Metaplanet swung to a net loss of about $170 million in the first nine months of 2026. A loss on selling 10,000 Bitcoin and a drop in the value of its holdings outweighed gains in its operating business. The results come as MSCI prepares to remove the company from its equity indexes.
Metaplanet posted a net loss of 27.16 billion yen (about $170 million) for the first nine months of 2026, compared with a profit of 13.53 billion yen ($84.6 million) a year earlier. The Japanese company is the world's second-largest publicly traded corporate Bitcoin holder.
Bitcoin sale and holdings decline weigh on results
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 holdings outweighed gains in the operating business. Metaplanet said the sale was meant to show rating agencies and bond investors that it could turn its Bitcoin into cash to meet financing obligations.
During the quarter, the company sold 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. Holdings rose by a net 1,000 coins to 44,000 BTC at the end of September.
Borrowing and interest costs rise
Metaplanet borrowed against its Bitcoin holdings, raising the amount owed under its credit line to $649.5 million at the end of September from $414 million at the end of June. Interest expense rose 56% from the previous quarter to 1.36 billion yen ($8.5 million).
The operating business still grew. Revenue rose 30.5% to 5.9 billion yen ($36.9 million) for the nine months through September, and operating profit increased 26.5% to 3.48 billion yen ($21.8 million). However, the company cut its full-year revenue forecast to 6.5 billion yen ($40.6 million) from 16 billion yen ($100 million).
Index removals add pressure as Bitcoin slips
Index provider MSCI confirmed Wednesday that Strategy, Metaplanet and Upexi would be removed from its equity indexes at the Nov. 30 market close. The move could prompt funds that track those benchmarks to sell the shares.
Meanwhile, Bitcoin fell below $70,000 on Friday and traded around $68,600 as of 4:51 p.m. UTC, down about 9% over the previous week, according to CoinGecko data.
Source: Cointelegraph
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