Metaplanet's core business had a good first half. Revenue for the six months to June 30, 2026 rose 133.7% year-on-year to ¥4.94bn, and operating profit climbed 136.3% to ¥3.33bn, driven mainly by option premiums from its bitcoin derivatives trading. Then the balance sheet caught up with it.
Because Metaplanet marks its 43,000 BTC treasury to market, the yen-denominated slide in bitcoin's price through June 30 produced a ¥184.3bn valuation loss on the position. That single non-cash item, combined with higher interest costs (¥1.81bn) and share-issuance-cost amortization (¥679mn), turned the operating profit into an ordinary loss of ¥182.87bn and a net loss attributable to shareholders of ¥182.77bn, against a ¥6.06bn profit a year earlier. The company says it sold no bitcoin during the period.
| Metric | Value |
|---|---|
| Revenue | ¥4.94bn (+133.7% YoY) |
| Operating profit | ¥3.33bn (+136.3% YoY) |
| Ordinary loss | ¥182.87bn |
| Net loss attributable to shareholders | ¥182.77bn |
| Bitcoin valuation loss (non-cash) | ¥184.3bn |
| Bitcoin holdings at period end | 43,000 BTC (+7,898 BTC in H1) |
Metaplanet still added to its position, buying ¥99.78bn of bitcoin in the half and lifting its holding by 7,898 BTC, from 35,102 BTC at the end of the prior fiscal year. But the pace lagged its own plan. Because its market-value-to-net-asset-value ratio (mNAV) spent most of the second quarter below 1.0x, the company's capital-allocation policy blocked it from issuing new common shares by third-party placement, a tool it had used earlier in the year to raise ¥53.04bn. Total assets fell to ¥418.2bn from ¥505.3bn, and net assets dropped to ¥340.9bn from ¥458.6bn. Management left its full-year forecast of ¥16.0bn revenue and ¥11.4bn operating profit unchanged, while acknowledging progress is running behind the original plan.
The other headline item: Metaplanet completed its ¥2.1bn acquisition of Siiibo Securities on July 13, 2026, renaming it Metaplanet Securities. The unit is a registered Type I financial instruments firm that has run an online private-bond platform supporting more than 100 issuances for over 40 companies since 2019. Through that platform, Metaplanet launched a private placement of what it calls "BitBonds" in late July, its first bond sale aimed at funding bitcoin-backed balance-sheet growth outside share issuance. The company describes the bonds as unsecured senior debt, distinct from the collateralized credit facility it also uses, where lenders hold priority claims over pledged bitcoin.