Japanese public company Metaplanet released its financial report for the first quarter, revealing a net loss of 114.5 billion yen ($725.6 million) attributed to the decline in the price of Bitcoin.
Despite the overall loss, the company saw an increase in operational metrics. Revenue surged by 251.1% year-over-year, reaching 3.08 billion yen ($19.5 million).
Operating profit amounted to 2.3 billion yen ($14.4 million), driven primarily by income from Bitcoin options strategies and the hospitality sector.
The negative net result is linked to accounting rules. Due to the drop in Bitcoin's price at the end of the quarter, the company recorded an unrealized loss from asset revaluation of 116.4 billion yen ($737.6 million). Metaplanet emphasized that this reflects only short-term market fluctuations.
During the reporting period, the firm acquired 5,075 BTC. As of March 31, its total balance was valued at 40,177 BTC. Currently, Metaplanet controls about 87% of all Bitcoin held by public companies in Japan, ranking third globally among corporate holders, behind Strategy and Twenty One Capital.
Metaplanet plans to continue increasing its digital gold reserves, utilizing stock issuance and debt financing, including a $500 million credit line secured by cryptocurrency.
“We will continue to accumulate Bitcoin and allocate capital in a disciplined manner,” the organization stated.
The forecast for 2026 remains unchanged, with the company expecting to achieve 16 billion yen in revenue and 11.4 billion yen in operating profit. The yield on Bitcoin assets for the past quarter was 2.8%.
Upexi's Losses
American company Upexi released its financial report for the third quarter, noting that its balance of Solana increased by 189,000 coins.
As of March 31, Upexi's total reserves exceeded 2.2 million SOL. During the reporting period, the company boosted its token holdings by 9% through purchases and staking rewards.
Quarterly revenue from digital assets reached $3.5 million, while the net loss for the firm hit $109.3 million. Management attributed these figures to a cryptocurrency revaluation of $92.3 million based on market rates at the end of the period.
Despite the paper losses, Upexi reduced its short-term debt by $7.6 million and repurchased 2.5 million of its own shares from the market. The workforce was streamlined to 10 employees to cut operational costs.
The company anticipates that by July, revenues from Solana staking will fully cover expenses and interest payments.
Upexi CEO Allan Marshall emphasized that the strategy of accumulating “people's cryptocurrency” remains a priority. He stated that Solana's high performance and institutional recognition will help create long-term value for shareholders.
For context, MARA reported a quarterly loss of $1.3 billion, compared to $533 million a year earlier.