Metaplanet posted a Q1 loss of $725 million, and its BTC holdings increased to 40,177 BTC.

Tokyo-listed company Metaplanet disclosed on May 14 that in the first quarter of fiscal year 2026 it recorded a net loss of 1.15T yen (about $725 million), primarily due to an accounting valuation loss caused by a drop in the Bitcoin (BTC) price at the end of the first quarter. Despite this, Metaplanet continues to accumulate, with its BTC holdings increasing to 40,177 BTC.

BTC Holdings Data: 40,177 BTC and Japan Market Share

The key BTC holdings figures confirmed in Metaplanet’s Q1 report are:

Total BTC holdings: 40,177 BTC

Per share fully diluted BTC: 0.0247319 BTC (quarter-over-quarter growth of 2.8%)

BTC share among Japanese listed companies: As of May 2026, about 87%

In the company statement, it confirms that this loss “is mainly attributable to an accounting valuation loss resulting from the decline in the Bitcoin price at the end of the first quarter, reflecting short-term market-cap volatility,” and is not due to cash losses from core operations.

Operating Performance: Net Sales and Profit Both Rise

Q1 FY2026 key operating indicators:

Net sales: up 251% year over year

Operating profit: 2.27 billion yen (about $14.4 million), up 282% year over year

Core operations show a trend opposite to book valuation: The decline in BTC accounting valuation amplifies the net loss, but the company’s bitcoin revenue business itself remains on an upward trajectory, generating steady cash flow for six straight quarters.

Delay in Preferred Stock Listing: Two Hurdles Confirmed by the CEO

CEO Simon Gerovich confirmed in the announcement that the listing of perpetual preferred stock on Japan’s X exchange has been delayed, and outlined two key considerations:

First: Cash-flow sustainability record Japan’s listing rules require that preferred stock dividends must be supported by sustainably available cash flows across multiple market conditions. Gerovich confirmed: the company has accumulated six quarters of records from its bitcoin revenue business, and believes it is “very important” to continue demonstrating stable cash flow generation regardless of strength or weakness in the Bitcoin market.

Second: Building monthly dividend infrastructure Metaplanet plans to adopt monthly dividends, far higher than the typical one to two times per year dividend frequency for Japanese listed companies. Gerovich confirmed that it will require extensive infrastructure work, including equity registry procedures, shareholder identity verification, dividend calculation, and regular shareholder notifications.

Gerovich confirmed that, if approved, Metaplanet’s issuance will become the seventh preferred stock in the Japanese market, and also Japan’s first perpetual preferred stock.

FAQ

Does Metaplanet’s Q1 loss of $725 million represent an actual cash loss?

According to the company statement, the loss “is mainly attributable to an accounting valuation loss resulting from the decline in the Bitcoin price at the end of the first quarter,” which is a non-cash, book loss. In the same period, the company generated operating profit of about $14.4 million, with net sales up 251% year over year, reflecting that its core business remains in growth.

How is Metaplanet’s 87% share among Japanese listed companies calculated?

Based on the company’s disclosure, as of May 2026, Metaplanet’s 40,177 BTC represents about 87% of the total BTC holdings combined across all Japanese listed companies. This is the statistical disclosure the company made based on publicly available data on Japanese listed companies’ holdings.

What is the timeline for Metaplanet’s perpetual preferred stock listing?

There is currently no clear listing timeline. CEO Gerovich confirmed two hurdles still to be overcome (a cash-flow sustainability record and monthly dividend infrastructure), but did not disclose a target application date. Gerovich confirmed that, if approved, this will become Japan’s first perpetual preferred stock.