Metaplanet Q1 Operating Profit Jumps 282%, Bitcoin Loss Pushes Net Result Into Red

Japan’s Metaplanet said its first-quarter operating profit surged 282% year on year to ¥2.26 billion. Revenue also tripled, showing sharp top-line growth, but the company swung to a net loss after reflecting paper valuation losses on its Bitcoin holdings. Metaplanet holds 40,177 Bitcoin, reportedly the third-largest corporate total globally, and is often described as “Asia’s MicroStrategy.” The company is also pursuing a base of 250,000 shareholders and Project Nova. With operating gains and Bitcoin valuation changes both in focus, future results are expected to be shaped by the value of its crypto holdings and continued business growth. Source: mk.co.kr