EL7.AI
CryptoMedium•13 November 2026•
4 min read

Metaplanet Posts 27,157 Million Yen Loss Despite 30.5% Revenue Growth in 9 Months

Key Facts

1The loss attributable to owners of the parent was 27,157 million yen, compared with a profit of 13,528 million yen in the same period.
2Net sales rose 30.5% to 5,895 million yen during the nine months.
3Operating profit increased 26.5% to 3,476 million yen.
4The group held 44,000 bitcoins on September 30, compared with 43,000 at the end of June.
5The company cut its annual revenue forecast to 6,500 million yen and its operating profit forecast to 3,000 million yen.

Metaplanet reported on November 13 consolidated financial results for the nine months ended September 30, 2026, posting a loss attributable to owners of the parent of 27,157 million yen, compared with a profit of 13,528 million yen in the same period a year earlier. The shift to a loss came despite growth in sales and operating profit, which exclude the impact of bitcoin valuation and sales gains and losses. Net sales rose 30.5% year on year to 5,895 million yen, and operating profit increased 26.5% to 3,476 million yen. But the accounts included an ordinary loss of 27,572 million yen, after the company recorded an ordinary profit of 23,229 million yen a year earlier. The results reflect a divergence between the expansion of operating activity and the sensitivity of financial results to fluctuations in the bitcoin treasury.

Metaplanet said in its third-quarter results presentation that revenue and operating profit, excluding gains and losses from the valuation and sale of bitcoin holdings, rose "in line with business expansion." Revenue totaled 5,895 million yen in the nine months, compared with 4,517 million yen in the same period of 2025, while operating profit climbed to 3,476 million yen from 2,748 million yen. The comparison offers a picture of growth in the activity the company describes as separate from the results of holding bitcoin and related transactions. However, that improvement did not prevent net income attributable to owners of the parent from turning from a profit to a loss. Ordinary results also shifted from a profit of 23,229 million yen to a loss of 27,572 million yen during the period.

Movements in the bitcoin portfolio form part of the context for the results. The group held 44,000 bitcoins on September 30, up from 43,000 at the end of June, while the year-on-year comparison showed an increase from 30,823 bitcoins on September 30, 2025. During the third quarter, the company bought 11,000 bitcoins and sold 10,000, then repurchased 11,000 in a separate transaction. The company said the quarter's gains or losses included the result of selling 10,000 bitcoins, carried out "to demonstrate liquidity," and that unrealized losses arise from revaluing the holdings at market prices at period-end and do not represent cash flow. The company estimated the book value of the bitcoin sold at 143.9 billion yen, sale proceeds at 124.7 billion yen and the loss on sale at 19.2 billion yen.

Regarding the value of its holdings, the company presentation showed net bitcoin assets with a reference value of 578.6 billion yen on September 30. Using the bitcoin price on November 12, the stated value fell to 501.5 billion yen, a decline of 77.1 billion yen from the end-September value. The comparison illustrates the sensitivity of asset values to price changes between the two measurement dates, while the disclosure distinguishes non-cash revaluation from realized losses on sales. The company warned that its bitcoin treasury strategy could result in significant losses. It added that financing through debt or preferred shares could amplify the effect of bitcoin price fluctuations on the value of common shares in either direction.

At the financial-position level, total assets stood at 601,164 million yen on September 30, up from 505,286 million yen on December 31, 2025. Net assets were 486,868 million yen, while the capital adequacy ratio was 80.9% at the end of September. The disclosure also noted that Metaplanet Ventures K.K. and Metaplanet Securities Inc. were newly included in the scope of consolidation during the period. These figures provide context on the size of the asset and capital base when assessing the period's losses, with the scope of consolidation having expanded over the nine months. That does not change the comparison of the loss attributable to owners with the corresponding period, when the company moved from profit to loss.

Metaplanet cut its forecast for fiscal 2026, reducing its revenue outlook to 6,500 million yen from an initial estimate of 16,000 million yen, and lowering its operating profit forecast to 3,000 million yen from 11,400 million yen. The revision puts the company's annual estimates below the levels it first announced, despite revenue and operating profit growth in the nine months ended September. This comes as the company continues to hold a large bitcoin position, which stood at 44,000 units at the end of September. Changes to the MSCI Japan Small Cap Index, including Metaplanet's removal, are due to take effect after the close of trading on November 30, 2026. The effective date is the next specified corporate development in the company's disclosures.