Metaplanet posts $728 million loss in first quarter on bitcoin impairment

Techub News, according to Bitcoinist, Metaplanet released its Q1 financial report, showing a loss of $728 million due to a 24% drop in Bitcoin prices. As of the end of March, its Bitcoin holdings increased to 40,177 BTC, up by 5,075 BTC from the previous quarter. Despite the valuation impairment, the company posted an operating profit of approximately $14.38 million in Q1. It has utilized $302 million of its credit line to purchase coins, with net assets declining from $2.96 billion to $2.6 billion, maintaining its full-year guidance of approximately $100 million in sales and $72 million in operating profit unchanged.