Metaplanet reported $14 million in first-quarter revenue, roughly triple the level from a year earlier, but the quarter was overshadowed by Bitcoin’s price decline. From the start of the year to the end of March, Bitcoin fell from $87,000 to $66,000, a drop of about 24%. That move forced the company to recognize about $728 million in ordinary loss tied to non-cash valuation losses, even though cash flow was not affected.
The quarter showed a split picture. Operating activity improved, while mark-to-market pressure weighed heavily on the financial statements. Metaplanet said most of its sales came from options premiums and gains in derivatives, while hospitality and other businesses remained stable but smaller contributors.
Loss per share widened while full-year targets stayed in place
Basic loss per share came in at $0.63, compared with a loss of $0.078 a year earlier. Even with that deterioration, the company kept its full-year targets of $101 million in net sales and $72 million in operating profit. It did not provide guidance for net income or regular income, pointing to Bitcoin price volatility.
Net assets were $2.96 billion at the start of the year and fell to $2.60 billion by the end of March. According to the company, losses tied to Bitcoin’s value had a larger negative effect than the equity gains recorded during the quarter.
Bitcoin holdings climbed to 40,177 BTC and debt use increased
By quarter-end, Metaplanet’s Bitcoin holdings had risen from 35,102 BTC to 40,177 BTC, an increase of 5,075 BTC. The company said that level made it the third-largest public Bitcoin holder globally. The expansion was backed by additional equity and borrowing facilities secured by Bitcoin.
On a fully diluted share basis, Bitcoin per share increased from 0.0240486 BTC to 0.0247319 BTC. Management described that figure as an important measure of equity value and said quarterly BTC yield reached 2.8%.
Short-term borrowings also moved higher. Metaplanet drew more from its $500 million Bitcoin-backed credit line, and as of May 13, 2026, outstanding loans stood at $302 million.
Stock fell in Tokyo after the disclosure
On Wednesday, Metaplanet shares traded at about 327 yen, or $2.07, on the Tokyo Stock Exchange, down 3.82% from the previous close. The latest financial disclosure and recent swings in Bitcoin were both part of the market response.
Management said that while the company materially increased its Bitcoin portfolio during the quarter, net assets declined because of depreciation. At the same time, BTC per share rose, which the company said remains a key performance indicator for stakeholders.