The first quarter of 2026 was tough for Metaplanet, a company positioning itself as “Japan’s Strategy.”
Japan’s Metaplanet, one of the most aggressive corporate buyers of bitcoin, reported a net loss of $725 million for the Q1 of 2026. In the same period last year, the loss stood at $31M. Thus, the loss grew more than 20-fold year-over-year.
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The Main Blow: Bitcoin Revaluation
The primary reason for the sharp rise in losses was the accounting mark-to-market revaluation of crypto reserves amid bitcoin’s (BTC) price correction.
Meanwhile, the company’s operating metrics improved significantly. Revenue rose 251% to $19.5M, and operating profit increased to $14.4M. A significant portion of the income came from bitcoin options trading.
Metaplanet Is Not Giving Up
Despite the paper loss, Metaplanet is not slowing its crypto accumulation pace. During the quarter, the company acquired another 5,075 BTC▼$63,505.00, bringing total reserves to 40,177 BTC, worth approximately $3.18B at the time of the report.
Metaplanet now ranks third among public corporate bitcoin holders worldwide. In the report, the company emphasized:
“We will continue to accumulate Bitcoin, increase Bitcoin per share, and discipline capital allocation.”
Read more: Bitcoin Holdings by Major Companies Worldwide 2026
New Tools Delayed
Metaplanet has postponed the launch of its MARS and MERCURY preferred shares, which were meant to be Japan’s answer to Strategy’s STRC. CEO Simon Gerovich acknowledged that the process is taking longer than expected due to local market characteristics, where dividends are typically paid once or twice per year.
Meanwhile, the company’s shareholder base grew nearly fourfold to 250,000 from 63,600 a year earlier.
What’s Next for Metaplanet?
Metaplanet has maintained its 2026 guidance: revenue of 16 billion yen ($101.4M) and operating profit of 11.4 billion yen ($72.2M). The company continues to follow its “Bitcoin Standard” strategy and intends to further build reserves through equity and debt financing.
Learn more: Bitcoin Price Perspectives in May 2026 — Will BTC Surge to $100,000?
