Metaplanet posts $170M nine-month loss after selling 10,000 BTC

what happened

Metaplanet recorded a net loss of 27.16 billion yen (about $170 million) for the first nine months of 2026, according to Cointelegraph, compared with a profit of 13.53 billion yen ($84.6 million) a year earlier. The Japanese company blamed a 19.17 billion yen ($119.8 million) loss on selling 10,000 BTC and an 8.04 billion yen ($50.3 million) markdown on its remaining holdings, which together outweighed gains from its operating business.

During the quarter it sold those coins for 124.7 billion yen, held the proceeds in cash, stablecoins and other liquid assets, then spent 149.9 billion yen on 11,000 BTC at an average price 9.3% higher. Management said the move was designed to prove to rating agencies and bondholders that its Bitcoin could be turned into cash. Its credit line balance rose to $649.5 million from $414 million at the end of June, and interest expense climbed 56% quarter on quarter.

why it matters

Bitcoin treasury companies are under growing strain. MSCI confirmed that Strategy, Metaplanet and Upexi will leave its equity indexes at the November 30 close, which could prompt index-tracking funds to sell their shares. JPMorgan had estimated that Strategy's removal alone could generate about $2.8 billion of selling from MSCI-linked funds. Bitcoin dipped below $70,000 on Friday and traded near $68,600, down roughly 9% over the week, according to CoinGecko data.

market impact

Bitcoin treasury stocks: MSCI index removals may force fund selling, pressuring Metaplanet and Strategy shares

• ▼Metaplanet shares pressure down — index removal from MSCI could trigger selling by funds tracking the benchmark
• ▼Strategy shares pressure down — removal from MSCI equity indexes could drive outflows from passive funds

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