Overview
- Metaplanet, which reported results Wednesday, logged a ¥114.5 billion net loss driven by a ¥116.4 billion non-cash markdown of its bitcoin holdings after prices fell into quarter-end.
- Japanese rules require companies to value bitcoin at market price each quarter, which can swing net income even when no coins are sold or cash changes hands.
- Operating performance strengthened, with revenue up 251% to ¥3.08 billion and operating profit up 283% to ¥2.27 billion on growth in bitcoin options income and hotel operations.
- The company expanded its treasury to 40,177 BTC after buying 5,075 coins in Q1 at a weighted average near $79,000, placing it among the largest public corporate holders and controlling about 87% of listed-company BTC in Japan.
- Management confirmed a delay to the planned preferred-share listing as exchanges seek proof of recurring dividends and as the firm builds processes for more frequent payouts in a market that typically pays once or twice a year.