Tokyo-based Bitcoin firm reports widened loss as digital asset holdings decline from record highs, offsetting revenue gains.
Metaplanet posted a $725 million first-quarter loss, a significant increase from the $31 million loss reported a year earlier. The widening deficit stems from a drop in the value of its Bitcoin holdings, despite a 14.5% quarterly increase in its stockpile to 40,177 Bitcoin, now valued at approximately $3.18 billion.
Revenue from Bitcoin options contracts rose to $15.8 million, but the decline in Bitcoin prices from last year’s highs pressured earnings. The company’s shares closed at ¥327.00, down 45% year-over-year, though they have risen 5.8% in the past month as Bitcoin stabilizes near $80,000.
Metaplanet’s shareholder base expanded to 250,000, up from 63,600, as it continues to accumulate Bitcoin, positioning itself as the third-largest corporate holder of the digital asset.