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Metaplanet recorded a net loss of 27.16 billion yen, approximately $170 million, for the first nine months of 2026. The Tokyo-based company, identified as the world’s second-largest publicly traded corporate Bitcoin holder, attributed the deficit to losses realized on Bitcoin sales and a decline in the asset’s valuation. This stands in contrast to the same period last year, when the firm posted a net profit of 13.53 billion yen, or $84.6 million.
As of 19:40 UTC, Bitcoin traded at $68,996, -3.5% over 24 hours, with $43.2 billion in 24-hour volume.
Strategic Bitcoin Sales and Purchases
The company sold 10,000 BTC during the reporting period, generating proceeds of 124.7 billion yen. Metaplanet stated that this sale was executed to demonstrate its capacity to raise cash for rating agencies and bond investors. The proceeds from this transaction were temporarily held in cash, stablecoins, and other liquid assets. Following the sale, the company purchased 11,000 BTC, resulting in a net increase of 1,000 coins in its total holdings.
By the end of September, Metaplanet’s total Bitcoin holdings reached 44,000 BTC. The average price per coin increased by 9.3% during the period. To fund these purchases from the second quarter onward, the company utilized credit line borrowings, bond sales, stock acquisition rights, and revenue from Bitcoin options. The total amount spent on Bitcoin purchases was 149.9 billion yen.
Debt Levels and Financial Performance
The company’s credit line debt rose significantly, reaching $649.5 million at the end of September, up from $414 million at the end of June. Consequently, interest expense increased by 56% from the previous quarter, totaling 1.36 billion yen, or $8.5 million. Short-term borrowings and bonds payable stood at 110.5 billion yen, equivalent to $691 million.
Despite the net loss, Metaplanet reported a 30.5% increase in revenue for the nine-month period, reaching 5.9 billion yen, or $36.9 million. Operating profit also rose by 26.5% to 3.48 billion yen, or $21.8 million. The company lowered its full-year revenue forecast to 6.5 billion yen, or $40.6 million, down from a previous estimate of 16 billion yen, or $100 million.
MSCI Index Removal and Market Impact
MSCI confirmed that Metaplanet, along with Strategy and Upexi, would be removed from its equity indexes at the market close on Nov. 30. JPMorgan estimated that the removal of Strategy alone could trigger roughly $2.8 billion in selling pressure from MSCI-linked funds. This potential outflow coincided with a broader decline in Bitcoin prices. Bitcoin fell below the $70,000 threshold on Friday, trading around $68,600 as of 4:51 p.m. UTC. According to CoinGecko data, the cryptocurrency was down approximately 9% over the previous week.
