Metaplanet ended the first quarter of 2026 holding 40,177 Bitcoin — up from 35,102 at the close of December 2025 — after buying roughly 5,075 BTC during the period to become the third-largest publicly listed Bitcoin treasury company in the world. That aggressive accumulation came at a cost.
A Quarter Of Two StoriesThe loss widened sharply from the same period a year earlier, with the basic loss per share coming in at around $0.63, compared to roughly $0.078 12 months prior.
To fund its Bitcoin purchases, Metaplanet drew further on a $500 million Bitcoin-collateralized credit facility. As of May 13, the company had $302 million outstanding under that arrangement.
Despite the losses, Metaplanet kept its full-year 2026 guidance unchanged. The company is still forecasting net sales of about $100 million and operating profit of around $72 million for the year. It did not provide ordinary or net income guidance, citing Bitcoin price sensitivity as the reason.
BTC Yield As The Measuring StickThe company frames this metric as its primary indicator of shareholder value, measuring Bitcoin accumulation on a per-share basis after accounting for dilution from new equity issuances.
Featured image from Getty Images, chart from TradingView
