Metaplanet, a Japanese corporate Bitcoin treasury company, reported a sharp swing to a 27.16 billion yen net loss (about $170 million) for the first nine months of 2026, reversing last yearโs profit. The company cited two main drivers: a decline in the carrying value of its Bitcoin holdings and a loss incurred from selling part of its BTC.
In its latest results, Metaplanet also provided insight into how it manages liquidity. During the quarter, it sold 10,000 BTC for 124.7 billion yen, temporarily holding the proceeds in cash, stablecoins and other liquid assets before buying more Bitcoinโan approach the firm said is aimed at demonstrating it can convert BTC into funding when needed.
Key takeaways
- Metaplanet posted a 27.16 billion yen net loss for the first nine months of 2026, compared with a 13.53 billion yen profit in the same period of 2025.
- It recorded a 19.17 billion yen loss tied to a 10,000 BTC sale used to show liquidity and financing readiness.
- Losses from Bitcoin valuation declines amounted to 8.04 billion yen, outweighing gains from operating activities.
- After selling 10,000 BTC, the company bought 11,000 BTC for 149.9 billion yen, raising its holdings to 44,000 BTC by end of September.
- Borrowing against its BTC portfolio increased: credit-line obligations rose to $649.5 million at Sept. 30 from $414 million at June 30.
Losses dominated by BTC valuation and a targeted sale
According to Metaplanetโs disclosure, its net results deteriorated significantly as Bitcoinโs market moves hit the balance sheet. For the nine months ended September, the company reported a net loss of 27.16 billion yen (about $170 million) versus a profit of 13.53 billion yen (about $84.6 million) in the same period last year.
The filing breaks down the loss into two concrete components. First, Metaplanet recorded a 19.17 billion yen loss on the sale of 10,000 BTC. Second, it booked an 8.04 billion yen loss from the decline in the value of its remaining Bitcoin holdings. Gains from the operating business were not enough to offset these BTC-related headwinds.
Quarterly liquidity test: sell first, then buy more
Over the quarter, Metaplanet sold 10,000 BTC for 124.7 billion yen. Instead of leaving the proceeds tied up in BTC exposure, the company said it held the proceeds in cash, stablecoins and other liquid assets. It then used fundsโincluding proceeds from financing activitiesโto buy back exposure: Metaplanet spent 149.9 billion yen to purchase 11,000 BTC.
The company paid an average of 9.3% more per coin for the repurchase than the average price implied by the earlier sale. By Sept. 30, it reported holdings increased by a net 1,000 BTC to 44,000 BTC.
Crucially, Metaplanet said the sale-and-repurchase sequence was designed to communicate with rating agencies and bond investors that it could turn Bitcoin into cash to meet financing obligationsโan important claim for corporate treasury models that rely on market liquidity and the perceived convertibility of crypto assets.
Financing structure tightens: credit line, interest costs, and use of proceeds
Metaplanet also reported an increase in borrowing tied to its Bitcoin exposure. During the quarter, it borrowed against its Bitcoin holdings, raising the amount owed under its credit line to $649.5 million at the end of September, up from $414 million at the end of June.
The company said it has funded subsequent Bitcoin purchases since the second quarter using a combination of: borrowing under the credit line, proceeds from bond sales and stock acquisition rights, and revenue from its Bitcoin options business.
As financing costs rose, the filing showed that interest expense increased 56% quarter-over-quarter to 1.36 billion yen (about $8.5 million). It also disclosed that short-term borrowings and bonds payable totaled 110.5 billion yen (about $691 million) at Sept. 30.
Even with operating performance improving, the BTC-related line items overwhelmed the income statement: revenue rose 30.5% to 5.9 billion yen (about $36.9 million) and operating profit increased 26.5% to 3.48 billion yen (about $21.8 million) for the nine months through September.
Metaplanet also revised its outlook. It cut its full-year revenue forecast to 6.5 billion yen (about $40.6 million) from 16 billion yen (about $100 million).
Broader pressure on Bitcoin treasury stocks: index removals and BTC weakness
Metaplanetโs results arrive as Bitcoin treasury companies face multiple external pressures. The equity backdrop has become more complex after index provider MSCI confirmed that Strategy, Metaplanet, and Upexi will be removed from its equity indexes at the Nov. 30 market close, a change that could force some funds tracking those benchmarks to reduce positions.
Earlier coverage from Cointelegraph noted JPMorganโs estimate that Strategyโs removal could create roughly $2.8 billion in selling pressure from MSCI-linked fundsโhighlighting how index rebalancing can amplify volatility even when company fundamentals havenโt changed.
Meanwhile, Bitcoin itself has been trading lower. CoinGecko data referenced in the article indicates Bitcoin slipped below $70,000 on Friday and was around $68,600 as of 4:51 p.m. UTC, down about 9% over the prior week. For treasury firms whose financial statements are affected by both realised sales and unrealised valuation, this kind of price pressure can be double-edged: it hits net income and can also complicate investor expectations around balance-sheet resilience.
For traders and long-term investors alike, the combination of BTC price swings and index-related forced flows may determine short-term share performanceโeven as companies continue to execute on their stated treasury strategies.
Next, investors should watch whether Metaplanet can maintain liquidity without escalating losses as borrowing costs rise and whether index rebalancing around Nov. 30 translates into measurable sell-through in its shares. The longer question is how treasury companies balance โprove convertibilityโ sales with preserving value in a market that can move quickly against their reported BTC exposure.
