Metaplanet reported a net loss of ¥27.16 billion ($170 million) for the first nine months of 2026, shifting from a profit of ¥13.53 billion ($84.6 million) in the same period last year. The decline was driven by a ¥19.17 billion ($119.8 million) loss from selling 10,000 BTC and a ¥8.04 billion ($50.3 million) valuation loss on its holdings.
The company sold 10,000 BTC for ¥124.7 billion to demonstrate liquidity to bond investors and rating agencies. It subsequently purchased 11,000 BTC for ¥149.9 billion, paying an average of 9.3% more per coin. By the end of September, the firm's total holdings reached 44,000 BTC, an increase of 1,000 coins.
Financial obligations grew as the company increased its credit line debt to $649.5 million by the end of September, up from $414 million in June. Interest expenses rose 56% quarter-over-quarter to ¥1.36 billion ($8.5 million), with total short-term borrowings and bonds reaching ¥110.5 billion ($691 million).
Despite the net loss, revenue for the nine-month period grew 30.5% to ¥5.9 billion ($36.9 million), and operating profit rose 26.5% to ¥3.48 billion ($21.8 million). However, the company lowered its full-year revenue forecast to ¥6.5 billion ($40.6 million) from the previous estimate of ¥16 billion ($100 million).
Metaplanet faces additional pressure as MSCI confirmed the company will be removed from its equity indexes on November 30. This decision may trigger selling activity from funds tracking these benchmarks. The company's financial results coincide with a decline in Bitcoin prices, which dropped approximately 9% over the week.
