Metaplanet Q3 Results: ¥27.2B Net Loss Despite Higher Profit Bitcoin treasury firm Metaplanet reported a net loss of ¥27.157 billion for the nine months ended September 30, 2026. The Metaplan
Bitcoin treasury firm Metaplanet reported a net loss of ¥27.157 billion for the nine months ended September 30, 2026. The Metaplanet Q3 results, filed on November 13, also show higher sales and operating profit. The swing came from non-operating items tied to its coin holdings, not from the core business.
Nine months to Sep 30
2026
Prior year
Net sales
¥5,895M (+30.5%)
¥4,517M
Operating profit
¥3,476M (+26.5%)
¥2,748M
Ordinary result
¥(27,572)M
¥23,229M
Net result
¥(27,157)M
¥13,528M
Brackets show negative figures.
The numbers come from the consolidated financial results filing. Basic EPS was negative ¥21.75. Operating figures leave out sale and valuation effects on its holdings.
Three non-operating items explain most of the gap:
Loss on Bitcoin sale: about ¥19.171 billion
Bitcoin valuation loss: about ¥8.040 billion
Interest expense: about ¥3.167 billion, including ¥1.36 billion in Q3
The sale is the largest item in the Metaplanet Q3 results. Valuation declines in the first two quarters were partly offset by a Q3 gain. Borrowing against its coins pushed interest higher. The earnings presentation lists short-term borrowings and bonds payable at about ¥110.5 billion at period end.
The firm sold 10,000 BTC for about ¥124.7 billion, or ¥12.47 million per coin. According to the company, the sale was intentional. It aimed to show rating agencies and bond investors that Bitcoin can be turned into cash for financing obligations.
It then made a Bitcoin purchase of 11,000 BTC for about ¥149.9 billion, near ¥13.63 million per coin, roughly 9.3% higher. Net holdings rose by 1,000 BTC. The sale booked a realized loss because the book cost exceeded the sale price. Deferred tax asset treatment is still under discussion with auditors.
The firm shared the deck on X at release time.
Investors tracking a Bitcoin treasury company can read the balance sheet in four numbers as of September 30, 2026:
Bitcoin held: 44,000
Total assets: ¥601.164 billion (¥505.286 billion at end-2025)
Net assets: ¥486.868 billion
Capital adequacy ratio: 80.9%
Every filing dated November 13 sits on the disclosures page, in English and Japanese.
In a separate notice, the firm cut its FY2026 forecast. Revenue guidance fell from ¥16.0 billion to ¥6.5 billion. Operating profit guidance dropped from ¥11.4 billion to ¥3.0 billion.
The stated reasons:
mNAV (market value versus the value of holdings) staying below 1.0x, which limits new share issuance
Fewer BTC purchases and less Bitcoin income activity than planned
Convertible bond proceeds going to share buybacks first
Consolidation costs and goodwill from its securities unit and other entities
The company says its Bitcoin-focused strategy is unchanged. Readers can verify each figure in the results announcement on X.
The Metaplanet Q3 results show growing operating profit, while market swings and the it drove the net result. Follow the latest crypto news updates for any follow-up filings.
Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research before making investment decisions.
