Bitcoin sales, valuation losses and rising borrowing costs weighed on the Japanese company’s earnings despite higher revenue and operating profit.
Metaplanet swung to a $170 million net loss in the first nine months of 2026, hit by a decline in the value of its Bitcoin holdings and a loss on the sale of 10,000 coins to demonstrate its ability to raise cash.
The Japanese company, the world’s second-largest publicly traded corporate Bitcoin (BTC) holder, posted a net loss of 27.16 billion yen (about $170 million), compared with a profit of 13.53 billion yen ($84.6 million) in the same period last year. A 19.17 billion yen ($119.8 million) loss on the Bitcoin sale and an 8.04 billion yen ($50.3 million) loss from a decline in the value of its Bitcoin holdings outweighed gains in the operating business.
Over 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. It 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, holdings rose by a net 1,000 coins to 44,000 BTC.
Top 10 largest Bitcoin treasury companies. Source: BitcoinTreasuries.NET
Metaplanet borrowed against its Bitcoin holdings during the quarter, increasing the amount it owed under the credit line to $649.5 million at the end of September from $414 million at the end of June.
The company said it funded Bitcoin purchases from the second quarter onward with money borrowed under the credit line, proceeds from bond sales and the exercise of stock acquisition rights, and revenue from its Bitcoin options business.
Metaplanet’s interest expense rose 56% from the previous quarter to 1.36 billion yen ($8.5 million). 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), while 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).
Related: Metaplanet to take 93.7% stake in Super League through 2,100 BTC deal
Bitcoin treasury companies face pressure from falling prices, index removals
Metaplanet’s earnings come as Bitcoin treasury companies face mounting pressure from incoming stock index removals and falling Bitcoin prices.
Index provider MSCI confirmed Wednesday that Strategy, Metaplanet and Upexi would be removed from its equity indexes at the Nov. 30 market close, potentially prompting funds that track 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.
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