Metaplanet Q1 Operating Profit Rises as Bitcoin Loss Widens

Tokyo-listed Metaplanet reported first-quarter operating income Wednesday of 2.27 billion Japanese yen (roughly $14.38 million) on net sales of about $19.5 million, implying an operating margin of 73.6% as surging Bitcoin option income more than tripled revenue from a year earlier, according to the company’s Q1 fiscal year 2026 earnings release.

The strong operating performance contrasted with an ordinary loss of around $728 million, driven mainly by non-cash valuation losses as Bitcoin’s price declined during the period, and the company marked its expanding Bitcoin (BTC) holdings lower.

The price of Bitcoin fell around 24% during the quarter, from around $87,000 on Jan. 1 to roughly $66,000 on March 31, according to data from Coingecko.

Revenue for the quarter ending March 31 rose from about $5.5 million a year earlier to about $19.5 million, the filing shows, with the Bitcoin Income Generation business of option premiums and derivative valuation gains contributing the bulk of sales, while hotel operations remained a small, stable contributor.

BTC price fell 24% in Q1. Source: Coingecko

Metaplanet posted a basic loss of roughly $0.63 per share, widening from a loss of about $0.078 a year earlier, and kept its full-year 2026 outlook unchanged, still forecasting net sales of roughly $101 million and operating profit of about $72 million, while refraining from giving ordinary or net income guidance due to Bitcoin price sensitivity.

Strong operating income offset by Bitcoin valuation loss

Metaplanet ended the quarter holding 40,177 Bitcoin, up from 35,102 at the end of December 2025, after adding about 5,075 BTC in Q1 to become the third-largest publicly listed Bitcoin treasury, through a combination of new equity and Bitcoin-backed borrowing.

Consolidated Financial Results for Q1, FY2026. Source: Metaplanet

On a fully diluted basis, Bitcoin holdings per share increased from 0.0240486 BTC to 0.0247319 BTC, corresponding to a first-quarter BTC yield of 2.8%, which the company highlights as a key performance indicator for shareholder value creation, as it measures Bitcoin per-share growth after dilution.

Metaplanet’s capital structure continued to evolve over the quarter, with total net assets falling from $2.96 billion at Dec. 31 to approximately $2.60 billion, as Bitcoin-related valuation losses outweighed equity raised during the quarter.

Short-term borrowings also increased as the company drew further on its $500 million Bitcoin-collateralized credit facility, under which it had $302 million outstanding as of May 13, 2026, it said.

Metaplanet shares traded lower on Wednesday in Tokyo, at around 327 Japanese yen (roughly $2.07), down 3.82% at the time of writing from Tuesday’s close, according to data from Yahoo! Finance.

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