Metaplanet ended the primary quarter of 2026 holding 40,177 Bitcoin — up from 35,102 on the shut of December 2025 — after shopping for roughly 5,075 BTC throughout the interval to change into the third-largest publicly listed Bitcoin treasury firm on this planet. That aggressive accumulation got here at a price.
A Quarter Of Two Tales
The Tokyo-listed agency posted an extraordinary lack of round $728 million for the three months ending March 31, pushed by non-cash valuation markdowns on its Bitcoin holdings after the value of BTC dropped about 24% throughout the quarter — from roughly $87,000 on January 1 to round $66,000 by quarter’s finish.
The loss widened sharply from the identical interval a 12 months earlier, with the essential loss per share coming in at round $0.63, in comparison with roughly $0.078 12 months prior.
The underside-line hit stood in distinction to the corporate’s working outcomes. Metaplanet reported Q1 working revenue of two.27 billion Japanese yen, or about $14.38 million, on web gross sales of roughly $19.5 million.
That works out to an working margin of 73.6%. Income greater than tripled 12 months over 12 months, up from about $5.5 million in the identical quarter of 2025, with most of that progress coming from its Bitcoin Earnings Technology unit, which books choice premiums and spinoff valuation positive aspects. Lodge operations contributed a smaller, steadier slice of income.
Borrowing To Purchase Extra Bitcoin
To fund its Bitcoin purchases, Metaplanet drew additional on a $500 million Bitcoin-collateralized credit score facility. As of Might 13, the corporate had $302 million excellent underneath that association.
Complete web belongings fell from $2.96 billion on the finish of December to about $2.60 billion by March 31, as valuation losses outpaced new fairness raised throughout the quarter.
Regardless of the losses, Metaplanet stored its full-year 2026 steerage unchanged. The corporate remains to be forecasting web gross sales of about $100 million and working revenue of round $72 million for the 12 months. It didn’t present extraordinary or web revenue steerage, citing Bitcoin worth sensitivity as the rationale.
BTC Yield As The Measuring Stick
The corporate’s most well-liked efficiency measure, Bitcoin per diluted share, rose from 0.0240486 BTC to 0.0247319 BTC over the quarter, reflecting what Metaplanet calls a BTC yield of two.8% for Q1.
The corporate frames this metric as its major indicator of shareholder worth, measuring Bitcoin accumulation on a per-share foundation after accounting for dilution from new fairness issuances.
Featured picture from Getty Photos, chart from TradingView
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