Japan's largest Bitcoin treasury company used its third-quarter results to reset expectations: the board lowered the full-year revenue target from ¥16 billion (about $100M) to ¥6.5 billion (about $41M), and operating profit guidance from ¥11.4 billion to ¥3 billion.

For January to September, Metaplanet booked a net loss of ¥27.2 billion (about $170M), against a ¥13.5 billion profit a year earlier. Revenue still rose 30.5% and operating profit 26.5%, but a ¥8 billion Bitcoin valuation loss and a ¥19.2 billion loss on Bitcoin sold in Q3 pushed the bottom line into the red.

The company sold 10,000 BTC in Q3, then bought back more, ending September with 44,000 BTC.

Metaplanet tied the cut to its mNAV staying below 1.0x, which blocked share issuance at the planned scale and slowed BTC buying. Proceeds from ¥52 billion in October convertible bonds will go to share buybacks first, while the company says its Bitcoin strategy is unchanged.