Metaplanet has repurchased 22.46 million shares for $37.8 million. The company aims to increase the amount of Bitcoin backing each remaining share through this initiative.
The buyback is part of a larger program approved on October 13, 2026, which authorizes the firm to acquire up to 200 million shares or a total value of ¥60 billion. By November 2, 2026, the company had already acquired 96.45 million shares for ¥25.27 billion.
The company issued ¥52 billion in zero-coupon convertible bonds maturing on October 29, 2031. These bonds allow holders to convert debt into equity at a price of ¥339 per share, representing a 29.89% premium over the closing price at the time of approval.
Proceeds from the bond issuance are allocated to repaying Bitcoin-collateralized loans and funding further share repurchases. As of September 30, 2026, Metaplanet held 44,000 BTC with an average cost basis of approximately $98,454 per coin.
The firm is currently addressing its leverage, as Bitcoin-collateralized borrowings reached 17.7% of its Bitcoin net asset value, exceeding its internal 10% target. Following the buybacks, Capital Research and Management increased its voting stake to 11.11%.
