Metaplanet Cuts 2026 Revenue Target 59%: Is the Bitcoin Playbook Running Dry?

Résumé détaillé

Metaplanet cut its 2026 revenue forecast to ¥6.5 billion after a share price below its Bitcoin value curbed share sales.

Metaplanet cut its 2026 revenue forecast by 59% on November 13, to ¥6.5 billion from ¥16 billion. Its operating profit forecast fell 74%, to ¥3 billion from ¥11.4 billion.

The Tokyo-listed Bitcoin (BTC) treasury firm traced the cut to its own discounted stock. Metaplanet stock fell 4.37% to ¥219 that day, down 53.21% so far in 2026.

The original target assumed Metaplanet could keep raising money at its late-2025 pace. That cash was meant to buy more Bitcoin and grow its options-based Bitcoin Income business.

The plan stalled once mNAV stayed below 1x. That ratio compares the company's market value with its Bitcoin. At that level, new shares would dilute the Bitcoin held per share. So Metaplanet held back on share sales. Bitcoin purchases and income business volume both came in below plan.

The ¥52 billion convertible bond issued in October will not fill the gap.

Metaplanet will put those proceeds toward share buybacks first. That leaves limited funds for new Bitcoin or the income business, according to the filing.

Costs also climb in the fourth quarter. Metaplanet will consolidate Metaplanet Securities and book goodwill amortization from that acquisition.

The revised targets look harsher next to results so far this year. Nine-month revenue rose 30.5% to ¥5.9 billion, per Metaplanet's results. Operating profit grew 26.5% to about ¥3.5 billion.

Yet losses on Bitcoin valuation and a third-quarter Bitcoin sale left a ¥27.2 billion net loss.

Début de l'article, extrait de Yahoo Finance. Pour lire la suite, ouvrez l'article chez le média.