Metaplanet and Upexi Report Losses Due to Cryptocurrency Revaluation

Metaplanet and Upexi report losses due to cryptocurrency revaluation.

The Japanese public company Metaplanet released its financial report for the first quarter. The firm’s net loss amounted to 114.5 billion yen ($725.6 million) due to the decline in the price of the leading cryptocurrency.

Despite the overall loss, the company’s operational metrics improved. Revenue increased by 251.1% compared to the previous year, reaching 3.08 billion yen ($19.5 million).

Operating profit was 2.3 billion yen ($14.4 million). The main drivers of growth were income from bitcoin options strategies and the hotel business.

The negative net result is attributed to accounting rules. Due to the decline in bitcoin’s price at the end of the quarter, the company recorded an unrealized loss from asset revaluation of 116.4 billion yen ($737.6 million). Metaplanet emphasized that these are merely short-term market fluctuations.

During the reporting period, the firm acquired 5075 BTC. As of March 31, the total balance was estimated at 40,177 BTC. Currently, Metaplanet controls about 87% of all bitcoins held by public companies in Japan. Globally, it ranks third among corporate holders, behind Strategy and Twenty One Capital.

Metaplanet plans to continue increasing its reserves of digital gold. The company employs stock issuance and debt financing, including a $500 million credit line secured by cryptocurrency, to achieve this.

“We will continue to accumulate bitcoin and allocate capital in a disciplined manner,” stated representatives of the organization.

The forecast for 2026 remains unchanged: the company expects to achieve 16 billion yen in revenue and 11.4 billion yen in operating profit. The yield on bitcoin assets for the past quarter was 2.8%.

Upexi’s Losses

The American company Upexi published its financial report for the third quarter. The volume of Solana on the platform’s balance sheet increased by 189,000 coins.

As of March 31, Upexi’s total reserves exceeded 2.2 million SOL. During the reporting period, the company increased its token holdings by 9% through purchases and rewards from staking.

Quarterly revenue from digital assets was $3.5 million. However, the firm’s net loss reached $109.3 million. Management attributed these figures to a revaluation of cryptocurrencies amounting to $92.3 million based on the market rate at the end of the period.

Despite the paper losses, Upexi reduced its short-term debt by $7.6 million and repurchased 2.5 million of its own shares from the market. The workforce was optimized to 10 employees to lower operational costs.

The company anticipates that by July, income from Solana staking will fully cover expenses and interest payments.

Upexi CEO Allan Marshall emphasized that the strategy of accumulating the “people’s cryptocurrency” remains a priority. According to him, Solana’s high performance and institutional recognition will help create long-term value for shareholders.

Earlier, MARA’s quarterly loss amounted to $1.3 billion (compared to $533 million a year earlier).