Metaplanet Raises Bitcoin Treasury to 40,177 BTC; Q1 Loss ¥114.5B

Metaplanet Inc. (TSE: 3350) increased its bitcoin holdings to 40,177 BTC as of March 31, 2026, while reporting a first-quarter net loss of ¥114,493 million. The company attributed the deficit largely to non-cash valuation adjustments after bitcoin prices corrected during the quarter.

The Tokyo-listed investment firm reported total assets of ¥466,654 million at quarter-end, with bitcoin valued at ¥435,717 million. Metaplanet raised capital through third-party share allotments in February and March that together generated ¥53,038 million in proceeds and used bitcoin-backed credit facilities to fund additional purchases.

Operational results were stronger than the headline loss. Net sales rose 251.1% year over year to ¥3,080 million, supported by the Bitcoin Income Generation business, which earns option premiums by deploying the bitcoin treasury. Operating profit increased 282.5% to ¥2,267 million. The company reported a BTC Yield of 2.8% for Q1 2026, a metric that measures growth in bitcoin holdings relative to fully diluted shares and indicates increased bitcoin backing per share despite new share issuance.

Non-operating items drove the accounting loss. Metaplanet recorded ¥116,356 million in non-cash bitcoin valuation losses for the quarter, which more than offset operating gains and produced the reported net loss. Company filings describe the loss as a paper adjustment tied to market price movements rather than a cash outflow.

Metaplanet confirmed its full-year FY2026 forecast of ¥16,000 million in net sales and ¥11,400 million in operating profit. Management said it will continue to scale its Digital Credit strategy, using the bitcoin treasury to support lending and structured finance activities.

The firm issued ¥12,239 million in shares in February and ¥40,799 million in March as part of its financing program. At quarter-end, the 40,177 BTC holding was valued at roughly $3.2 billion on the company’s reported figures. Metaplanet holds about 87% of the bitcoin owned by listed companies in Japan and is the largest public corporate bitcoin treasury outside the United States.

CEO Simon Gerovich described the company’s aim as building a digital capital platform for future financial infrastructure. The company noted that Japan is expected to adopt a clearer regulatory framework for crypto-assets in 2027 and said it is positioning its business to operate within that environment while expanding revenue-generating uses of its bitcoin holdings.