Metaplanet, a Japanese publicly traded company, reported a net loss of 2.716 billion yen (approximately $170 million) for the first nine months of 2026, a sharp contrast to the 1.353 billion yen profit it posted during the same period last year. The loss was primarily attributable to realized losses from the sale of Bitcoin and a decline in the valuation of its holdings. During the period, the company sold 10,000 bitcoins for 12.47 billion yen, only to immediately repurchase 11,000 bitcoins for 14.99 billion yen at a price 9.3% higher, resulting in a loss of 1.917 billion yen. Rising financing costs also weighed on earnings, with interest expenses climbing 56% quarter-over-quarter to 136 million yen, and outstanding debt increasing from $414 million in June to $649.5 million in September.
Although revenue increased by 30.5% year-over-year to 5.9 billion yen and operating profit rose by 26.5% to 3.48 billion yen, financing costs completely offset these gains. Metaplanet increased its Bitcoin holdings by 1,000 to 44,000, but revised its full-year revenue forecast downward from 1.6 billion yen to 650 million yen, a decline of more than 59%.
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