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

The Tokyo-listed company's shares closed ¥10 below Thursday's finish at ¥229, trading between ¥217 and ¥225 during Friday's session. The decline left Metaplanet 12% below its November 2 closing price of ¥250 and nearly 66% below its 52-week high of ¥639, with trading volume reaching approximately 14.74 million shares.

The stock price drop comes despite Metaplanet's aggressive share repurchase program, which reportedly reached 108.7 million shares for ¥28.27 billion ahead of its removal from an MSCI index. The company has used 54.4% of its share allowance under the October 13 authorization that allows repurchases of up to 200 million shares through October 2027.

Buyback prices exceed current trading

The ¥219 closing price is below what Metaplanet paid for shares in its recent repurchase program. For November 1-12, the company acquired 12,256,200 shares for ¥2,999,916,700, an average of roughly ¥244.77 per share. This 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 company can still purchase another 91,296,400 shares with the ¥31.73 billion remaining under its spending ceiling.

Revenue forecast slashed

In a separate Q3 earnings presentation, Metaplanet reduced its full-year revenue forecast from ¥16 billion to ¥6.5 billion. It also 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 same period last year. Operating profit rose 26.5% to ¥3.48 billion, though 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 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, attributed to Bitcoin's price movement. The company held 44,000 BTC as of September 30, up from 43,000 at the end of June.

MSCI removal and convertible bonds

MSCI has listed Metaplanet for deletion from the MSCI Japan Small Cap Index in its November 11 review, effective after trading closes on November 30, 2026. The company was the only Japanese small-cap constituent listed for removal, alongside 14 additions to that country group.

Index-tracking funds may need to rebalance their Metaplanet holdings to match the updated benchmark, though the MSCI notice doesn't quantify potential share sales. Meanwhile, Metaplanet's October financing plan provides for ¥52 billion in zero-coupon convertible bonds maturing in 2031, with up to ¥28.3 billion designated for share repurchases.

The bonds carry an initial conversion price of ¥339 per share, with holders becoming eligible to convert on November 12. This creates a potential scenario where conversions could increase outstanding shares even as Metaplanet continues repurchasing common stock.