Metaplanet posted a sharp rise in first-quarter results for fiscal 2026, reporting 3.08 billion yen in revenue, up 251.1% year over year, and 2.267 billion yen in operating profit, up 282.5%. The quarter still ended with a 114.928 billion yen ordinary loss, driven by impairment losses tied to Bitcoin price declines under Japanese accounting rules.
Core business expanded, but impairment losses weighed on earnings
The Tokyo-listed company, often described as Japan’s version of MicroStrategy, said the quarter ended on March 31, 2026 showed strong gains in its main operating metrics. Based on the figures disclosed, revenue was about $19.6 million and operating profit was about $14.4 million. The company linked that growth to the continued expansion of asset management and related operations built around its Bitcoin treasury strategy.
At the same time, accounting treatment moved in the opposite direction. Under Japanese standards, Bitcoin is treated as an intangible asset and is subject to periodic impairment testing. A pullback in BTC prices during the quarter resulted in a large non-cash write-down, which pushed reported earnings deep into the red even as operating performance improved.
Bitcoin holdings stood at 40,177 BTC at quarter-end
As of March 31, 2026, Metaplanet held 40,177 BTC. On a fully diluted basis, BTC held per share increased 2.8% from the end of 2025, indicating that the company continued adding to its Bitcoin position.
Metaplanet also said that as of May 12, 2026, the market value of its BTC holdings was about 514 billion yen, or roughly $3.27 billion. According to the company’s disclosure, that represented about 87% of all Bitcoin held by listed companies in Japan, giving it an outsized position in the country’s corporate BTC market.
Full-year guidance remains unchanged
The company kept its fiscal 2026 outlook intact. It still expects 16 billion yen in full-year revenue, up 79.7%, and 11.4 billion yen in operating profit, up 81.3%. With first-quarter revenue at 3.08 billion yen, the company still has a significant gap to close against its annual target.
The source material also noted that Metaplanet has been funding Bitcoin purchases through share issuance, bank loans, and convertible bonds. That structure ties the company closely to the value of its BTC reserves, which can amplify upside during stronger Bitcoin markets while also exposing reported results to large impairment swings when prices fall.