoin, up from 35,102 on the finish of December 2025, after buying roughly 5,075 BTC through the interval, making it the world's third-largest publicly traded Bitcoin treasury firm. That aggressive accumulation got here at a value.
1/4 of the 2nd ground
The Tokyo-listed firm posted a basic lack of about $728 million within the three months to March 31 on account of non-cash valuation cuts on its Bitcoin holdings after the value of BTC fell about 24% through the quarter, from about $87,000 on Jan. 1 to about $66,000 on the finish of the quarter.
Losses widened sharply from the identical interval a 12 months in the past, with underlying losses per share rising to about $0.63 in comparison with about $0.078 12 months in the past.
The poor profitability contrasted with the corporate's working outcomes. Metaplanet reported first-quarter working revenue of two.27 billion yen, or about $14.38 million, and internet gross sales of about $19.5 million.
The working revenue margin reached 73.6%. Income has greater than tripled year-over-year from roughly $5.5 million in the identical quarter of 2025, with most of this development coming from its Bitcoin earnings era division, which information choices premiums and derivatives valuation features. Resort operations contributed to smaller, extra steady revenues.
Borrow to Purchase Extra Bitcoin
To fund the Bitcoin buy, Metaplanet secured a further $500 million Bitcoin-collateralized credit score facility. As of Could 13, the corporate had $302 million excellent beneath that contract.
Whole internet belongings fell from $2.96 billion on the finish of December to about $2.6 billion on March 31. It’s because valuation losses outpaced new capital raised through the quarter.
Regardless of the loss, Metaplanet left its full-year 2026 steerage unchanged. The corporate expects internet gross sales of $100 million and working revenue of $72 million this 12 months. No present or internet earnings steerage was offered on account of Bitcoin worth sensitivity.
BTC returns as a measuring stick
Bitcoin per diluted share, the corporate's most well-liked efficiency metric, elevated from 0.0240486 BTC to 0.0247319 BTC through the quarter, reflecting what Metaplanet calls a 2.8% BTC return within the first quarter.
The corporate considers this metric a key indicator of shareholder worth, measuring Bitcoin accumulation on a per-share foundation after making an allowance for dilution from new share issuances.
Featured picture by Getty Photographs, chart by TradingView
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