Metaplanet reported a net loss of 27.16 billion yen, or about $170 million, for the first nine months of 2026, reversing a profit of 13.53 billion yen in the same period a year earlier. The result was driven by losses tied to Bitcoin, including a hit from selling part of its holdings and a separate decline in the carrying value of coins it still held.

The Japanese company said the sale of 10,000 BTC was intended to demonstrate to rating agencies and bond investors that it could convert Bitcoin into cash to meet financing obligations. Even so, the losses linked to that move and to lower valuations on its holdings overshadowed growth in revenue and operating profit.

Bitcoin transactions drove the reversal

Metaplanet recorded a 19.17 billion yen loss on the sale of 10,000 BTC and an additional 8.04 billion yen loss from a decline in the value of its Bitcoin holdings. Together, those items pushed the company into a nine-month net loss despite improvements in its operating business.

The company remains one of the largest public corporate holders of Bitcoin. According to the results, the losses related to digital assets more than offset the gains generated elsewhere in the business during the period through September.

Sale proceeds were quickly redeployed

During the quarter, Metaplanet sold 10,000 BTC for 124.7 billion yen and temporarily kept the proceeds in cash, stablecoins and other liquid assets. It later spent 149.9 billion yen to acquire 11,000 BTC, paying an average price per coin that was 9.3% higher.

By the end of September, that sequence left the company with a net increase of 1,000 BTC and total holdings of 44,000 BTC. Metaplanet said the temporary sale was designed to show creditors and investors that its Bitcoin position could be monetized if needed.

Borrowing and financing costs moved higher

Metaplanet also increased its borrowing against Bitcoin during the quarter. The amount outstanding under its credit line rose to $649.5 million at the end of September, up from $414 million at the end of June.

The company said Bitcoin purchases from the second quarter onward were funded with a mix of credit-line borrowings, bond-sale proceeds, exercises of stock acquisition rights and revenue from its Bitcoin options business. Interest expense rose 56% from the previous quarter to 1.36 billion yen, while short-term borrowings and bonds payable totaled 110.5 billion yen, or about $691 million, at the end of September.

Operating performance improved, but outlook was cut

For the first nine months of the year, revenue increased 30.5% to 5.9 billion yen and operating profit rose 26.5% to 3.48 billion yen. Those gains, however, were not enough to absorb the losses tied to Bitcoin sales and valuation changes.

Metaplanet also lowered its full-year revenue forecast to 6.5 billion yen from 16 billion yen. The updated guidance is the company’s latest confirmed outlook following the quarter in which it expanded holdings to 44,000 BTC while relying more heavily on debt and other financing sources.

Source: cointelegraph.com