Metaplanet Reports $170M Net Loss for First Nine Months of 2026 on Bitcoin Sale Losses and Higher Borrowing Costs
Metaplanet posted a net loss of 27.16 billion yen, about $170 million, for the first nine months of 2026, reversing a profit of 13.53 billion yen, or $84.6 million, in the same period a year earlier. The Japan-based company is the world's second-largest publicly traded corporate holder of Bitcoin. Bitcoin sale and valuation losses, along with higher borrowing costs, outweighed growth in revenue and operating profit.
The company booked a 19.17 billion yen loss, about $119.8 million, from selling Bitcoin and an 8.04 billion yen loss, about $50.3 million, from a reduction in the value of its Bitcoin holdings. Those losses exceeded gains from its operating business. In the quarter, Metaplanet raised 124.7 billion yen by selling 10,000 BTC and initially held the proceeds in cash, stablecoins and other liquid assets. It later bought 11,000 BTC for 149.9 billion yen, at an average price 9.3% above the sale price. Metaplanet said the sale showed rating agencies and bond investors that it could convert Bitcoin into cash to meet financing obligations.
Metaplanet ended September with 44,000 BTC, a net increase of 1,000 coins. It used Bitcoin holdings as collateral for borrowing during the quarter. Outstanding credit line debt rose from $414 million at the end of June to $649.5 million at the end of September. Metaplanet said Bitcoin purchases from the second quarter onward were financed through credit line borrowing, bond issuance, exercised stock acquisition rights and Bitcoin options revenue. Interest expense rose 56% from the prior quarter to 1.36 billion yen, about $8.5 million. Combined short-term borrowings and bonds payable stood at 110.5 billion yen, about $691 million, at the end of September.
Revenue for the nine months through September increased 30.5% to 5.9 billion yen, about $36.9 million. Operating profit rose 26.5% to 3.48 billion yen, about $21.8 million. Metaplanet cut its full-year revenue forecast to 6.5 billion yen, about $40.6 million, from 16 billion yen, about $100 million.
Bitcoin treasury companies are facing mounting pressure from falling Bitcoin prices and upcoming stock index exclusions. MSCI confirmed on Wednesday that it would remove Strategy, Metaplanet and Upexi from its equity indexes at the November 30 market close. The exclusions could prompt funds tracking those indexes to sell the companies' shares. JPMorgan previously estimated that MSCI-linked funds could create roughly $2.8 billion in selling pressure after Strategy's removal. CoinGecko data showed Bitcoin falling below $70,000 on Friday. The data put Bitcoin near $68,600 at 4:51 p.m. UTC, about 9% lower over the preceding week.
