Metaplanet has repurchased 22.46 million of its own shares for $37.8 million to raise the Bitcoin backing each remaining share. The company is funding the buybacks and partial loan repayment with convertible bonds, while its Bitcoin-backed borrowing sits above its internal guideline.
Metaplanet repurchased 22.46 million of its own shares for $37.8 million. The stated goal is to raise the amount of Bitcoin backing each remaining share.
Buyback program runs through October 2027
The purchase sits inside a repurchase program approved on October 13, 2026. It lets Metaplanet buy back up to ¥60 billion (approximately $380 million) worth of stock, or up to 200 million shares, through October 2027.
The program opened with a block trade on October 14, when Metaplanet bought 73.98 million shares at ¥261 each. Then the firm shifted to a mix of block trades and open-market purchases. By November 2, 2026, it reported 96.45 million shares acquired in October at a total cost of ¥25.27 billion.
Capital Research and Management raised its voting stake to 11.11% following the buyback, a move influenced by the reduced voting base.
Convertible bonds fund the buybacks
The company priced ¥52 billion in zero-coupon Euro-yen convertible bonds that mature on October 29, 2031. Holders can swap them for stock at ¥339 per share, a 29.89% premium to the stock's closing price on the day of approval.
Metaplanet has earmarked the proceeds for two jobs: partially repaying Bitcoin-collateralized loans and financing the buybacks.
Borrowing exceeds the internal guideline
As of September 30, 2026, Metaplanet held 44,000 BTC at a collective cost basis of approximately $4.33 billion, or an average of approximately $98,454 per coin.
Using leverage is the part worth watching. Bitcoin-collateralized borrowings represented about 17.7% of the company's Bitcoin NAV, above its internal guideline of 10%.
The bonds also cut the other way. If the stock rallies past ¥339, bondholders may convert and new shares will enter circulation, partly offsetting the shrinkage from buybacks.
Source: Crypto Briefing
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