TLDR
- Metaplanet stock fell 4.37% to ¥219 on Friday and is down 53.21% in 2026.
- The company cut its 2026 revenue forecast 59% to ¥6.5 billion.
- Nine-month net loss hit ¥27.16 billion, about $170 million.
- Metaplanet sold 10,000 BTC, then bought 11,000 BTC at a 9.3% higher average price.
- MSCI will remove Metaplanet from an index at the Nov. 30 close.
Metaplanet (3350) stock fell 4.37% to ¥219 on Friday after the company cut its 2026 revenue forecast. The Tokyo-listed Bitcoin holder is now down 53.21% for the year.
The new revenue target is ¥6.5 billion ($40.6 million), down from ¥16 billion ($100 million). Operating profit guidance fell 74% to ¥3 billion from ¥11.4 billion.
The company pointed to its own discounted stock as the cause. Its mNAV has stayed below 1x, which means its market value sits under the value of its Bitcoin.
🇯🇵 METAPLANET SLASHES 2026 REVENUE FORECAST 59% AS BITCOIN TREASURY STRATEGY FACES PRESSURE
Japanese Bitcoin treasury company Metaplanet has reduced its annual revenue forecast from ¥16 billion to ¥6.5 billion, a 59% cut.
The company also slashed its operating profit forecast… pic.twitter.com/1Ge1hao8Oz
— Bitcoin News (@BitcoinNewsCom) November 14, 2026
At that level, selling new stock would shrink the Bitcoin held per share. So Metaplanet held back on stock sales.
Bitcoin purchases and options income both came in below plan. The original goal, set on Feb. 16, assumed funding would keep flowing at the late-2025 pace.
The Quarter That Cost ¥27 Billion
For the first nine months, Metaplanet posted a net loss of ¥27.16 billion. A year earlier, it booked a profit of ¥13.53 billion.
Two Bitcoin items drove the swing. A ¥19.17 billion loss came from selling coins, and an ¥8.04 billion loss came from lower Bitcoin values.
In the third quarter, it sold 10,000 BTC for ¥124.7 billion and parked the cash in stablecoins and other liquid assets. It then spent ¥149.9 billion on 11,000 BTC, paying 9.3% more per coin.
The company called the sale a test. It wanted to show rating agencies and bond investors that it could turn Bitcoin into cash.
Holdings ended September at 44,000 BTC, up a net 1,000 coins. The credit line balance rose to $649.5 million from $414 million at the end of June.
Interest expense jumped 56% from the prior quarter to ¥1.36 billion. Short-term borrowings and bonds payable totaled ¥110.5 billion ($691 million).
The operating business still grew. Nine-month revenue rose 30.5% to ¥5.9 billion, and operating profit gained 26.5% to ¥3.48 billion.
What the New Forecast Leaves for Q4
Run the math, and the new target leaves about ¥600 million in revenue for the fourth quarter. Revenue averaged nearly ¥2 billion per quarter through September.
Operating profit already sits above the ¥3 billion full-year goal. That points to an operating loss in the final quarter.
Costs also rise as Metaplanet consolidates Metaplanet Securities and books goodwill amortization. The ¥6.5 billion revenue target is 27% below 2025 revenue of ¥8.9 billion.
The ¥52 billion convertible bond issued in October goes to buybacks first. That leaves limited money for new Bitcoin or the income business, according to the filing.
Metaplanet says its Bitcoin strategy is unchanged. On Nov. 30, MSCI will remove it from its Japan Small Cap Index at the market close.
Strategy and Upexi are also being dropped from MSCI indexes that day. Funds that track those benchmarks may need to sell.
Bitcoin fell below $70,000 on Friday. It traded around $68,600, down about 9% over the week.
