Japan-based Metaplanet delivered robust operational results in the first quarter of its 2026 fiscal year, largely fueled by income from Bitcoin transactions. According to the company’s statements, operating profit for the first three months reached 2.27 billion Japanese yen, or about $14.38 million, while net sales totaled $19.5 million. The operating profit margin came in at an impressive 73.6 percent, with option and derivative gains on Bitcoin providing a significant boost to these results.
Bitcoin price slump hits financials
During the same period, Bitcoin’s price declined sharply, dropping around 24 percent from $87,000 at the start of the year to $66,000 at the end of March. This steep fall impacted Metaplanet’s balance sheet, prompting the company to recognize approximately $728 million in “ordinary loss” due to non-cash valuation losses, even though cash flow remained unaffected. As a result, while operational performance was strong, these losses showed up prominently in the company’s financial statements.
Compared to last year, Metaplanet’s revenue for the first quarter tripled, mainly thanks to options premiums and derivative appreciation, which made up the bulk of its sales. By contrast, other segments such as hospitality contributed stable but smaller streams of income.
The company reported a basic loss per share of $0.63, a notable jump from last year’s $0.078 per share loss. Despite this, Metaplanet maintained its full-year targets of $101 million in net sales and $72 million in operating profit. However, it held back from sharing any forecast for net or regular income, citing Bitcoin price volatility as a key reason for this decision.
Bitcoin portfolio expands, debt load rises
By the end of the quarter, Metaplanet’s total Bitcoin holdings had climbed to 40,177 BTC, up from 35,102 BTC at the start of the year. This 5,075-BTC addition placed the company as the third-largest public holder of Bitcoin globally, supported by increased equity and Bitcoin-collateralized borrowing facilities.
On a fully diluted share basis, the amount of Bitcoin per share increased from 0.0240486 BTC to 0.0247319 BTC over the quarter. Company management highlighted this growth as a key measure of equity value, noting that quarterly BTC yield reached 2.8 percent.
Total net assets stood at $2.96 billion at the start of the year but slipped to $2.60 billion by the end of March. Losses on Bitcoin’s value had a more significant negative effect than the equity gains achieved during the quarter.
Short-term borrowings also increased, with Metaplanet utilizing more of its $500 million Bitcoin-backed credit line. As of May 13, 2026, the company’s outstanding loan balance stood at $302 million.
Share value declines and market response
On Wednesday, Metaplanet’s shares traded at around 327 Japanese yen ($2.07) on the Tokyo Stock Exchange, marking a 3.82 percent drop compared to the previous day’s close. The company’s latest financial disclosures and Bitcoin’s recent price swings both contributed to cautious decision-making among shareholders.
Metaplanet’s management stated, “While we notably increased our Bitcoin portfolio during the quarter, net assets declined due to depreciation. However, we successfully raised the BTC-per-share figure, which we regard as an important performance indicator for our stakeholders.”
