Metaplanet, the world's second-largest publicly traded corporate Bitcoin holder, reported a net loss of 27.16 billion yen (approximately $170 million) for the nine-month period ending September 2026, reversing a 13.53 billion yen profit from the same period in 2025.
The loss resulted from two main factors: a 19.17 billion yen loss on the sale of 10,000 Bitcoin and an 8.04 billion yen loss from declining Bitcoin valuations. These losses outweighed gains from the company's operating business, which saw revenue rise 30.5% to 5.9 billion yen and operating profit increase 26.5% to 3.48 billion yen.
Strategic Bitcoin Sale
During the period, Metaplanet sold 10,000 Bitcoin for 124.7 billion yen, then reinvested the proceeds by purchasing 11,000 Bitcoin at an average cost 9.3% higher per coin. The company stated the sale was designed to demonstrate to rating agencies and bond investors its ability to convert Bitcoin holdings into cash to meet financing obligations. Net Bitcoin holdings rose by 1,000 coins to 44,000 BTC by the end of September.
Increased Debt and Financing Pressure
The company's debt obligations expanded significantly during the quarter. Borrowings under a credit line increased to $649.5 million at the end of September from $414 million at the end of June. Short-term borrowings and bonds payable totaled 110.5 billion yen ($691 million). Interest expense rose 56% from the previous quarter to 1.36 billion yen.
Metaplanet funded Bitcoin purchases through borrowed funds, bond sales, stock acquisition rights exercises, and revenue from its Bitcoin options business.
Headwinds for Bitcoin Treasury Companies
Metaplanet's results come amid broader challenges for Bitcoin treasury companies. Index provider MSCI announced the removal of Metaplanet, Strategy, and Upexi from its equity indexes effective November 30, a development that could prompt tracking funds to sell shares. Bitcoin's price declined to around $68,600, down approximately 9% over the week.
The company revised its full-year revenue forecast downward to 6.5 billion yen from the previous estimate of 16 billion yen.
