Metaplanet Books $725 Million Q1 Loss as Bitcoin Stack Hits 40,177 BTC

Metaplanet booked a ¥114.5 billion ($725 million) net loss for the first quarter of fiscal 2026. 

Accounting valuation losses on its Bitcoin (BTC) holdings drove the decline after the cryptocurrency posted its worst Q1 since 2018.

Bitcoin’s Worst Q1 Since 2018 Hits Metaplanet’s Treasury

Bitcoin fell roughly 22% during the first quarter of 2026. The drop marked Bitcoin’s weakest first quarter in eight years. The decline hit major corporate holders, including Metaplanet.

“The ordinary loss and quarterly net loss attributable to owners of parent were primarily attributable to accounting valuation losses resulting from the decline in Bitcoin prices at the end of the first quarter and reflect short-term mark-to-market fluctuations,” the firm said.

Despite the dip, the Tokyo-listed firm increased its Bitcoin holdings to 40,177 BTC. BTC holdings per fully diluted share rose 2.8% QoQ to 0.0247319, with Metaplanet holding ~87% of all BTC held by Japanese listed companies as of May 2026

Moreover, operating performance also moved in the opposite direction. Net sales climbed 251% year-over-year while operating profit jumped 282% to ¥2.27 billion ($14.4 million).

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Metaplanet’s Preferred Share Listing Faces Two Hurdles

In addition to the fiscal results, Metaplanet CEO Simon Gerovich also addressed delays in the company’s perpetual preferred share listing on X. Gerovich outlined two key considerations.

Japanese listing rules require preferred dividends to be supported by sustainable cash flows across multiple market scenarios. 

“Metaplanet already has a six-quarter track record in its Bitcoin Income Generation Business, and we believe it is important to continue demonstrating that the business can generate stable, recurring cash flows across both strong and weak Bitcoin market conditions,” he said.

In addition, Metaplanet plans monthly dividends, well above Japan’s typical once or twice-yearly cadence. Implementing this requires substantial work on record-date procedures, shareholder identification, dividend calculation, and recurring shareholder notice operations.

Gerovich pointed out that few listed preferred shares currently trade in Japan. If approved, Metaplanet’s offering would become only the seventh in the market and the country’s first perpetual preferred share.

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