Metaplanet Inc. reported first-quarter 2026 results showing a much larger bitcoin treasury and a deep accounting loss. As of March 31, 2026, the Tokyo-listed company held 40,177 BTC, valued in the article at roughly $3.2 billion. For the quarter, it posted a net loss of ¥114.493 billion, or about $725.56 million, after bitcoin prices corrected and triggered large non-cash valuation losses.
The company has often been compared with Strategy because of its treasury model. Based on the figures it disclosed, Metaplanet said it has become the leading publicly traded bitcoin treasury outside U.S. markets. Management also said the firm now holds about 87% of all bitcoin owned by listed companies in Japan.
Capital raising drove continued bitcoin accumulation
During the three months ended March 31, Metaplanet kept using capital markets to expand its bitcoin position. The company said third-party allotments completed in February and March generated more than ¥53.038 billion, or about $336.11 million, in total proceeds. A share issuance in February brought in ¥12.239 billion (about $77.56 million), followed by another ¥40.799 billion (about $258.55 million) in March.
Metaplanet also used bitcoin-backed credit facilities as part of its funding mix. By quarter end, total assets stood at ¥466.654 billion, or about $2.957 billion. Bitcoin accounted for ¥435.717 billion of that amount, equal to roughly $2.761 billion. The balance sheet is now heavily centered on the digital asset.
Operating performance improved even as net income turned sharply negative
The company said the quarterly loss was mainly tied to ¥116.356 billion, or about $737.36 million, in non-operating non-cash bitcoin valuation losses. That distinction matters. The hit came from accounting treatment tied to market pricing during the quarter, not from a collapse in core operating activity.
On that side of the business, the numbers moved the other way. Net sales rose 251.1% year over year to ¥3.080 billion (about $19.52 million), while operating profit climbed 282.5% to ¥2.267 billion (about $14.37 million). Metaplanet said the increase was driven by its Bitcoin Income Generation business, which uses the treasury to earn option premiums.
BTC Yield came in at 2.8% and full-year guidance was unchanged
Metaplanet reported a 2.8% BTC Yield for the first quarter of 2026. The company uses that metric to measure growth in bitcoin holdings relative to fully diluted shares. In practical terms, it indicates that bitcoin backing per share increased even while the firm issued new shares to fund purchases.
CEO Simon Gerovich said the company has stayed committed to its “Bitcoin Standard” since adopting it in April 2024. Metaplanet also kept its fiscal 2026 outlook unchanged, projecting ¥16.0 billion in net sales and ¥11.4 billion in operating profit for the full year.