Metaplanet Q1 Revenue Jumps but Bitcoin Price Drop Pushes It Into Loss

Tokyo Stock Exchange-listed Metaplanet was primarily a hotel operator before announcing a Bitcoin treasury strategy on April 8, 2024. It has expanded its holdings through equity and bond issuance while earning premiums by selling Bitcoin put options. The model allows operating revenue and Bitcoin accumulation to reinforce each other, but quarter-end mark-to-market valuations also leave earnings highly exposed to cryptocurrency price swings.

Metaplanet reported results for January through March on May 13, 2026. Revenue rose 251% year on year to ¥3.08 billion, while operating profit climbed 282.5% to ¥2.267 billion. Bitcoin valuation losses, however, drove net loss attributable to the parent to ¥114.5 billion, or about $725 million. The company held 40,177 Bitcoin as of March 31, an increase of 5,075 during the quarter.