Metaplanet Posts $619M Loss: Which Crypto Treasury Earnings Could Roil Markets Next in 2026?
The recent fiscal disclosure from Metaplanet reveals a $619 million valuation loss, drawing fresh attention to gorwing questions about digital asset trading companies (DATCOs). Metaplanet’s loss captures only a portion of the downward pressure facing the markets in 2026.
These earnings announcements provide rare transparency into the conviction of institutional players. With early 2026 bringing steeper price drops than 2025, the upcoming round of earnings reports from the largest crypto treasury companies could become a new barometer for market sentiment.
Earnings Report Schedule For Crypto Treasury Companies 2026
These companies are the most influential players in the corporate crypto treasury space. While each uses a different strategy, their earnings will be closely watched as investors gauge how this new type of firm is performing amid ongoing market nerves.
Strategy Inc.
- CEO: Phong Le
- Next earnings report date: Expected April 30, 2026
Strategy remains the leading Bitcoin treasury company, having fired the starting gun on this approach back in August 2020. Phong Le leads as President and CEO, while Michael Saylor drives the asset strategy as Executive Chairman. The company recently rebranded to reflect its total commitment to the Bitcoin standard. It currently holds 717,131 BTC with an average cost basis of roughly $76,027.
Despite a staggering $12.4 billion loss reported for the fourth quarter of 2025, largely driven by digital asset impairment, the firm’s conviction remains unshaken. On February 5, 2026, Strategy Inc reported Q4 2025 earnings with an Adjusted EPS of $16.37. This significantly outpaced analyst expectations of -$18.64 by 187.82%, representing a substantial earnings beat.
For perspective on Strategy’s trajectory, this is a marked shift from the -$3.20 EPS reported in the same quarter of the previous year.
True to its “perpetual accumulation” model, the firm continues to buy. In mid-February 2026, Strategy Inc added 2,486 BTC to its treasury, funded by a $168.4 million capital raise through a strategic mix of common and preferred equity.
BitMine Immersion Tech
- CEO: Chi Tsang
- Next earnings report date: Estimated April 15, 2026
As of February 16, 2026, BitMine held 4,371,497 ETH, representing roughly 3.62% of Ethereum’s total circulating supply. Much of that Ethereum has been staked to generate ongoing yield.
CEO Chi Tsang leads the company’s strategy, which also includes 193 BTC, approximately $670 million in cash, and a $200 million stake in Beast Industries. Total crypto and cash holdings reached an estimated $9.6 billion as of mid-February 2026.
BitMine has continued buying Ethereum during price dips. It also offers consulting and hosting services within the Ethereum ecosystem, creating revenue streams beyond treasury appreciation.
MARA Holdings
- CEO: Fred Thiel
- Next earnings report date: Estimated February 25, 2026
MARA Holdings built its Bitcoin position the old-fashioned way – mining. The company operates one of the largest Bitcoin mining fleets in the United States and has used that production capacity to accumulate approximately 53,250 BTC as of early 2026.
Chairman and CEO Fred Thiel has guided the company through a period of aggressive hashrate expansion, with an emphasis on securing sustainable power sources for mining operations. MARA periodically adds to its treasury through strategic market purchases during price dips, though the core of its holdings comes from self-mined production.
The company publishes monthly production updates and quarterly earnings reports through its investor relations platform.
Twenty One (XXI) Capital
- CEO: Jack Mallers
- Next earnings report date: Estimated April, 2026
Twenty One Capital made its public market debut through a SPAC transaction in December 2025, immediately establishing itself as the third-largest corporate Bitcoin holder at launch. The company reported holding more than 43,500 BTC at the time of its NYSE listing, and leadership has stated its intention to continue acquiring Bitcoin aggressively.
CEO Jack Mallers, who also founded Strike, brings deep Bitcoin-native credibility to the role. The company counts Tether, SoftBank, and Bitfinex among its major backers, giving it access to substantial capital for future acquisitions. Beyond treasury building, Twenty One Capital plans to generate revenue through Bitcoin brokerage services, credit products, and educational content.
As a newly public company, Twenty One Capital’s first full earnings reports will likely arrive in spring 2026. However, a Q4 2025 or Q1 2026 report around early April is possible, though the company’s investor relations team will confirm the official schedule. SEC filings provide another reliable source of that information.
Metaplanet Inc.
- CEO: Simon Gerovich
- Next earnings report date: Estimated May 2026
As of December 31, 2025, Metaplanet held 35,102 BTC. The company funds its purchases through bond issuances and equity raises, and it supplements that strategy by generating income through Bitcoin options trading. Its stated goal is to reach 100,000 BTC by the end of 2026, and 210,000 BTC by 2027, which would represent approximately 1% of Bitcoin’s total supply.
The fiscal year 2025 results, covering the period ending December 31, 2025, were published in mid-February 2026. Revenue climbed 738% year over year, thanks to Bitcoin holdings and options income, but the net loss reached $619 million due to valuation movements on its holdings. Metaplanet has made no sales of its Bitcoin.
Future quarterly and interim reports for fiscal year 2026 will follow Japan’s financial calendar, with releases expected between May and August 2026.
Bitcoin Standard Treasury Company
- CEO: Adam Back
- Next earnings report date: Estimated April 2026
The company launched with 30,021 BTC on its balance sheet, contributed through backing from cryptographer and Blockstream CEO Adam Back, along with Blockstream Capital and PIPE financing.
Adam Back’s name carries considerable weight in Bitcoin circles. He created the Hashcash proof-of-work system that Satoshi Nakamoto later cited in the original Bitcoin whitepaper. His leadership of Bitcoin Standard Treasury signals a strong philosophical alignment with the asset.
The company has reported no material changes to its Bitcoin holdings since launch. As a recently listed entity, its first full quarterly reports will cover Q1 and Q2 2026, with releases expected between April and August.
Bullish
- CEO: Adam Back
- Next earnings report date: Estimated May 2026
Bullish operates a major digital asset exchange under CEO Tom Farley. The company holds approximately 24,300 BTC in its corporate treasury. While its primary business involves institutional exchange services, its large asset holdings link its valuation to market prices. The firm recently reported a beat on revenue estimates but a miss on earnings due to valuation adjustments. These filings help investors understand the intersection of exchange volume and treasury health.
Why The 2026 Earnings Season is One to Watch
Earnings season carries added weight for crypto treasury companies in 2026. Bitcoin’s price dropped sharply in the opening weeks of the year, leaving many firms heading into reporting season with unrealized losses on their books. Their disclosures will show how those losses affected balance sheets, capital-raising capacity, and appetite for future purchases.
The numbers tell only part of the story. Investors want to know whether these companies plan to hold, buy more, or adjust their strategies. With Strategy Inc., MARA, Metaplanet, and others collectively holding a concentrated pool of institutional Bitcoin and Ethereum, each filing carries market-moving potential. The upcoming earnings season will test the resilience of this model and the resolve of the leaders behind it.
