Metaplanet Q1 Operating Profit Jumps 282%, Bitcoin Losses Drive Net Loss

Japanese listed company Metaplanet reported first-quarter operating profit of 2.26 billion yen, a 282% year-on-year surge. Revenue also tripled, but net income turned negative after paper valuation losses on its Bitcoin holdings were reflected in the accounts. The company holds 40,177 Bitcoin, making it one of the world’s largest corporate Bitcoin holders and reportedly third globally. Often called “Asia’s MicroStrategy,” Metaplanet is also pursuing a base of 250,000 shareholders and Project Nova. The results show that even with stronger operations, Bitcoin price movements can directly affect earnings. Source: mk.co.kr