"Over $700 Million in Losses Alone"...Metaplanet, Despite Accumulating 40,177 BTC, Posts 'Shocking' Accounting Deficit

▲ Bitcoin (BTC)/AI Generated Image

Japanese listed company Metaplanet recorded a net loss of $725.56 million in the first quarter of 2026. Although its Bitcoin (BTC) holdings increased to 40,177 BTC, accounting losses surged due to the large-scale reflection of non-cash impairment losses following Bitcoin price adjustments during the quarter.

NewsBitcoin reported on the 13th that Metaplanet announced its Q1 2026 earnings, stating that its total Bitcoin holdings reached 40,177 BTC as of March 31. This amounts to approximately $3.2 billion, leading to the assessment that Metaplanet has established itself as a leading publicly traded Bitcoin treasury company outside the United States.

Metaplanet actively utilized capital markets to increase its Bitcoin holdings during the first quarter. The company raised a total of 530.38 billion JPY, or $336.11 million, through third-party allotments in February and March. In this process, it issued shares worth 12.239 billion JPY, or $77.56 million, in February, and an additional 40.799 billion JPY, or $258.55 million, in March.

The primary cause of the accounting loss was Bitcoin impairment. Metaplanet recorded a net loss of 114.493 billion JPY, or $725.56 million, in Q1. The company explained that this loss primarily stemmed from non-cash Bitcoin impairment losses of 116.356 billion JPY, or $737.36 million, due to market price adjustments during the quarter.

Operational indicators showed a different trend from the losses. Metaplanet's Q1 net sales increased by 251.1% year-over-year to 3.08 billion JPY, or $19.52 million. Operating profit grew by 282.5% to 2.267 billion JPY, or $14.37 million. The company's Bitcoin income generation business reportedly drove revenue growth by earning option premiums.

Simon Gerovich, Metaplanet CEO, stated that the company is continuing its Bitcoin Standard strategy, introduced in April 2024. Metaplanet currently holds approximately 87% of all Bitcoin held by Japanese listed companies and emphasized that it is not merely a holder but is building a digital capital platform for future finance.

Metaplanet recorded a Bitcoin Yield (BTC Yield) of 2.8% in the first quarter. This metric represents the increase rate of Bitcoin holdings relative to fully diluted shares. It was presented to signify that the company increased its Bitcoin holdings per share despite issuing new shares to purchase Bitcoin.

As of the end of the quarter, Metaplanet's total assets were 466.654 billion JPY, or $2.95725 billion. Of this, the value of Bitcoin was 435.717 billion JPY, or $2.76116 billion. The company also maintained its annual outlook for 2026. Metaplanet anticipates net sales of 16 billion JPY, or $101.39 million, and an operating profit of 11.4 billion JPY, or $72.24 million, for this year.

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