Metaplanet posts ¥114.5B Q1 loss; Bitcoin holdings 40,177 BTC

Metaplanet, the Tokyo-listed firm, recorded a ¥114.5 billion net loss for the first quarter of fiscal 2026. The loss followed a roughly 22% decline in Bitcoin during the quarter, the cryptocurrency’s weakest first quarter since 2018, which reduced the value of the company’s BTC holdings at the end of the period.

The company attributed the quarterly net loss primarily to mark-to-market accounting reductions tied to the end-of-quarter fall in Bitcoin prices and said those valuation losses reflect short-term market movements rather than changes to its operating business. Net sales for the quarter were ¥3.08 billion, up 251% year-on-year, and operating profit rose to ¥2.27 billion ($14.4 million), a 282% increase from the prior year. Operating margin for the quarter was 73.6%.

Metaplanet increased its Bitcoin holdings during the quarter to 40,177 BTC. Holdings per fully diluted share rose 2.8% quarter-on-quarter to 0.0247319 BTC. The company reported holding about 87% of all Bitcoin held by Japanese listed companies as of May 2026 and reported a Bitcoin yield of 2.8% for the quarter-to-date. Net assets declined 12.1% quarter-on-quarter to ¥402.96 billion.

The company left its fiscal 2026 guidance unchanged, targeting ¥16.00 billion in revenue and ¥11.40 billion in operating profit for the year. Management described the Q1 loss as driven by short-term price movements rather than a deterioration in operating performance.

Chief Executive Simon Gerovich addressed delays in listing a proposed perpetual preferred share, noting that Japanese listing rules require preferred dividends to be backed by sustainable cash flows across different market conditions. He wrote that Metaplanet has a six-quarter track record in its Bitcoin Income Generation Business and wants to demonstrate the business can generate stable, recurring cash flows in both strong and weak Bitcoin markets before listing the instrument.

Gerovich also outlined operational requirements for monthly dividend payments, including record-date procedures, shareholder identification, dividend calculation and recurring shareholder notices. He noted that few preferred shares are listed in Japan and that, if approved, Metaplanet’s offering would become only the seventh listed preferred share and the country’s first perpetual preferred share.