Metaplanet Achieves Record $6M Revenue in Q1 as BTC Holdings Jump 3.9 Times

The hospitality company Metaplanet from Japan has reported unprecedented earnings for the first quarter, largely crediting this achievement to its Bitcoin treasury approach.

In its Q1 Earnings Report, the firm noted that its Bitcoin strategy accounted for 88% of its total revenue, which reached 877 million Japanese yen (approximately $6 million). Metaplanet’s ongoing accumulation of BTC has positioned it as the 11th largest public company globally by Bitcoin holdings, making it the top company in Asia in this regard.

Metaplanet Achieves Outstanding Financial Results in Q1

Since the start of the year, Metaplanet has acquired 5,034 BTC, raising its total holdings by 3.9 times to 6,796 BTC. These acquisitions were facilitated by a moving-strike warrant initiative, allowing the company to issue equity without a predetermined discount or strike price.

As of May 10, Metaplanet had completed 87% of this initiative, accumulating 76.6 billion yen (around $524.8 million) and establishing itself as the largest public equity issuer in Japan. The funding has helped the company realize about 68% of its near-term goal of acquiring 10,000 BTC, with a cost basis of 13.27 million yen ($90,929) per Bitcoin.

Despite recording an unrealized loss of 7.4 billion yen ($50.7 million) on its Bitcoin holdings due to market fluctuations by the end of the quarter, a recent surge in Bitcoin prices has reversed those losses entirely. By May 12, the firm reported unrealized gains of 13.5 billion yen ($92.5 million) in Bitcoin.

When assessing its treasury performance, Metaplanet highlighted a BTC yield of 170% alongside a gain of 2,996 BTC. These figures indicate the increase in BTC per diluted share and the growth per shareholder unit.

Adopting a Bitcoin Treasury Strategy

The last quarter’s report indicated that Metaplanet achieved the strongest financial performance in its two-decade history. It also marked a first in breaking records for both core operating metrics and Bitcoin treasury key performance indicators (KPIs).

The company reported an operating profit of 593 million yen (over $4 million), reflecting an 11% increase from the previous quarter. Revenue grew by 8%, while total assets rose significantly by 81%, reaching 55 billion yen (more than $376.8 million) during the same period.

Encouraged by the success of its Bitcoin treasury strategy, Metaplanet is advocating for other businesses to explore Bitcoin adoption, presenting its capital approach as a potential model.

“Our results illustrate our strategy: we aspire to surpass targets, not merely to achieve them. The interaction between capital markets and Bitcoin is in its infancy, and Metaplanet aims to be a leading facilitator,” the company stated.