Metaplanet swings to $170M loss as Bitcoin sale hits earnings

Bitcoin sales, valuation losses and rising borrowing costs weighed on the Japanese company’s earnings despite higher revenue and operating profit.

Metaplanet swung to a $170 million net loss in the first nine months of 2026, hit by a decline in the value of its Bitcoin holdings and a loss on the sale of 10,000 coins to demonstrate its ability to raise cash.

The Japanese company, the world’s second-largest publicly traded corporate Bitcoin (BTC) holder, posted a net loss of 27.16 billion yen (about $170 million), compared with a profit of 13.53 billion yen ($84.6 million) in the same period last year. A 19.17 billion yen ($119.8 million) loss on the Bitcoin sale and an 8.04 billion yen ($50.3 million) loss from a decline in the value of its Bitcoin holdings outweighed gains in the operating business.

Over the quarter, Metaplanet sold the 10,000 BTC for 124.7 billion yen and temporarily held the proceeds in cash, stablecoins and other liquid assets. It then spent 149.9 billion yen to buy 11,000 BTC, paying 9.3% more per coin on average. The company said the sale was meant to show rating agencies and bond investors that it could turn its Bitcoin into cash to meet financing obligations. At the end of September, holdings rose by a net 1,000 coins to 44,000 BTC.

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