Bitcoin treasury firm Metaplanet stock falls over 4% amid buybacks, MSCI exit

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Metaplanet stock has fallen over 4% to ¥219 on November 13, even as the Japanese Bitcoin treasury company’s cumulative share repurchases reportedly reached 108.7 million shares ahead of its removal from an MSCI index.

Summary

Metaplanet stock fell mor than 4% to ¥219 on November 13, trading below its average share repurchase price.
Metaplanet reportedly bought back 108.7 million shares for ¥28.27 billion, using 54.4% of its share allowance.
The Bitcoin treasury firm cut its 2026 revenue forecast from ¥16 billion to ¥6.5 billion.
MSCI confirmed Metaplanet’s removal from its Japan Small Cap Index, effective November 30, 2026.

Google Finance data show the Tokyo-listed company’s shares closed ¥10 below Thursday’s ¥229 finish, after trading between ¥217 and ¥225 during Friday’s session.

Meanwhile, the decline left Metaplanet 12% below its November 2 closing price of ¥250 and nearly 66% below its 52-week high of ¥639. Trading volume reached approximately 14.74 million shares.

Metaplanet stock price chart, source: crypto.news

Metaplanet stock falls below buyback purchase prices

The ¥219 closing price is below what Metaplanet paid for shares in its recent repurchase program. Figures reported for November 1–12 show the company acquired 12,256,200 shares for ¥2,999,916,700, an average of roughly ¥244.77 per share.

That places Friday’s closing price approximately 10.5% below the average paid for those November purchases. Across the entire program, the reported ¥28.27 billion spent on 108,703,600 shares works out to about ¥260.06 each, roughly 15.8% above the latest stock price.

The decline follows an earlier period of stronger trading. As crypto.news previously reported, the stock rose 2.46% to ¥250 on November 2, when the company disclosed cumulative purchases of 96.45 million shares through October 31. The latest close is ¥31 below that level.

You might also like: Metaplanet buys back 96.45M shares for ¥25.27B as stock rises 2.46%

Moreover, under the October 13 authorization, Metaplanet can repurchase up to 200 million common shares for a maximum ¥60 billion through October 13, 2027. The reported 108.7 million shares acquired would account for 54.4% of its share limit, while the ¥28.27 billion spent represents 47.1% of its budget.

The reported November tally leaves room to purchase another 91,296,400 shares, subject to the ¥31.73 billion remaining under the spending ceiling. Metaplanet’s authorization allows purchases through October 2027 but does not require management to use the full amount.

Its November 2 filing confirmed 96,447,400 shares had been repurchased for ¥25.27 billion through October. That total included a large October 14 off-auction purchase of 73,981,400 shares at ¥261 each using the Tokyo Stock Exchange’s ToSTNeT-3 system.

Chief Executive Simon Gerovich said on November 2 that Metaplanet would continue allocating capital with discipline, “focused on maximizing bitcoin per share” while considering the stock price, mNAV and market conditions. The mNAV measure compares the company’s market valuation with the value of its underlying Bitcoin holdings and other relevant claims.

Metaplanet cuts 2026 revenue and operating profit forecasts

In a separate Thursday Q3 earnings presentation, Metaplanet reduced its full-year revenue forecast from ¥16 billion to ¥6.5 billion. It cut its operating profit outlook from ¥11.4 billion to ¥3 billion, reductions of approximately 59% and 74%, respectively.

For the first nine months of 2026, the company reported ¥5.90 billion in revenue, up 30.5% from the corresponding period last year. Operating profit rose 26.5% to ¥3.48 billion, although the company recorded a ¥27.16 billion loss attributable to owners of the parent, compared with a ¥13.53 billion profit a year before.

The same earnings presentation valued Metaplanet’s Bitcoin holdings at ¥501.5 billion using November 12 market prices, down ¥77.1 billion from its September 30 reference value of ¥578.6 billion. The change was attributed to Bitcoin’s price movement over the period.

The presentation attributed differences between operating results and bottom-line earnings to Bitcoin valuation and sale gains or losses. Metaplanet held 44,000 BTC as of September 30, up from 43,000 at the end of June. Its holdings count includes 11,000 BTC acquired in the third quarter after a separate sale of 10,000 BTC.

Convertible bonds could offset some repurchase reductions

Metaplanet’s financing plan announced in October provides for ¥52 billion in zero-coupon convertible bonds maturing in 2031. Management designated up to ¥28.3 billion of the planned proceeds for share repurchases and approximately ¥23.6 billion toward repaying Bitcoin-backed borrowing.

The bonds carry an initial conversion price of ¥339 per share. Holders became eligible to convert on November 12 under the stated terms, leaving open the possibility that future conversions will increase outstanding shares even as Metaplanet continues repurchasing common stock.

MSCI confirms Metaplanet’s November 30 index removal

MSCI has listed Metaplanet for deletion from the MSCI Japan Small Cap Index in its November 11 review. The company was the only Japanese small-cap constituent listed for removal, alongside 14 additions to that country group.

The decision follows revised MSCI eligibility rules covering companies classified as non-operating businesses. Index-tracking funds may need to rebalance their Metaplanet holdings to match the updated benchmark, although the MSCI notice does not quantify any resulting share sales.

MSCI said the constituent changes will take effect after the close of trading on November 30, 2026. It reserved the right to update the review results for corporate actions or other relevant adjustments before implementation.

Read more: Bitcoin holders are selling to pay the bills. MARA shows why

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