Metaplanet, a company listed in Tokyo, reported operating income of 2.27 billion Japanese yen (about $14.38 million) on net sales of about $19.5 million in the first quarter of fiscal year 2026. The company’s revenue more than tripled compared to the previous year, suggesting an operating margin of 73.6%.
In contrast to the solid operational performance, the firm recorded a loss of almost $728 million due to non-cash valuation impairments caused by the drop in Bitcoin’s price and the marking down of its increasing Bitcoin (BTC) assets.
From over $87,000 on January 1st to about $66,000 on March 31st, the price of Bitcoin dropped almost 24% throughout the quarter, according to statistics from Coingecko.
Banking on Bitcoin
According to the filing, revenue for the quarter ending March 31 increased from $5.5 million to about $19.5 million, with the majority of sales coming from the Bitcoin Income Generation business, which deals with option premiums and derivative valuation gains. A small but steady portion of the revenue came from hotel operations.
Despite a widening basic loss to approximately $0.63 per share (up from $0.078 a year ago), Metaplanet maintained its full-year 2026 outlook, predicting net sales of about $101 million and operating profit of about $72 million. However, it refrained from providing ordinary or net income guidance due to the sensitivity of the Bitcoin price.
Metaplanet became the third-largest publicly listed Bitcoin treasury in Q1 2025, increasing its holdings to 40,177 BTC from 35,102 at the end of December 2025. This increase was achieved via a mix of new shares and borrowing secured by Bitcoin, with an additional 5,075 BTC added in Q1.
With total net assets dropping from $2.96 billion at Dec. 31 to around $2.60 billion, Metaplanet’s capital structure continued to change throughout the quarter. This was due to value losses associated with Bitcoin outweighing equity obtained during the quarter.