Metaplanet Buys Back 96.45M Shares as Bitcoin-Backed Debt Remains Above Target
Metaplanet repurchased 96.45 million of its own shares for about ¥25.27 billion between October 14 and October 31, according to its November 2 filing. The company says the buybacks aim to raise Bitcoin held per share, while its Bitcoin-collateralized borrowing still sits above its internal guideline.
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The Buyback Program So Far
Metaplanet bought back 96,447,400 common shares between October 14 and October 31, 2026, at a total cost of ¥25.27 billion (about $160 million), according to its November 2 filing. Purchases represented roughly 7.1% of previously outstanding shares and were completed on the Tokyo Stock Exchange, including off-auction trades through the ToSTNeT-3 system. Crypto Briefing put the cumulative figure at 22.46 million shares for $37.8 million, a discrepancy that reflects a different reporting window and does not change the direction of the program; the two outlets are describing different slices of the same repurchase activity.
The buybacks sit under an October 13 board resolution authorizing repurchases of up to 200 million shares for a maximum ¥60 billion (about $380 million), running through October 13, 2027. By the November 2 filing, roughly 42.1% of that spending limit had been used, leaving about ¥34.73 billion available. The program opened with a large block trade on October 14, when Metaplanet bought 73,981,400 shares at ¥261 each for ¥19.31 billion.
Stock Price and Ownership Effects
Metaplanet shares closed at ¥250 on November 2, up 2.46% on the day, according to Google Finance. That closing price remained below the ¥261 level paid in the October 14 block trade. Crypto.news calculated the average price paid across the reported transactions at about ¥262 per share.
The reduced share count has also changed the company's shareholder base. Capital Research and Management raised its voting stake to 11.11% following the buybacks, a move the outlet attributed in part to the smaller voting base. Crypto Briefing flagged the same dynamic as a governance consideration: as the base shrinks, large holders gain relative weight.
Debt Position and Convertible Bonds
As of September 30, 2026, Metaplanet held 44,000 BTC with a collective cost basis of about $4.33 billion, or roughly $98,454 per coin. Bitcoin-collateralized borrowings equaled about 17.7% of the company's Bitcoin net asset value, above its internal guideline of 10%.
To address that gap, Metaplanet priced ¥52 billion in zero-coupon Euro-yen convertible bonds maturing October 29, 2031, with a conversion price of ¥339 per share, a 29.89% premium to the closing price on the approval day. Crypto.news reported the plan allocates about ¥23.6 billion to repaying existing borrowing and up to ¥28.3 billion to share repurchases. Crypto Briefing describes the proceeds as earmarked for loan repayment and buybacks, consistent with that split. If the stock rises above ¥339, conversion would add new shares and partly offset the buyback shrinkage; below that level, the principal is repayable in 2031.
What to Watch
The remaining buyback capacity before October 2027, the debt-to-NAV ratio relative to the 10% target, and ownership concentration as the share base contracts are the three indicators to track. Metaplanet's chief executive, Simon Gerovich, said the company will keep allocating capital with a focus on bitcoin per share, taking into account share price, market NAV ratio (mNAV) and market conditions. The company previously considered repurchases when mNAV fell to 0.92 in June, although the November 2 filing does not establish a precise mNAV for the repurchase period.
Why It Matters
For Traders
With the stock at ¥250 below the ¥261 October 14 block-trade price, remaining buyback capacity may provide support, but the ¥339 convertible threshold caps the near-term dilution picture.
For Investors
Metaplanet's leverage at 17.7% of Bitcoin NAV versus a 10% target makes the debt-reduction plan the key signal to monitor over the coming quarters.
For Builders
Treasury companies that tie capital allocation to Bitcoin-per-share metrics show how buyback and convertible structures can be layered on top of collateralized borrowing.
This article is for information only and is not financial advice. Read the full disclaimer.
