Japan's Metaplanet closed nine months of 2026 with a loss of 27.16 billion yen - about $170 million. A year earlier, for the same period, the company posted a profit of 13.53 billion yen ($84.6 million).
Metaplanet is the world's second-largest public corporate holder of Bitcoin. It is a company that holds coins directly on its balance sheet and buys them with borrowed money.
Two things matter here for a trader. Such holders sell coins in large batches, and their shares get dropped from indices.
Where did the loss come from?
The minus came from coin operations, not from the business itself.
- 19.17 billion yen ($119.8 million) - loss from selling Bitcoin.
- 8.04 billion yen ($50.3 million) - revaluation of the remaining coin stock.
- 5.9 billion yen ($36.9 million) - revenue, up 30.5%.
- 3.48 billion yen ($21.8 million) - operating profit, up 26.5%.
Why did they buy higher than they sold?
- The sale. Metaplanet sold 10,000 BTC for 124.7 billion yen and held the money in cash, stablecoins and other liquid assets. Stablecoins are coins whose rate is pegged to the dollar.
- Why. The company showed rating agencies and bondholders that its coin stock really does convert into money.
- The buyback. Metaplanet then bought 11,000 BTC for 149.9 billion yen, on average 9.3% more per coin.
- The result. The stock grew by 1,000 BTC, to 44,000 BTC at the end of September.
What about debts and the forecast?
Debt servicing got more expensive. The company cut its full-year revenue forecast to 6.5 billion yen ($40.6 million) from the previous 16 billion yen ($100 million).
- $649.5 million - credit line drawn at the end of September versus $414 million at the end of June.
- 1.36 billion yen ($8.5 million) - interest expenses for the quarter, up 56%.
- 110.5 billion yen ($691 million) - short-term loans and bonds due for repayment.
What's next for the market?
The key date is November 30. That is the day set for the removal of Strategy, Metaplanet and Upexi shares from the MSCI indices.
- $2.8 billion - that is how much funds tied to these indices will sell of the securities just because of Strategy's exit, according to a JPMorgan estimate.
- $68,600 - Bitcoin traded around this price on Friday, at one point dipping below $70,000.
- around 9% - Bitcoin's loss for the week.
Key point: for corporations, position size depends on loans and the coin's price. For a trader, volume comes from a prop firm: how that works is covered in the academy, and it's convenient to compare conditions for your market in the calculator.
Watched BTC fail $70,000?
Corporations with billion-dollar credit lines buy higher than they sold and catch a loss on revaluation. For a private trader the problem is the opposite: the entry may be precise, but the volume is such that a 9% move in a week brings in enough for a couple of dinners. In prop trading, the firm provides the notional for the trade after a paid selection, and the trader keeps an agreed share of the result. Before November 30 and the MSCI index reshuffle, there is still time to look at this chain.