Japanese Bitcoin treasury company Metaplanet Inc. reported a net loss of approximately $172.5 million for the nine months ended September 30, 2026, despite generating an operating profit of about $22.08 million, up 26.5% year-over-year. The result marked a sharp reversal from the roughly $85.93 million profit posted in the same period of 2025. Net sales increased 30.5% year-over-year to approximately $37.44 million, while ordinary profit swung to a loss of around $175.14 million from a profit of $147.55 million a year earlier.
The company said Bitcoin valuation losses and realized BTC sales losses weighed on reported earnings, underscoring how fair-value accounting exposes equity investors to earnings volatility when Bitcoin prices change.
On November 13, 2026, Metaplanet shares fell more than 4% on the Tokyo Stock Exchange to around 219 yen, despite an active share buyback program. Metaplanet has repurchased a cumulative 108.7 million ordinary shares for approximately 28.27 billion yen ($108 million), equal to about 54.4% of its authorized share allocation. Management said the buybacks aim to increase the proportion of Bitcoin backed by each outstanding share and reduce potential dilution from previous convertible bond issuances, but selling pressure outweighed the support effect.
The stock now trades about 12% below its early November close and has corrected significantly from prior 52-week highs. Metaplanet also revised its fiscal 2026 revenue projection down to 6.5 billion yen from an initial estimate of 16 billion yen.
Index provider MSCI confirmed that Metaplanet will be excluded from the MSCI Japan Small Cap index effective after the close of trading on November 30, 2026. The decision follows new methodology criteria aimed at companies operating primarily as digital asset treasury vehicles or entities with investment management characteristics. Analysts said the index removal could limit passive investment flows from institutional index funds, though company management noted the exclusion does not directly affect Metaplanet’s Bitcoin reserves, which stood at 44,000 BTC at the end of the third quarter, while it may alter secondary-market trading dynamics and liquidity.
