Metaplanet, a Tokyo-listed firm, reported a $728 million loss in Q1 2026 despite increasing its Bitcoin holdings to 40,177 BTC, making it the third-largest publicly listed Bitcoin treasury. The company acquired approximately 5,075 BTC during the quarter, financed by a $500 million Bitcoin-collateralized credit facility, with $302 million outstanding as of May 13. However, a 24% drop in Bitcoin's price from $87,000 to $66,000 by March 31 led to significant non-cash markdowns. Despite the loss, Metaplanet's operational performance was strong, with Q1 operating income of ¥2.27 billion ($14.38 million) on net sales of $19.5 million, achieving a 73.6% operating margin. Revenue tripled year-over-year, driven by its Bitcoin Income Generation unit. The company maintained its full-year 2026 guidance, projecting net sales of $100 million and an operating profit of $72 million, while highlighting a Q1 BTC yield of 2.8% per diluted share.