Metaplanet, the third-largest publicly listed Bitcoin treasury company globally, reported operating income of 2.27 billion Japanese yen ($14.38 million) for the first quarter of 2026, driven by its Bitcoin Income Generation unit. Revenue more than tripled year over year to about $19.5 million, mostly from option premiums and derivative valuation gains. But the company also posted an ordinary loss of roughly $728 million for the quarter ending March 31, reflecting non-cash markdowns on its Bitcoin holdings after the price slid about 24% from ~$87,000 to ~$66,000.
The operating picture
Net sales climbed from ~$5.5 million in Q1 2025 to ~$19.5 million this year. The operating margin hit 73.6%, a figure that shows how much of the top line fell through to profit before the Bitcoin valuation hit. Basic loss per share widened to ~$0.63 from ~$0.078 a year earlier — a reflection of the asset-side write-downs.
The Bitcoin drag
The ordinary loss dwarfs the operating profit because Metaplanet's balance sheet is heavily tied to Bitcoin's market price. Total net assets dropped from $2.96 billion at the end of December 2025 to about $2.60 billion by March 31. That's a roughly $360 million decline, roughly half the size of the ordinary loss, as the company also added debt during the quarter.
Treasury growth
Metaplanet held 40,177 Bitcoin at the end of Q1, up from 35,102 three months earlier — an addition of about 5,075 BTC. To fund those purchases, it drew on a $500 million Bitcoin-collateralized credit facility; $302 million was still outstanding as of May 13. The company's BTC yield — Bitcoin per diluted share — rose to 2.8% for the quarter, moving from 0.0240486 BTC per share to 0.0247319.
Guidance unchanged
Despite the quarterly loss, Metaplanet kept its full-year 2026 targets: net sales of ~$100 million and operating profit of ~$72 million. It gave no ordinary or net income guidance, citing Bitcoin price sensitivity. That's a frank admission: the operating business is humming, but the bottom line is at the mercy of crypto markets. The next quarterly filing will show whether the credit facility expanded further — and whether the BTC price recovery that started in late April can narrow that ordinary loss.
