Metaplanet cuts 2026 revenue forecast by 59.4% to ¥6.5 billion

Key Facts

On November 13, Metaplanet cut its revenue forecast for the fiscal year ending December 31, 2026, to ¥6.5 billion from ¥16 billion, and lowered its operating income forecast to ¥3 billion from ¥11.4 billion, according to a company disclosure. The revisions represent declines of 59.4% in revenue and 73.7% in operating income. The company said its initial forecast assumed that financing conditions and revenue levels prevailing in the fourth quarter of 2025 would continue. Those assumptions did not materialize, however, with the market net asset value to net asset value multiple (mNAV) remaining below 1.0x. The company reprioritized its use of capital to focus on increasing Bitcoin holdings per share, limiting funding for additional purchases and expansion of its Bitcoin Income business.

Metaplanet said that mNAV remaining below 1.0x led it to refrain from raising the planned amount of financing through new share issuance. Instead, it prioritized increasing Bitcoin holdings per share, leaving Bitcoin acquisitions and transaction volume in its Bitcoin Income business below forecast. It also said it would allocate proceeds from ¥52 billion of convertible bonds issued in October 2026 to share buybacks. That allocation limits the funds available to buy additional Bitcoin and finance the Bitcoin Income business. The decision reflects the trade-off the company faces between increasing Bitcoin holdings per share and providing the capital needed to expand its related business.

Results for the nine months ended September 30 show growth in operating activity alongside substantial net losses. Sales totaled ¥5,895 million, up 30.5% year on year, while operating income reached ¥3,476 million, up 26.5%. Over the same period, the ordinary loss was ¥27,572 million and the net loss attributable to owners of the parent was ¥27,157 million. The company attributed the losses mainly to a ¥19,171 million loss on Bitcoin sales and a ¥8,040 million valuation loss. It said the valuation loss was non-cash and did not in itself mean that Bitcoin had been sold.

The company’s Bitcoin holdings increased by a net 8,898 units over the nine months, from 35,102 units at the end of 2025 to 44,000 units on September 30, 2026. Holdings per 1,000 fully diluted shares also rose 22.0%, from 0.0240486 Bitcoin at the end of the previous fiscal year to 0.0293312 at the end of September. The company said Bitcoin Yield was 11.3% in the third quarter and 22.0% over the nine months. In its Bitcoin Income business, sales from the Bitcoin-related business segment totaled ¥5,610 million, compared with ¥4,214 million in the corresponding period of 2025. Third-quarter sales, however, were ¥867 million, below ¥2,983 million in the first quarter and ¥1,759 million in the second quarter.

Segment revenue during the nine months included ¥7,014 million in option premiums from Bitcoin derivatives, alongside a ¥1,420 million valuation loss on derivatives. The company said expansion of Bitcoin Income depends on Bitcoin and cash used as collateral, and that slower-than-expected growth in its holdings constrained business expansion during the period. It also said revenue from this business includes gains and losses from the valuation of option derivatives and other transactions. Results may therefore vary depending on the price of Bitcoin, market volatility and other factors at fiscal year-end. The company said its forecast remains subject to these factors through the close of the year on December 31, 2026.

The company expects to record general and administrative expenses in the fourth quarter as it consolidates the results of Metaplanet Securities, along with goodwill amortization and other acquisition-related expenses. The company acquired Metaplanet Securities on July 13, 2026, for ¥2,100 million, but its financial results were not included in the consolidated income statement for the nine months. The company said its current-year forecast excludes gains or losses from Super League Enterprise, with only its balance sheet expected to be consolidated at year-end. In fiscal 2025, Metaplanet recorded revenue of ¥8,905 million and operating income of ¥6,287 million, putting its revised 2026 revenue forecast below the previous year’s revenue. The company affirmed that its Bitcoin-centered financial strategy had not changed and that it would continue to allocate capital with priority given to increasing Bitcoin holdings per share.