Metaplanet Posts ¥182.8 Billion Half-Year Net Loss on Bitcoin Revaluation as Holdings Climb to 43,000 BTC

A ¥182.8 billion loss on a business that made money

Metaplanet Inc. (TSE Standard: 3350), the Tokyo-listed company that in April 2024 became the first Japanese public company to adopt bitcoin as its primary reserve asset, reported consolidated results for the first half of the year to December 2026 — January 1 to June 30, 2026 — under Japanese GAAP on August 13, 2026. Revenue rose 133.7% to ¥4,944 million from ¥2,116 million, and operating profit rose 136.3% to ¥3,331 million from ¥1,409 million. Below that line the picture inverts: the company booked an ordinary loss of ¥182,874 million against an ordinary profit of ¥10,565 million a year earlier, and a net loss attributable to owners of parent of ¥182,774 million against a net profit of ¥6,059 million. Loss per share was ¥150.04 against earnings of ¥12.54. Comprehensive loss came to ¥172,911 million against comprehensive income of ¥5,769 million. Second-quarter revenue alone, covering April to June, was ¥1,759 million.

The gap between an operating profit that more than doubled and a nine-figure bottom-line loss is a single accounting line. Non-operating expenses carried a bitcoin valuation loss of ¥184,297 million — a mark-to-market charge against holdings the company still owns. It is non-cash, and no bitcoin was sold during the period; the loss represents the difference between the carrying value of the coins and their market price at June 30, 2026, and it reverses arithmetically if the price recovers. A bitcoin-derivative valuation gain of ¥143 million offset a fraction of it. The remaining non-operating items were ordinary financing costs of a leveraged balance sheet: interest expense of ¥1,805 million and a foreign exchange loss of ¥570 million.

The backdrop was a weak one for the asset. Bitcoin prices stayed soft through the six months, and global outflows from risk assets weighed on bitcoin and on bitcoin-linked equities generally. For a company whose balance sheet is deliberately concentrated in one volatile asset, that shows up immediately and at full size in reported profit — a characteristic management has never disputed, and describes as the price of the strategy rather than a departure from it.

Holdings up 7,898 coins, and the per-share metric that management steers by

The operating side of the story is accumulation. Metaplanet held 43,000 BTC at June 30, 2026, up 7,898 coins from 35,102 BTC at December 31, 2025. The second quarter alone added 2,823 coins, taking the stack from 40,177 BTC at March 31 to 43,000 at the half-year mark. More to the point for shareholders, bitcoin per share rose to 0.0263554 BTC from 0.0240486 BTC — an increase of about 9.6% — meaning the buying was not simply funded by issuing enough stock to leave each holder in the same place.

That per-share figure is the number management says it is running the company against. Metaplanet states two objectives: to increase the amount of bitcoin held per share over the medium to long term, and to fund those purchases through equity issuance and yen-denominated or other fiat debt such as bonds, rather than by selling bitcoin. Progress is measured by bitcoin holdings, bitcoin per share, and bitcoin-related business revenue — explicitly not by the bitcoin price. On those three measures the half was a good one, which is precisely why the reported loss and the operating record point in opposite directions.

The rationale management gives for the underlying strategy is unchanged since 2024: bitcoin has no issuer and a supply capped at 21 million coins, which the company argues makes it suited as a reserve asset against currency debasement. It acknowledges in the same breath that bitcoin's price volatility is large — a caveat this half made concrete.

A smaller balance sheet, but still 81.4% equity-funded

The revaluation flows straight through to the balance sheet. Total assets fell to ¥418,177 million at June 30, 2026 from ¥505,286 million at December 31, 2025, even though the coin count rose, because the coins are carried at a lower price. Net assets were ¥340,884 million and shareholders' equity ¥340,281 million, down from ¥458,528 million. The equity ratio fell to 81.4% from 90.7% — a nine-point decline, but from an unusually high base, and a level that still leaves the company overwhelmingly equity-funded rather than dependent on debt against its holdings. Per-share figures throughout reflect a 1-for-10 stock split that took effect on April 1, 2025, and are restated as though the split had occurred at the beginning of the prior year.

Guidance held at ¥16 billion revenue, with a caveat on fundraising

Metaplanet left its full-year forecast for the year to December 2026 unchanged. The company discloses guidance for only two lines — revenue of ¥16,000 million, up 79.7%, and operating profit of ¥11,400 million, up 81.3% — and does not publish an ordinary or net profit forecast, a reasonable position for a company whose bottom line is dominated by an unforecastable mark. The first half therefore represents 30.9% of the revenue target and 29.2% of the operating profit target, implying a materially larger second half.

One qualification came with the reaffirmation. Fundraising during the half came in below the level assumed when guidance was set, and as a direct consequence both bitcoin holdings and the growth in bitcoin net asset value ran below plan. Since the accumulation engine is capital raised rather than cash generated, that is the constraint that matters most to the strategy's pace. No dividend is paid: the company paid ¥0.00 for FY2025 and forecasts ¥0.00 for FY2026.

Project Nova, BitBonds, and a friendlier rulebook

Two initiatives frame where the company says it is going. Project Nova is the plan to evolve from a bitcoin treasury company into a bitcoin-based financial platform, including Metaplanet Securities; the stated purpose is to raise the group's capital-raising capacity, which in turn funds further bitcoin accumulation. BitBonds is a funding model built for a bitcoin-backed balance sheet. Its logic rests on two properties of the collateral: liquidity, since bitcoin trades in continuous spot, futures and options markets and is marked to market around the clock; and verifiability, since holdings are published with on-chain data so that asset coverage of debt is publicly observable. Management's argument is that these together let the company take a multi-year view across bitcoin market cycles rather than run the business to the nearest refinancing date.

The regulatory backdrop moved in the company's favour during the half. An amending act bringing crypto assets under the Financial Instruments and Exchange Act was promulgated, placing the asset class within Japan's mainstream securities regulatory perimeter. Separately, from January 1, 2028, gains on crypto assets held by individuals move to 20.315% separate self-assessment taxation instead of progressive rates — a change that materially lowers the tax cost of holding the asset for Japanese retail investors, and one Metaplanet cites as supportive of domestic demand.

What the half leaves is a company whose reported loss and whose stated objectives are measured in different currencies. On the numbers the market watches most closely, it is a ¥182.8 billion loss. On the numbers management publishes as its scorecard — coins held, coins per share, and revenue from the bitcoin-related business — the six months moved forward on all three. Which of those two readings proves the more durable depends entirely on the price of an asset the company has committed, by policy, not to sell.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.