Metaplanet 的损失在 2026 年第一季度达到 7.25 亿美元，这完全是由 7.37 亿美元的非现金比特币减记所致。
- Japan’s Metaplanet posted a Q1 net loss of $725.6 million, driven by ¥116.4 billion in non-cash Bitcoin valuation losses as BTC fell 24% during the period.
- 由于比特币期权收入激增，收入同比增长 251% 至 1,950 万美元，营业利润增长 283% 至 1,440 万美元。
- Metaplanet added 5,075 BTC in Q1 to reach 40,177 total, cementing its position as the largest public Bitcoin holder outside the United States.
Tokyo-listed Metaplanet (TSE: 3350) reported a net loss of ¥114.5 billion ($725.6 million) for Q1 2026, a figure that reflects Japan’s accounting requirement to mark Bitcoin holdings to market value at quarter-end.比特币从 1 月 1 日的约 87,000 美元下跌 24% 至 3 月 31 日的约 66,000 美元，产生 1,164 亿日元的非现金估值费用。
操作情况截然不同。 Revenue rose 251% year over year to ¥3.08 billion ($19.5 million), and operating profit climbed 283% to ¥2.27 billion ($14.4 million), implying a 73.6% operating margin. The Bitcoin Income Generation business, which uses options strategies on the company’s BTC stack, drove the majority of that revenue growth.
这些数字对 Metaplanet 的战略意味着什么
CEO Simon Gerovich described the quarter as a demonstration of the company’s dual nature: a growing operational business alongside short-term accounting volatility from Bitcoin’s price movements.
Metaplanet 在本季度没有出售任何比特币。 It added 5,075 BTC at an average acquisition price near $79,000, bringing total holdings to 40,177 BTC as of March 31.
The company raised ¥12.2 billion in new shares in February and ¥40.8 billion in March to fund the purchases, and drew on a $500 million Bitcoin-backed credit facility with $302 million outstanding as of May 13. BTC Yield, Metaplanet’s internal metric tracking bitcoin per fully diluted share, came in at 2.8% for the quarter.
Metaplanet 目前是全球第三大公开上市的比特币持有者，仅次于 Strategy 和 Twenty One Capital。该公司控制着日本上市公司持有的大约 87% 的比特币。其长期目标仍然是到 2027 年底210,000 BTC。
全年展望以及分析师的关注
Metaplanet 维持 2026 年全年预测不变，预计净销售额为 160 亿日元，营业利润为 114 亿日元。由于比特币价格敏感性，它没有提供普通或净利润指导。
The company’s stated strategy is to continue accumulating bitcoin regardless of short-term accounting outcomes, framing quarterly losses from mark-to-market rules as structurally expected rather than operationally meaningful.
该报告发布后，Metaplanet 股价于 5 月 13 日在东京下跌 3.82%，至 327 日元。 The company began its Bitcoin treasury strategy with fewer than 100 BTC in April 2024, and its stock has risen more than 7,500% from those levels despite the Q1 paper loss.