Metaplanet posts $170 million loss for first nine months of 2026

Metaplanet recorded a net loss of 27.16 billion yen (about $170 million) for the first nine months of 2026. Metaplanet had earned 13.53 billion yen ($84.6 million) during the corresponding period last year. Metaplanet, a company based in Japan, ranks second worldwide among publicly traded corporate Bitcoin holders. Losses on Bitcoin sales and valuations, together with higher borrowing costs, hurt earnings despite increases in revenue and operating profit.

Metaplanet incurred a loss of 19.17 billion yen ($119.8 million) from selling Bitcoin. A reduction in the value of Metaplanet's Bitcoin holdings generated another loss of 8.04 billion yen ($50.3 million). Those losses exceeded gains from the operating business.

During the quarter, Metaplanet received 124.7 billion yen from selling 10,000 BTC. Metaplanet initially kept the proceeds in cash, stablecoins and other liquid assets. Metaplanet subsequently purchased 11,000 BTC for 149.9 billion yen, at an average price per coin 9.3% above the sale price. Metaplanet said the sale demonstrated to rating agencies and bond investors that Metaplanet could convert Bitcoin into cash to meet financing obligations. Metaplanet ended September with 44,000 BTC after a net increase of 1,000 coins.

Metaplanet used Bitcoin holdings as collateral for borrowing during the quarter. Metaplanet's outstanding credit-line debt increased 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. Metaplanet's interest expense increased 56% from the preceding quarter to 1.36 billion yen ($8.5 million). Metaplanet had combined short-term borrowings and bonds payable of 110.5 billion yen ($691 million) at September's end.

Metaplanet's revenue for the nine months through September increased 30.5% to 5.9 billion yen ($36.9 million). Operating profit for that period grew 26.5% to 3.48 billion yen ($21.8 million). Metaplanet lowered its full-year revenue projection from 16 billion yen ($100 million) to 6.5 billion yen ($40.6 million).

Bitcoin treasury companies face increasing pressure from falling Bitcoin prices and upcoming stock index exclusions. MSCI confirmed on Wednesday that MSCI would remove Strategy, Metaplanet and Upexi from equity indexes at the November 30 market close. The exclusions could lead funds tracking those indexes to sell the companies' shares. JPMorgan previously estimated that MSCI-linked funds could generate roughly $2.8 billion in selling pressure following Strategy's removal.

CoinGecko data showed Bitcoin dropping below $70,000 on Friday. CoinGecko data put Bitcoin near $68,600 at 4:51 p.m. UTC, about 9% lower over the preceding week.