Japanese investment firm Metaplanet reported a substantial net loss of $725.6 million for its first fiscal quarter of 2026, driven by $736 million in Bitcoin valuation losses. Despite the accounting hit, the company’s core operations showed strong growth, with net sales rising 251.1% year-over-year to $19 million. Metaplanet increased its Bitcoin holdings to 40,177 BTC and remains the largest Bitcoin-holding listed company outside the United States.
Metaplanet reported a net loss of $725.6 million for its first fiscal quarter of 2026, as declining Bitcoin prices triggered massive accounting losses. The ordinary loss reached $728 million, largely from $736 million in Bitcoin valuation losses recorded during the period.
Despite the losses, the company’s operational performance was strong. Net sales rose 251.1% year-over-year to $19 million, while operating profit increased 282.5% to $14.3 million.
Revenue from its Bitcoin Income Generation business, involving option premium strategies tied to BTC derivatives, rose sharply to $2.54 billion. The company’s Bitcoin holdings grew to 40,177 BTC by the end of March 2026, up from 35,102 BTC at the end of December 2025.
It continues to raise capital through share issuances and Bitcoin-backed credit facilities to support further purchases. The firm also secured a $500 million Bitcoin-collateralized credit facility, having drawn $302 million under the arrangement as stated by May 13, 2026.
The company outlined its ongoing strategy in a filing, quoting, “The Company will continue to accumulate Bitcoin, grow Bitcoin per share, and allocate capital with discipline.” It intends to contribute to the development of Japan’s digital capital markets.
These results come as the company faces online criticism over its Bitcoin strategy and disclosure practices. CEO Simon Gerovich has defended the approach, explaining all purchases and arrangements were disclosed in real time.
Gerovich clarified the options strategy aims to acquire BTC below spot prices through premium income. The strategy is not focused on speculating on short-term price movements.
