Metaplanet Q1 operating gain, $728M loss; 100+ crypto amendments
Metaplanet reported ¥2.27 billion in Q1 operating income but recorded about $728 million in ordinary losses after marking down Bitcoin holdings; U.S. senators filed 100+ amendments to a crypto bill.
Tokyo-listed Metaplanet reported operating income of ¥2.27 billion for the quarter ending March 31 and net sales of about $19.5 million, while recording an ordinary loss of roughly $728 million after marking down Bitcoin holdings.
Revenue for the quarter rose from about $5.5 million a year earlier to roughly $19.5 million. The company reported an operating margin of 73.6%, driven mainly by option-premium revenue and derivatives from its Bitcoin Income Generation business. Hotel operations contributed a small, steady portion of sales.
Bitcoin’s price fell about 24% during the quarter, from around $87,000 on Jan. 1 to about $66,000 on March 31. Metaplanet reported large non-cash valuation losses tied to its expanding Bitcoin holdings after that decline, which produced the ordinary loss despite strong operating results.
Separately, more than 100 amendments were filed to the Digital Asset Market Clarity Act ahead of a Senate Banking Committee markup scheduled for Thursday. The amendments cover stablecoin yield rules, protections for crypto software developers and an ethics provision.
One amendment would replace an “equivalence” test with a “substantially similar” standard to broaden the scope of prohibited stablecoin yield arrangements. Another amendment would bar the president, vice president, senior administration officials, members of Congress and their immediate families from owning, promoting or affiliating with crypto assets.
The draft Senate text includes a housing provision called the Build Now Act, which would create a pilot program to incentivize housing development in certain Community Development Block Grant jurisdictions. The bill aims to define which U.S. regulators oversee parts of the crypto market; the House passed a related measure last July under the CLARITY Act name.
Industry notices referenced in filings and reports include an analysis that attributed about $2.06 billion of $3.4 billion lost to crypto hacks in 2025 to North Korea-linked actors, and a disclosure that an Ether treasury firm has slowed its Ether purchases.
The Senate Banking Committee will debate the filed amendments at Thursday’s markup as it considers whether to advance the bill to the Senate floor.
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