Metaplanet lowers its 2026 revenue forecast to 6.5 billion yen.

Metaplanet cut its fiscal 2026 revenue forecast to 65 billion yen from 160 billion yen, a 59.4% reduction, and lowered its operating profit outlook to 30 billion yen from 114 billion yen, a 73.7% decline. The Japanese bitcoin treasury company attributed the downgrade to its mNAV trading persistently below 1x, which led it to prioritize growth in bitcoin held per share over raising capital through new share issuance, leaving its bitcoin purchases and bitcoin income business transaction volumes below initial plans. Metaplanet also said it will direct proceeds from its 52 billion yen convertible bond issued in October toward share buybacks first, limiting funds available for adding to its bitcoin holdings and for its bitcoin income operations. The revision matters because it signals that Metaplanet's accumulation strategy is now constrained by its share price relative to net asset value rather than by access to capital. Watch whether mNAV recovers above 1x, which would reopen equity-funded bitcoin purchases, and how the buyback program affects per-share bitcoin exposure.