Bitcoin’s 24% drop in Q1 drove Metaplanet’s per-share loss deeper despite higher BTC holdings and unchanged 2026 sales outlook.
Metaplanet reported a first-quarter loss of $0.63 per share, widening from $0.078 a year earlier, as a 24% decline in Bitcoin prices weighed on earnings. The company maintained its 2026 net sales forecast of $101 million and operating profit target of $72 million but refrained from providing net income guidance due to Bitcoin volatility.
The firm increased its Bitcoin holdings to 40,177 BTC from 35,102 at year-end, funded by equity raises and $302 million drawn from a $500 million Bitcoin-backed credit facility. Despite the larger treasury, total net assets fell to $2.60 billion from $2.96 billion, reflecting valuation losses on its BTC position.
Shares traded lower following the report, underscoring investor sensitivity to Bitcoin’s price swings and the company’s leveraged exposure.