Bitcoin Firm Metaplanet Posts $725 Million Loss, Delays Preferred Share Offerings
Metaplanet reported a first-quarter loss of $725 million due to a drop in Bitcoin value, significantly higher than its $31 million loss a year earlier. As of March 31, the company increased its Bitcoin holdings by 5,075 to a total of 40,177, valued at approximately $3.18 billion with Bitcoin near $79,300. Since beginning its Bitcoin accumulation in April 2024, Metaplanet has become the third-largest corporate holder. Despite a 45% year-over-year decline in its stock price, the number of shareholders has grown from 63,600 to around 250,000. The firm now primarily earns revenue from selling Bitcoin options, generating $15.8 million in the first quarter, up from $4.8 million a year ago. Metaplanet is also working to issue dividend-paying products similar to those offered by other major Bitcoin-focused companies but has experienced delays. CEO Simon Gerovich stated that the company aims to expand its Bitcoin holdings and related services with discipline and patience.
