Metaplanet Completes $37.8 Million Share Buyback to Increase Bitcoin Backing
Metaplanet has executed a buyback of 22.46 million shares for approximately $37.8 million, aiming to increase the Bitcoin backing for each remaining share. This buyback is part of a larger repurchase program approved on October 13, 2026, which allows the company to buy back up to ¥60 billion (around $380 million) worth of stock by October 2027.
The recent share repurchase follows a significant initial buyback where Metaplanet acquired 73.98 million shares at ¥261 each, totaling about ¥19.31 billion. By November 2, 2026, the company reported acquiring a total of 96.45 million shares in October, costing ¥25.27 billion.
To fund these buybacks, Metaplanet issued ¥52 billion in zero-coupon Euro-yen convertible bonds, which mature on October 29, 2031. These bonds do not pay regular interest but can be converted into stock at a set price of ¥339 per share, reflecting a premium over the stock's price at the time of approval.
As of September 30, 2026, Metaplanet held 44,000 BTC, with a total cost basis of approximately $4.33 billion. The company’s Bitcoin-collateralized borrowings represented about 17.7% of its net asset value, exceeding its internal guideline of 10%. This leverage level indicates a need for careful monitoring as the company aims to reduce its debt levels.
For shareholders, the buyback strategy effectively concentrates ownership, with Capital Research and Management increasing its voting stake to 11.11% due to the reduced share base. Investors will be watching the share count, debt-to-NAV ratio, and ownership concentration closely as Metaplanet continues to navigate its buyback program and Bitcoin strategy.
Updated 13:32 UTC
New Developments in Bitcoin Treasury Rankings
- Strive has increased its Bitcoin holdings to 43,124 BTC, significantly up from 7,500 BTC at the end of 2025.
- Strive's recent purchases include a record acquisition of 6,182 BTC for approximately $511 million in a single week.
- Metaplanet currently holds around 44,000 BTC as of early-to-mid October 2026, with an average cost basis between $88,551 and $98,454 per BTC.
- Strive aims to become the second-largest public Bitcoin treasury, currently trailing only Strategy, which holds roughly 848,000 BTC.
- Strive has raised about $630 million from its SATS preferred shares to finance its Bitcoin acquisitions.
- Metaplanet has paused Bitcoin accumulation to focus on share buybacks and debt repayment, contrasting with Strive's aggressive buying strategy.
- As of late October, Strive ranks fourth among public companies by Bitcoin held, with a gap of less than 1,000 BTC to Metaplanet.
FAQ
What is the purpose of Metaplanet's recent share buyback?
The recent share buyback aims to increase the Bitcoin backing for each remaining share, thereby enhancing shareholder value.
How much did Metaplanet spend on the recent share buyback?
Metaplanet executed a buyback of 22.46 million shares for approximately $37.8 million.
What is the total amount allocated for Metaplanet's buyback program?
The buyback program allows Metaplanet to repurchase up to ¥60 billion (around $380 million) worth of stock by October 2027.
How is Metaplanet funding its share buybacks?
Metaplanet is funding its buybacks by issuing ¥52 billion in zero-coupon Euro-yen convertible bonds, which can be converted into stock at a set price.
What impact does the buyback have on shareholder ownership?
The buyback strategy concentrates ownership among remaining shareholders, with Capital Research and Management increasing its voting stake to 11.11% due to the reduced share base.
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