Earnings report 📈 Stocks 🌍 Japan

Metaplanet Swings to $170M Loss as Bitcoin Sales and Index Removal Loom

Metaplanet posted a $170 million net loss amid Bitcoin volatility and rising interest costs, while impending MSCI index removal threatens to trigger significant selling pressure for the firm and peers like Strategy.

📅 November 13, 2026 🕐 1 min read

4 assets impacted (Stocks, Crypto). Net bias: 0 Bullish, 4 Bearish, 0 Neutral. Strongest signal: 3350.T ↓ 7/10 (85% confidence).

📊 Affected Assets (4)

3350.T

Bearish 🤖 85%

📅 Short-term 🌍 JP · Explicit

Metaplanet swung to a 27.16 billion yen ($170 million) net loss for the nine months through September, versus a 13.53 billion yen profit a year earlier, and cut its full-year revenue forecast to 6.5 billion yen from 16 billion yen. A $119.8 million loss on selling 10,000 BTC, $50.3 million in valuation losses and a 56% jump in interest expense to 1.36 billion yen weigh on the outlook. Confirmed removal from MSCI equity indexes at the Nov. 30 close adds potential index-fund selling.

Catalysts

▼ Net loss of 27.16 billion yen ($170 million) for the nine months through September
▼ Full-year revenue forecast cut to 6.5 billion yen from 16 billion yen

Risk Factors

▲ Revenue still grew 30.5% to 5.9 billion yen and operating profit rose 26.5% to 3.48 billion yen
▲ Holdings rose by a net 1,000 coins to 44,000 BTC, showing continued accumulation

MSTR

Bearish 🤖 65%

📅 Short-term 🌍 US · Explicit

MSCI confirmed Strategy will be removed from its equity indexes at the Nov. 30 market close, and JPMorgan previously estimated the removal could trigger roughly $2.8 billion of selling from MSCI-linked funds. That passive-selling risk lands while Bitcoin itself trades around $68,600, down about 9% over the week, pressuring a leveraged Bitcoin holder.

Catalysts

▼ MSCI confirmed removal from equity indexes at the Nov. 30 market close
▼ JPMorgan estimate of roughly $2.8 billion in selling pressure from MSCI-linked funds

Risk Factors

▲ The $2.8 billion figure is a third-party estimate, not a confirmed outflow
▲ Index removals are one-off events and can be offset by other buyers

BTC

Bearish 🤖 60%

📅 Short-term 🌍 GLOBAL · Explicit

Bitcoin fell below $70,000 on Friday and traded around $68,600, down about 9% over the previous week. Treasury-company stress adds to the pressure: Metaplanet had to sell 10,000 BTC to prove liquidity to rating agencies and bond investors, and index removals raise forced-selling risk for the shares of large holders, which can feed back into the coin price.

Catalysts

▼ Bitcoin fell below $70,000 on Friday, trading around $68,600, down about 9% over the week
▼ Metaplanet sold 10,000 BTC and took a 19.17 billion yen loss to demonstrate liquidity

Risk Factors

▲ Metaplanet reinvested 149.9 billion yen to buy 11,000 BTC, a net addition to holdings
▲ Bitcoin treasury selling was executed to raise cash, not as a directional bet against the coin

UPXI

Bearish 🤖 55%

📅 Short-term 🌍 US · Explicit

MSCI confirmed on Wednesday that Upexi, along with Strategy and Metaplanet, will be removed from its equity indexes at the Nov. 30 market close, which may prompt index-tracking funds to sell the shares. The article gives no company-specific figures for Upexi, so the effect is directionally negative but smaller than for the larger names.

Catalysts

▼ MSCI confirmed removal from equity indexes effective at the Nov. 30 market close

Risk Factors

▲ No company-specific selling estimate given in the article
▲ Actual outflows depend on how much index-tracking money holds the shares

🧭 Full analysis of these assets

🎯 Key Takeaways

Metaplanet recorded a 27.16 billion yen ($170 million) net loss for the nine months through September.
The company sold 10,000 BTC for 124.7 billion yen to demonstrate liquidity, resulting in a 19.17 billion yen loss.
Full-year revenue guidance was slashed to 6.5 billion yen from the previous 16 billion yen forecast.
MSCI will remove Metaplanet, Strategy, and Upexi from its equity indexes at the Nov. 30 market close.
JPMorgan estimates Strategy's index removal could trigger roughly $2.8 billion in selling pressure.

📝 Executive Summary

Metaplanet reported a 27.16 billion yen ($170 million) net loss for the first nine months of 2026, driven by a $119.8 million loss on the sale of 10,000 Bitcoin and valuation declines. Despite a 30.5% revenue increase, the company cut its full-year revenue forecast to 6.5 billion yen. Shares face further pressure as MSCI confirmed the removal of Metaplanet, Strategy, and Upexi from its equity indexes effective Nov. 30.

❓ FAQ

3350.T · Why did Metaplanet lose money if its operating business grew?

The operating business improved, with revenue up 30.5% to 5.9 billion yen, but a 19.17 billion yen loss on selling 10,000 Bitcoin and an 8.04 billion yen loss from falling Bitcoin values outweighed those gains, producing a 27.16 billion yen net loss.

3350.T · What happens when Metaplanet is removed from MSCI indexes?

Index provider MSCI confirmed Metaplanet will be removed at the Nov. 30 market close, and funds that track those benchmarks may sell the shares, adding selling pressure on the stock.

MSTR · How much selling could Strategy's index removal cause?

JPMorgan previously estimated that Strategy's removal from MSCI indexes could result in roughly $2.8 billion in selling pressure from funds that track those benchmarks.

BTC · How much Bitcoin did Metaplanet sell and why?

Metaplanet sold 10,000 BTC for 124.7 billion yen during the quarter to show rating agencies and bond investors it could turn its Bitcoin into cash to meet financing obligations, then bought 11,000 BTC for 149.9 billion yen, ending September with 44,000 BTC.

UPXI · Why is Upexi affected by the MSCI decision?

Index provider MSCI confirmed that Upexi, together with Strategy and Metaplanet, would be removed from its equity indexes at the Nov. 30 market close, potentially prompting funds tracking those benchmarks to sell the shares.

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