Metaplanet, a Tokyo-based company and the world’s second-largest publicly traded corporate holder of Bitcoin, reported a net loss of 27.16 billion yen, or about $170 million, for the nine months ended September 30, 2026. The result reversed a profit of 13.53 billion yen, roughly $84.6 million, in the same period a year earlier.

The swing stemmed primarily from Bitcoin-related items. The company recorded a 19.17 billion yen loss, approximately $119.8 million, on the sale of 10,000 Bitcoin during the third quarter and an additional 8.04 billion yen loss, about $50.3 million, from a decline in the value of its remaining holdings. These non-operating charges more than offset improvements in the core business.

Liquidity Demonstration Through Sale and Repurchase

In the third quarter Metaplanet sold 10,000 Bitcoin for 124.7 billion yen. It temporarily held the proceeds in cash, stablecoins and other liquid assets. Management described the transaction as a deliberate step to demonstrate to rating agencies and bond investors that the company can convert Bitcoin into cash to meet financing obligations.

The firm then spent 149.9 billion yen to purchase 11,000 Bitcoin, paying an average of 9.3 percent more per coin than the price realized on the earlier sale. The net effect was an increase of 1,000 Bitcoin, bringing total holdings to 44,000 Bitcoin at the end of September.

Operating Performance and Guidance Reduction

Revenue for the nine-month period rose 30.5 percent to 5.9 billion yen, or about $36.9 million. Operating profit increased 26.5 percent to 3.48 billion yen, roughly $21.8 million. Despite these gains, the company lowered its full-year revenue forecast to 6.5 billion yen, approximately $40.6 million, from the previous target of 16 billion yen, or about $100 million.

Management cited several factors behind the revised outlook, including a market-to-net-asset-value ratio remaining below 1.0 times that limited new share issuance, fewer Bitcoin purchases and related income activities than planned, the allocation of convertible-bond proceeds to share buybacks, and consolidation costs associated with its securities unit and other entities. The company stated that its Bitcoin-focused strategy remains unchanged.

Rising Borrowing and Balance-Sheet Position

Metaplanet increased borrowings against its Bitcoin holdings during the quarter. Outstanding credit-line obligations rose to $649.5 million at the end of September from $414 million at the end of June. Funding for Bitcoin purchases from the second quarter onward came from draws on the credit line, proceeds from bond sales, the exercise of stock acquisition rights, and revenue from its Bitcoin options business.

Interest expense climbed 56 percent from the previous quarter to 1.36 billion yen, about $8.5 million. Short-term borrowings and bonds payable totaled 110.5 billion yen, or approximately $691 million, at period end. Total assets stood at 601.164 billion yen, net assets at 486.868 billion yen, and the capital adequacy ratio at 80.9 percent.

Sector Backdrop of Index Changes and Price Pressure

The earnings release coincides with broader challenges for publicly listed Bitcoin treasury companies. Index provider MSCI confirmed that Metaplanet, along with Strategy and Upexi, will be removed from its equity indexes at the market close on November 30. The change is expected to prompt funds tracking those benchmarks to sell shares. JPMorgan previously estimated that Strategy’s removal alone could generate roughly $2.8 billion in selling pressure from MSCI-linked funds.

Bitcoin prices also declined during the period, falling below $70,000 and trading near $68,600 in mid-November, down about 9 percent over the preceding week. The combination of valuation pressure and potential index-related flows has added complexity for companies whose reported results are closely tied to Bitcoin price movements.