Key facts
- Metaplanet's net loss was 27.16 billion yen, against a 13.53 billion yen profit in the same period last year.
- The 10,000 BTC sale produced a 19.17 billion yen loss; the holdings writedown was 8.04 billion yen.
- Metaplanet cut its full-year revenue forecast to 6.5 billion yen from 16 billion yen.
- Interest expense rose 56% from the previous quarter to 1.36 billion yen.
- Short-term borrowings and bonds payable totaled 110.5 billion yen at the end of September.
- Metaplanet said the sale was meant to show rating agencies and bond investors it could turn Bitcoin into cash.
Metaplanet, the Japanese company that is the world's second-largest publicly traded corporate holder of Bitcoin, reported a net loss of 27.16 billion yen (about $170 million) for the first nine months of 2026, against a profit of 13.53 billion yen ($84.6 million) a year earlier. The swing came from a 19.17 billion yen ($119.8 million) loss on selling 10,000 BTC and an 8.04 billion yen ($50.3 million) loss from a decline in the value of its holdings, which outweighed gains in the operating business.
During the quarter Metaplanet sold the 10,000 BTC for 124.7 billion yen and temporarily held the proceeds in cash, stablecoins and other liquid assets, then spent 149.9 billion yen to buy 11,000 BTC, paying 9.3% more per coin on average. The company said the sale was meant to show rating agencies and bond investors that it could turn its Bitcoin into cash to meet financing obligations. At the end of September its holdings had risen by a net 1,000 coins to 44,000 BTC.
Metaplanet borrowed against its Bitcoin during the quarter, lifting its credit line balance to $649.5 million at the end of September from $414 million at the end of June. It said it funded Bitcoin purchases from the second quarter onward with credit line borrowings, bond sale proceeds, exercises of stock acquisition rights and revenue from its Bitcoin options business. Interest expense rose 56% from the previous quarter to 1.36 billion yen ($8.5 million), and short-term borrowings and bonds payable totaled 110.5 billion yen ($691 million) at the end of September.
For the nine months through September, revenue rose 30.5% to 5.9 billion yen ($36.9 million) and operating profit increased 26.5% to 3.48 billion yen ($21.8 million). The company cut its full-year revenue forecast to 6.5 billion yen ($40.6 million) from 16 billion yen ($100 million).
The results came as Bitcoin treasury companies face pressure from index removals and falling Bitcoin prices. MSCI confirmed on Wednesday that Strategy, Metaplanet and Upexi would be removed from its equity indexes at the November 30 market close, a step that could prompt funds tracking those benchmarks to sell the shares. JPMorgan previously estimated that Strategy's removal could result in roughly $2.8 billion in selling pressure from MSCI-linked funds. Bitcoin fell below $70,000 on Friday and was trading around $68,600 as of 4:51 p.m. UTC, down about 9% over the previous week, according to CoinGecko data.