Metaplanet Q1 reports a Bitcoin paper loss of $736 million, with operational performance and options strategy income standing out.
Japanese listed company Metaplanet reported a net loss of ¥114.5 billion (approximately $725.6 million) in Q1 this year, primarily due to the drop in Bitcoin prices, resulting in significant valuation losses on its Bitcoin holdings.
Specifically, Bitcoin's valuation loss in this quarter amounted to ¥116.3 billion ($73.6 million), with the majority of the loss being ¥114.9 billion ($72.8 million) in ordinary losses, highlighting the decisive impact of crypto market volatility on the company's financial performance.
However, Metaplanet's operational performance demonstrated robust growth. The company's net sales grew by 251.1% year-over-year, reaching ¥30.8 billion (approximately $19 million), with operating profit increasing by 282.5% to ¥22.7 billion (approximately $14.3 million).
Notably, Metaplanet's Bitcoin earnings business (including options premium strategies related to BTC derivatives) saw significant revenue growth, rising to ¥25.4 billion.
As of the end of March 2026, Metaplanet's Bitcoin holdings increased to 40,177 BTC, maintaining its position as the largest publicly listed company holding Bitcoin outside the U.S.
During this quarter, the company continued to raise funds through various means, including the issuance of common stock, preferred stock, stock options, and Bitcoin-backed credit facilities, to support additional BTC purchases.
Additionally, Metaplanet disclosed that it secured a $500 million Bitcoin collateralized credit facility, from which $302 million had been drawn as of May 13, 2026. However, due to the decline in Bitcoin valuations, the company’s total assets decreased from ¥505.3 billion at the end of 2025 to ¥466.7 billion by the end of March.
In response to previous online questions regarding acquisition transparency, Metaplanet CEO Simon Gerovich emphasized that all Bitcoin purchases, wallet addresses, and lending arrangements are publicly disclosed in real-time, ensuring information transparency.
Metaplanet's core objective is to acquire Bitcoin below the spot market price through options premium income, representing a long-term accumulation strategy rather than speculative short-term price fluctuations.
At the same time, the company will continue to orderly allocate capital, develop financing capabilities, operational business, and institutional relationships, aiming to enhance its Bitcoin position while contributing to the development of Japan's digital capital market.
#Metaplanet