Metaplanet booked a ¥114.5 billion ($725 million) net loss for the first quarter of fiscal 2026, with accounting valuation losses on its bitcoin holdings driving the decline after the cryptocurrency posted its worst Q1 since 2018.
Bitcoin’s rough quarter
Bitcoin fell roughly 22% during the first quarter of 2026, marking its weakest first quarter in eight years and hitting major corporate holders hard.
The Tokyo-listed firm explained the results, stating:
“The ordinary loss and quarterly net loss attributable to owners of parent were primarily attributable to accounting valuation losses resulting from the decline in Bitcoin prices at the end of the first quarter and reflect short-term mark-to-market fluctuations.”
Despite the paper loss, Metaplanet grew its bitcoin holdings to 40,177 BTC, with BTC per fully diluted share rising 2.8% quarter-over-quarter to 0.0247319. The company now holds roughly 87% of all bitcoin held by Japanese listed companies as of May 2026.
Operating performance moved in the opposite direction, with net sales climbing 251% year-over-year and operating profit jumping 282% to ¥2.27 billion ($14.4 million).
Preferred share listing faces delays
CEO Simon Gerovich also addressed delays in the company’s perpetual preferred share listing, citing two key hurdles.
Japanese listing rules require preferred dividends to be supported by sustainable cash flows across multiple market scenarios.
Gerovich stated:
“Metaplanet already has a six-quarter track record in its Bitcoin Income Generation Business, and we believe it is important to continue demonstrating that the business can generate stable, recurring cash flows across both strong and weak Bitcoin market conditions.”
Metaplanet also plans monthly dividends, well above Japan’s typical once or twice-yearly cadence, requiring substantial work on record-date procedures and shareholder operations.
A first for Japan
Few listed preferred shares currently trade in Japan.
If approved, Metaplanet’s offering would become only the seventh in the market and the country’s first perpetual preferred share, marking a significant structural milestone for the firm.
