Bitcoin Treasury Firm Metaplanet Reports Massive Q1 Loss, Stock Dips 4%

Despite strong revenue growth in its crypto-oriented businesses, Japanese Bitcoin treasury firm Metaplanet experienced an out-sized loss. For the quarter ending in Q1 2026, the company saw net losses of over $700 million as it aggressively increased its Bitcoin position. Its stock tumbled nearly 4% amid the weak earnings report.

Japan’s Bitcoin Treasury Giant Metaplanet Announces Q1 Earnings

The company’s Q1 2016 earnings presentation shows that ordinary losses grew to ¥114.9 billion ($725 million). It marked a 17x uptick from a previous year loss of ¥6.8 billion ($43 million). The net loss was also at ¥114.4 billion ($724.8 million) compared with ¥5 billion ($35 million) in the first quarter of 2025.

Losses were mostly due to the Bitcoin price decline in Q1, similar to Strategy’s losses in the quarter. During the quarter, Metaplanet reported a valuation loss of ¥116.3 billion ($736 million) on its BTC holdings.

Moreover, it reported an NAV decline in its BTC from ¥481.4 billion ($3.05 billion) at the end of December 2025 to ¥435.7 billion ($2.76 billion) as of March 31, 2026.

Firm Doubles Down On BTC Treasury

Nonetheless, the firm kept building up its Bitcoin reserve even as losses mounted. Total Bitcoin holdings climbed to 40,177 BTC as of March 31, up from 35,102 BTC at the end of Q4 2025. The company spotlighted the fact that it is the third-largest publicly listed Bitcoin holder in the world.

Since implementing its Bitcoin treasury strategy, Metaplanet has also raised a total of ¥580.2 billion ($3.67 billion) in capital. The number of shareholders rose by 3.93 times to over 250,000 from the previous year.

However, revenue increased massively in the quarter. Consolidated revenue jumped 251.1% to ¥3.08 billion ($21.5 million), and operating profit grew 282.5% to ¥2.26 billion ($15.8 million).

“For the first time in half a century, the foundational architecture of money is being rebuilt,” the company said in management commentary. In addition, Metaplanet said it “will continue to accumulate Bitcoin, grow Bitcoin per share, and allocate capital with discipline.”

Still, the Metaplanet stock fell miserably. On Wednesday, May 13, the Bitcoin treasury company’s stock plunged 3.82%, closing at ¥327.