Metaplanet Inc., the Tokyo-listed corporate Bitcoin treasury, reported a net loss of ¥114.5bn ($730mn) for the first quarter of fiscal year 2026, as a ¥116.4bn unrealized valuation loss on its BTC holdings overwhelmed strong operating performance.
Metaplanet Posts ¥114bn Loss as Bitcoin Valuation Hit Eclipses Operating Gains
13 May 2026 - 12:40 CEST
By Matt Neill
The valuation loss, equivalent to approximately $740mn at current exchange rates, reflects accounting adjustments under Japanese GAAP standards for the decline in prices during the January to March period.
The company stressed the losses are non-cash mark-to-market items and do not reflect a deterioration in its underlying treasury strategy. Operating profit rose 282.5% year-on-year to ¥2.3bn, driven primarily by the Bitcoin Income Generation business, which generated ¥2.5bn in option premium income from derivatives written against its holdings.
Shares fell 3.82% to ¥327 in Tokyo on 13 May, with the stock now down around 30% year-to-date.
Bitcoin holdings and treasury strategy
Metaplanet held 40,177 BTC as of 31 Mar, maintaining its position as the largest bitcoin-holding listed company outside the US and holding approximately 87% of all bitcoin held by listed companies in Japan.
The company has borrowed $302mn against its holdings under a $500mn Bitcoin-collateralized credit facility as of 13 May, part of a deliberate shift towards diversified financing that also includes its MERCURY Class B perpetual preferred shares.
Bitcoin holdings per fully diluted share rose 2.8% over the quarter to 0.0247319 BTC, the company's primary measure of shareholder value creation.
Same model, different time zone
Metaplanet currently ranks as the third-largest digital asset treasury, behind US-listed Twenty One Capital and Michael Saylor-led Strategy, which reported a net loss of $12.5bn for the same quarter, also driven overwhelmingly by unrealized BTC valuation losses of $14.5bn.
Like Metaplanet, Strategy framed its losses as non-cash accounting items irrelevant to the operational thesis, pointing instead to BTC yield as its key performance indicator.
Strategy holds 818,869 BTC with a cost basis of approximately $61.8bn as of 13 May, according to BitcoinTreasuries.net, dwarfing Metaplanet's position. But both companies have built their investor propositions around the same core argument that short-term mark-to-market losses are an unavoidable feature of a strategy designed to compound exposure per share over a multi-year horizon.
The growing cohort of companies replicating the model across Asia and beyond suggests the template, despite its accounting volatility, continues to attract institutional and retail capital.
