Metaplanet reported stronger first-quarter earnings as the Tokyo-listed company continued its Bitcoin treasury strategy. Revenue reached ¥3.08 billion for the quarter ended March 31, 2026, marking a 251% increase from the same period a year earlier.
Profits from operations also increased during the quarter. Although the firm saw some of its reported bottom line impacted by Bitcoin price fluctuations, it rose 282.5% year-on-year to ¥2.27 billion for the period.
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Metaplanet Q1 Results Show Bitcoin Accounting Pressure
The results were shared in an X post by CEO Simon Gerovich. Metaplanet raked in ¥3.08 billion revenue, ¥2.27 billion operating profit, a 73.6% and a 2.8% BTC yield for Q1 FY2026.
Despite this, the company still declared a net loss of ¥114.5 million. The loss was attributed by management to depreciation of the value of Bitcoin, not a decline in operations.
The result had shown how accounting changes can impact Bitcoin treasury firms. Metaplanet had also posted a full-year FY2025 net loss of approximately ¥95 billion, mainly due to an ¥102.2 billion non-cash Bitcoin valuation.
During the quarter, Metaplanet increased its Bitcoin holdings. On March 31, 2026, the company owned a total of 40,177 BTC, maintaining its position as the largest publicly listed Bitcoin holder in the world outside the United States.
In Q1 2026, the company purchased around ¥60 billion worth of 5,075 BTC. The purchases were at an average price of approximately $79,000 per Bitcoin.
The company has also been acquiring capital using a number of funding moves. In February, it distributed ¥12.2 billion in fresh shares and ¥40.7 billion in the following month.
Metaplanet Funding Moves Support Bitcoin Expansion
The company further funded its operations with Bitcoin-backed credit facilities and also utilized Class B preferred shares. The financing actions allowed the company to keep adding Bitcoin while managing its capital needs.
During this period, the firm launched mNAV linked moving strike warrants. They have features that allow fundraising to be modified based on market conditions and share performance.
As the Bitcoin prices declined, the balance sheet looked weaker. Total assets fell from ¥505.2 billion in December to ¥466.6 billion, while net assets declined 12.1% during the quarter to ¥402.9 billion.
Metaplanet left its guidance for fiscal 2026 unchanged despite those pressures. The firm maintains its ¥16 billion revenue and ¥11.4 billion operating profit.
The company also diversified its digital finance business. It made an investment in the stablecoin issuer JPYC and rolled out U.S.-based Metaplanet Asset Management.
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