Metaplanet Logs $728M Q1 Loss from BTC Slump, Sticks to 40,177 BTC Holdings

Coverage of Metaplanet's Q1 earnings extended to May 15, emphasizing a $728M ordinary loss from non-cash BTC markdowns after a 24% Q1 price drop from ~$87k to ~$66k. Initial May 13 reports detailed ¥114.5B ($725M) net loss despite revenue surging 251% YoY to ¥3.08B ($19.5M) and operating profit up 282% to ¥2.27B ($14.4M) via BTC options; the firm added 5,075 BTC to reach 40,177 total using ¥53B equity raises and $302M from a $500M BTC-collateralized facility. Shares fell 3.8% to ¥327 amid regulatory delays for Mars/Mercury preferred shares, hindering 100,000 BTC target, as BTC traded near $79,720.