The stock price of Bitcoin Treasury Company Metaplanet fell by more than 4% on November 13 to 219 yen. Meanwhile, it is reported that this Japanese Bitcoin treasury company has completed a total of 108.7 million shares of stock repurchases, which were completed before it was removed from the MSCI index.

• On November 13th, the stock price of Metaplanet fell by more than 4% to 219 yen, below its average repurchase price.
• It is reported that the company has repurchased 108.7 million shares, costing 28.27 billion yen, which represents 54.4% of its repurchase quota.
• This Bitcoin treasury company has lowered its revenue forecast for 2026 from 16 billion yen to 6.5 billion yen.
• MSCI Confirms the removal of Metaplanet from its Japanese small-cap stock index, effective from November 30, 2026.

Data from Google Finance shows that the stock price of this Tokyo-listed company closed at 219 yen, which is 10 yen lower than the closing price of 229 yen on Thursday. During the trading day, the stock price fluctuated between 217 yen and 225 yen.

At the same time, this decline has caused the stock price of Metaplanet to be 12% lower than its closing price of 250 yen on November 2nd, and nearly 66% lower than its 52-week high of 639 yen. The trading volume was approximately 14.74 million shares.

Metaplanet Stock price below repurchase price

The closing price of 219 yen was lower than the price at which Metaplanet purchased shares under its recent repurchase plan. Data released from November 1st to 12th shows that the company repurchased 1,225,620 shares for 2.999167 billion yen, with an average price of approximately 244.77 yen per share.

This means that the closing price on Friday was approximately 10.5% lower than the average repurchase price in November mentioned above. Based on the entire repurchase plan, the company has spent 28.27 billion yen to repurchase 1,087,036,000 shares, at an average of about 260.06 yen per share, which is about 15.8% higher than the latest stock price.

This decline occurred following a previous period of stronger trend. As crypto.news reported earlier, on November 2nd, the stock price rose by 2.46% to 250 yen, at which time the company disclosed that it had repurchased a total of 96.45 million shares as of October 31st. The latest closing price is 31 yen lower than that level.

In addition, according to the authorization on October 13th, Metaplanet is allowed to repurchase up to 200 million ordinary shares before October 13, 2027, for a maximum amount of 60 billion yen. The 108.7 million shares that have been repurchased so far account for 54.4% of the maximum repurchase limit, and the 28.27 billion yen already spent correspond to 47.1% of the budget.

The disclosed November data indicates that the company is still able to repurchase an additional 91,296,400 shares, provided that its remaining budget of 31.73 billion yen permits it. The authorization from Metaplanet allows for repurchases until October 2027, but it does not require management to use up the entire quota.

A document submitted by the company on November 2 confirmed that as of October, 96,447,400 shares had been repurchased, costing 25.27 billion yen. This includes a large-scale over-the-counter transaction conducted through the Tokyo Stock Exchange's ToSTNeT-3 system on October 14, where 73,981,400 shares were purchased at a price of 261 yen per share.

On November 2nd, CEO Simon Gerovich stated that Metaplanet will continue to "allocate capital in a disciplined manner, focusing on maximizing the value per Bitcoin," while also taking into account stock price, mNAV, and market conditions. The mNAV indicator is used to compare the company's market valuation with the value of its underlying Bitcoin holdings and other related assets.

Metaplanet Reduces Revenue and Operating Profit Forecasts for 2026

In the third-quarter earnings report released on Thursday, Metaplanet lowered its annual revenue forecast from 16 billion yen to 6.5 billion yen. The company also reduced its operating profit forecast from 11.4 billion yen to 3 billion yen, representing declines of approximately 59% and 74%, respectively.

In the first nine months of 2026, the company's revenue amounted to 5.9 billion yen, a 30.5% increase compared to the same period last year. Operating profit grew by 26.5% to 3.48 billion yen. However, the company recorded a loss of 27.16 billion yen attributable to the owners of the parent company, whereas in the same period last year there was a profit of 13.53 billion yen.

The same performance report shows that, calculated based on the market prices on November 12th, the value of Metaplanet's Bitcoin holdings was 501.5 billion yen, which is a decrease of 77.1 billion yen from the reference value of 578.6 billion yen on September 30th. The company attributes this change to the fluctuations in Bitcoin prices during that period.

The performance statement indicates that the difference between the operating results and net profit is due to the valuation of Bitcoin, as well as gains or losses from sales. As of September 30th, Metaplanet held 44,000 Bitcoins, which is an increase from 43,000 at the end of June. This holding includes an additional 11,000 Bitcoins acquired in the third quarter, after the company had previously sold 10,000 Bitcoins.

Reduction in convertible bonds or partial offset of repurchases

The financing plan announced in October by Metaplanet includes a zero-coupon convertible bond with a maturity of 2031 and a scale of 52 billion yen. Management has designated up to 28.3 billion yen of this amount for share repurchases, and approximately 23.6 billion yen for repaying loans secured by Bitcoin.

The initial conversion price of this bond is 339 yen per share. According to the terms, holders can convert from November 12th onwards, which means that future conversions may increase the number of outstanding shares, even if Metaplanet continues to repurchase common stocks.

MSCI Confirmed to be removed on November 30th Metaplanet

On November 11th, during the review, MSCI included Metaplanet in the exclusion list for the MSCI Japanese small-cap stock index. This company is the only one among the Japanese small-cap constituents to be excluded; in addition, 14 other companies were also added to that group.

This decision stems from MSCI's revision of the qualification rules for companies classified as non-operating businesses. Funds that track these indices may need to adjust their holdings of Metaplanet to align with the updated benchmark, however, MSCI's notification does not quantify the potential scale of stock sales that may result from this.

MSCI indicates that the changes to the constituent stocks will take effect after the close of trading on November 30, 2026. In the event of any company actions or other related adjustments prior to implementation, MSCI reserves the right to update the review results.