TLDR
- Metaplanet bought back 96,447,400 shares between October 14 and 31 for about $160 million.
- The purchases use about 48% of the 200 million share limit and 42% of the ¥60 billion budget.
- CEO Simon Gerovich says the goal is to maximize bitcoin per share.
- The company also redeemed $50.7 million in bonds early.
- About $211.7 million is now available for bitcoin purchases.
Metaplanet (3350) has repurchased 96,447,400 of its own shares in just over two weeks. The buyback cost about ¥25.27 billion, or roughly $160 million.
No stock price was given in the reports, so the focus here is on the buyback itself. The company disclosed the figures in a November 2 filing.
The shares were bought between October 14 and October 31 on the Tokyo Stock Exchange. Some of the purchases went through the off-auction ToSTNeT-3 system.
From October 14 to 31, we bought back 96,447,400 shares, about 7.1% of our total issued shares, for ¥25.27 billion.
We will continue to allocate capital with discipline, focused on maximizing bitcoin per share and taking into account our share price, mNAV and market conditions. https://t.co/7IrTcV2GYR
— Simon Gerovich (@gerovich) November 2, 2026
That total is about 7.1% of the company’s issued shares. It also equals about 48.2% of the 200 million shares the program allows.
In money terms, Metaplanet has used about 42.1% of its ¥60 billion budget. That budget is worth about $380 million.
How the Buyback Was Done
Bitcoin analyst Dylan LeClair posted a breakdown on X. He said about 73.98 million shares came from one ToSTNeT-3 deal on October 14.
Another 22.47 million shares were bought on the open market through October 31. Together, these match the company’s filing.
LeClair’s post does not show the average price paid for each part. Gerovich also did not say how much the buyback changed bitcoin per share.
Gerovich confirmed the numbers in his own post on X. He said the company will keep allocating capital “with discipline, taking into account the share price, mNAV, and market conditions.”
He added that the goal remains “to maximize the value of bitcoin per share.” Fewer shares in circulation can lift that metric without a new bitcoin purchase.
The board approved the program on October 13. It runs from October 14, 2026, through October 13, 2027.
The authorization covers up to 200 million shares, or about 14.7% of issued shares as of September 30. The company warned that some or all of the orders might not be executed.
Treasury Shares and Bitcoin Funds
As of October 31, Metaplanet held 96,474,427 treasury shares. It also listed 1,267,808,197 issued common shares, excluding treasury shares.
The two share figures are reported separately in the filing. The 96,447,400 figure covers only shares bought under the October 13 resolution.
Metaplanet also redeemed ¥8 billion in bonds, or $50.7 million, ahead of maturity. It paid with cash on hand.
After changes in resource allocation, about ¥33.422 billion is now available for bitcoin. That is roughly $211.7 million.
On October 13, the company announced plans to issue ¥52 billion in zero-coupon Euro-Yen convertible bonds. It said the aim was to reduce bitcoin-collateralized leverage and support bitcoin per share under its Project Nova strategy.
The latest filing does not link the current buyback to that bond money. An earlier buyback of about $122 million was reported on October 15 and covers a different period.
On October 5, the company was reported to hold 44,000 BTC. It was the second-largest public corporate bitcoin holder at the time.
In September, VanEck ranked Metaplanet lowest among the 10 largest bitcoin treasury companies on executive pay. The report pointed to the company’s original ¥10 executive option structure.
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