Metaplanet Buys Back 96.45 Million Shares in October Under ¥60 Billion Program

Key Facts

Crypto Briefing reported on November 2 that Metaplanet bought back 96.45 million of its shares in October at a total cost of ¥25.27 billion, as part of a stated effort to increase the amount of bitcoin backing each remaining share. The report had said October purchases totaled 22.46 million shares for $37.8 million, but a subsequent disclosure raised the total to the higher figure in yen. In its official disclosure, the company said its policy was to buy back shares flexibly to improve capital efficiency and bitcoin holdings per share. The company linked its purchase decisions to its financial position and share price. These figures place the completed purchases within a broader program, while leaving open the financial question of how they are funded and what effect they have on the capital structure.

Metaplanet approved a program on October 13 allowing it to buy shares worth up to ¥60 billion, with a maximum of 200 million shares. The execution window runs from October 14, 2026, to October 13, 2027, with purchases to be made on the Tokyo Stock Exchange. The company began executing the plan with a block trade on October 14 involving 73.98 million shares at ¥261 per share, for a total value of about ¥19.31 billion. By November 2, October purchases totaled 96.45 million shares, leaving the execution below the program's announced maximum. The framework allows the company to continue buying shares through October 2027, according to the official disclosure.

Metaplanet said the October 14 transaction was executed outside trading hours and linked the share purchase to easing supply-and-demand pressure related to the issuance of convertible bonds due in 2031. Its supplementary materials said bond proceeds would be used to repay about ¥23.6 billion in borrowings, with up to about ¥28.3 billion allocated to share buybacks. Any unused proceeds could be directed to additional market purchases or repayment of borrowings. The company says the unsecured, interest-free bonds will replace part of its bitcoin-backed borrowings, with the aim of improving its debt structure and financial flexibility. It described the financing as providing long-term funding with no interest payments for 5 years, limiting interest-related cash outflows.

But the financing mix also includes ¥52 billion in zero-coupon convertible bonds due on October 29, 2031, with a conversion price set at ¥339 per share. This means the buyback reduces the number of shares outstanding in the near term, while the bond terms allow conversion into shares at the specified conversion price. In its report published on November 2, Crypto Briefing said bitcoin-backed borrowings amounted to about 17.7% of the company's net bitcoin asset value, compared with an internal target of 10%. The comparison provides a direct measure of borrowings against the company's stated target, as it uses bitcoin within its financing structure. Metaplanet held 44,000 bitcoin on September 30, 2026, making the value of its collateral and the size of its debt part of the context for the buyback program.

EL7 data showed bitcoin closed at $77,994.61 on November 2, after $78,354 on November 1. The closing price also fell from $80,150.56 on October 26 to $77,994.61 on November 2, during a period in which the company was executing a program whose stated aim is to increase bitcoin per share. In the stock market, Metaplanet shares closed at ¥250 in Tokyo on November 2, up 2.46% after falling 7.58% in the October 30 session. These daily moves show the market context around the disclosures, without EL7's data or the share prices attributing the change solely to the buyback. On November 2, the company listed a notice on the status of its share buybacks and another on the full early redemption of its 20th-series ordinary bonds and a change in the use of their issuance proceeds.

In a separate disclosure on major shareholders, Capital Research and Management Company's voting rights rose from 9.32% on September 8 to 11.11% on October 16, making it the company's largest shareholder, according to the disclosure. Relevant dates include the convertible bonds' maturity on October 29, 2031, while the company listed a notice on November 2 for the full early redemption of its 20th-series ordinary bonds. Notices published that day also included a statement on the status of share buybacks. The buyback program remains in effect through October 13, 2027, subject to the announced caps on value and share count. Its effect on bitcoin holdings per share, as stated by the company, depends on the execution of purchases, their funding source and developments in its convertible and bitcoin-backed liabilities.