Metaplanet posts $170m net loss after selling Bitcoin to demonstrate liquidity
The Japanese corporate Bitcoin holder recorded a 27.16 billion yen loss for the first nine months of 2026 despite growth in operating revenue.
Key takeaways
- 1Metaplanet posted a 27.16 billion yen ($170 million) net loss for the first nine months of 2026.
- 2The firm lost 19.17 billion yen ($119.8 million) selling 10,000 BTC before re-buying 11,000 BTC at a 9.3 percent premium.
- 3Total corporate holdings increased to 44,000 BTC despite 8.04 billion yen in valuation writedowns.
- 4Metaplanet lowered its full-year revenue guidance from 16 billion yen to 6.5 billion yen.
Metaplanet reported a 27.16 billion yen ($170 million) net loss for the first nine months of 2026 after selling part of its crypto treasury to show liquidity to lenders, according to its financial report. The Japanese firm, which is the world's second-largest corporate Bitcoin holder, had recorded a net profit of 13.53 billion yen ($84.6 million) during the same period a year earlier.
The downturn was driven primarily by a 19.17 billion yen ($119.8 million) loss on the sale of 10,000 BTC. The company sold the coins for 124.7 billion yen and temporarily held the proceeds in cash, stablecoins, and other liquid assets before spending 149.9 billion yen to purchase 11,000 BTC. It paid an average of 9.3 percent more per coin during the repurchase. Management said the temporary transaction was executed to demonstrate to credit rating agencies and bond investors that it could convert its reserves into cash to meet debt obligations.
Valuation declines on the company's remaining balance sheet added another 8.04 billion yen ($50.3 million) in net losses over the period. Despite the trades and accounting writedowns, Metaplanet expanded its total treasury by a net 1,000 coins during the quarter, bringing its total holdings to 44,000 BTC at the end of September.
The company saw growth in its core business operations over the nine-month period. Revenue increased by 30.5 percent year-on-year to 5.9 billion yen ($36.9 million), while operating profit rose 26.5 percent to 3.48 billion yen ($21.8 million). However, Metaplanet cut its full-year revenue forecast to 6.5 billion yen ($40.6 million), down from an earlier projection of 16 billion yen ($100 million).
Rising debt costs also weighed on earnings as interest expenses jumped 56 percent quarter-on-quarter to 1.36 billion yen ($8.5 million). Borrowings drawn against its credit facility rose to $649.5 million at the end of September from $414 million at the end of June. Total short-term borrowings and bonds payable reached 110.5 billion yen ($691 million), funded through credit lines, bond sales, stock acquisition rights, and income from its Bitcoin options transactions.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.