Metaplanet reported a net loss of $170 million for the first nine months of 2026, reversing a profit of $84.6 million in the same period last year due to markdowns on its Bitcoin holdings and a significant loss from the sale of 10,000 BTC.
Major Bitcoin sale and treasury strategy
The Tokyo-based company, recognized as the world’s second-largest publicly listed corporate Bitcoin holder, posted a net loss of 27.16 billion yen ($170 million). Results were impacted by a 19.17 billion yen ($119.8 million) loss realized on the sale of 10,000 BTC and an 8.04 billion yen ($50.3 million) decline in Bitcoin valuation. These losses overshadowed gains from its regular operating activities.
Metaplanet executed the sizable Bitcoin sale in an effort to demonstrate its liquidity to rating agencies and bond investors, temporarily converting proceeds into cash, stablecoins, and other liquid assets. The company then used 149.9 billion yen to acquire 11,000 new BTC, paying an average of 9.3% more per coin than the level at which it sold, resulting in a net increase of 1,000 BTC held. By the end of September, Metaplanet’s Bitcoin treasury stood at 44,000 BTC.
Metaplanet stated that the sale was undertaken to show creditors and bond investors the company’s ability to liquidate Bitcoin for financing needs and to reaffirm the flexibility of its asset management strategy.
The company also increased borrowings against its Bitcoin, raising its outstanding credit line to $649.5 million from $414 million during the third quarter. Funding for additional Bitcoin purchases in recent quarters came from bond sales, the exercise of stock acquisition rights, and revenue from its Bitcoin options business.
Revenue growth overshadowed by market volatility
For the nine months through September, Metaplanet’s revenue grew 30.5% to 5.9 billion yen ($36.9 million), while operating profit increased by 26.5% to 3.48 billion yen ($21.8 million). However, reflecting a more cautious outlook, the company lowered its full-year revenue forecast from its earlier projection of 16 billion yen ($100 million) to 6.5 billion yen ($40.6 million).
The company’s short-term borrowings and bonds payable reached 110.5 billion yen ($691 million) by the end of September, while its interest expenses climbed 56% from the previous quarter, totaling 1.36 billion yen ($8.5 million).
Metaplanet attributed its purchase funding since the second quarter to additional credit line draws, bond sale proceeds, stock right exercises, and Bitcoin options revenues, while noting the rising costs associated with this approach.
Index removals and Bitcoin price decline challenge sector
Metaplanet’s financial update arrives as Bitcoin treasury companies grapple with sector-wide challenges stemming from falling BTC prices and index removals. On Wednesday, MSCI confirmed the deletion of Strategy, Metaplanet, and Upexi from its equity indexes, effective at the market close on November 30. The decision is likely to prompt index-tracking funds to offload shares, with JPMorgan previously estimating Strategy’s removal could translate into about $2.8 billion in forced selling from MSCI-linked funds.
Bitcoin prices fell below $70,000 on Friday and hovered near $68,600 later that day, marking a 9% drop over the previous week as reported by CoinGecko.
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Metaplanet’s update also follows its recent move to acquire a 93.7% stake in Super League, involving a 2,100 BTC transaction, underscoring the company’s commitment to expanding its crypto-centered strategy even amid heightened market uncertainty.
