Metaplanet buys back 96.45M shares for ¥25.27B as stock rises 2.46%
Metaplanet has repurchased 96.45 million shares worth ¥25.27 billion ($160 million) as the Japanese Bitcoin treasury company adjusts its capital allocation strategy amid pressure on its stock valuation.
- Metaplanet repurchased 96.45 million shares for ¥25.27 billion between October 14 and 31, representing about 7.1% of its issued shares.
- The company has used approximately 42.1% of its ¥60 billion share buyback authorization.
- Metaplanet stock closed at ¥250 on November 2, gaining 2.46% during the trading session.
- CEO Simon Gerovich said future capital allocation would consider Bitcoin holdings per share, stock prices and mNAV.
- Metaplanet held 44,000 BTC as of September 30 and continues to prioritize its Bitcoin treasury strategy.
According to its November 2 filing, Metaplanet acquired 96,447,400 common shares between October 14 and October 31. The purchases represented roughly 7.1% of its previously outstanding shares and were completed through Tokyo Stock Exchange transactions.
Meanwhile, Metaplanet shares closed at ¥250 on November 2, gaining 2.46%, according to Google Finance.
The company is buying its own stock while continuing to prioritize Bitcoin holdings per share, a measure central to its treasury strategy.
Metaplanet completes ¥25.27 billion share buyback
The purchases followed an October 13 board resolution authorizing Metaplanet to repurchase up to 200 million shares for a maximum ¥60 billion.
The program runs through October 13, 2027, giving management flexibility to make further purchases depending on market conditions.
Metaplanet has already used approximately 42.1% of its authorized spending limit. The company can still spend roughly ¥34.73 billion under the existing approval.
Based on the reported transaction value, the average price paid was approximately ¥262 per share.
The purchases included ordinary market transactions and off-auction repurchases conducted through the Tokyo Stock Exchange’s ToSTNeT-3 system.
Metaplanet reported 1,267,808,197 outstanding common shares, excluding treasury stock, as of October 31.
Its treasury stock holdings reached 96,474,427 shares after completing the transactions.
Chief Executive Simon Gerovich confirmed the purchases and said management would continue prioritizing Bitcoin holdings per share when deciding how to allocate capital.
From October 14 to 31, we bought back 96,447,400 shares, about 7.1% of our total issued shares, for ¥25.27 billion.
— Simon Gerovich (@gerovich) November 2, 2026
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
The executive identified the company’s share price, market net asset value ratio and prevailing market conditions as factors guiding future decisions.
Metaplanet shares gain 2.46% as mNAV remains in focus
Metaplanet’s stock finished Monday’s Tokyo trading session at ¥250, up ¥6 from its previous close of ¥244.
Google Finance recorded an intraday high of ¥255 and a low of ¥238, with approximately 16.53 million shares traded.
The latest closing price remained below the ¥261 level used in the company’s large October 14 off-auction repurchase.
Earlier, crypto.news reported that Metaplanet acquired 73,981,400 shares on October 14 for ¥19.31 billion.
The November 2 filing shows that purchases completed through October 31 brought the cumulative total to ¥25.27 billion.
Metaplanet’s management has repeatedly referred to market net asset value, or mNAV, when explaining its share repurchase policy.
The metric compares the company’s valuation with the net value of its Bitcoin holdings, taking account of its financial structure.
When a Bitcoin treasury company’s shares trade below the value of its underlying assets, buying back stock can improve the amount of Bitcoin attributable to each remaining share.
Metaplanet previously considered repurchasing common shares when its mNAV fell to 0.92 in June.
The latest purchases are consistent with that policy, although the November 2 filing does not establish a precise mNAV ratio for the repurchase period.
Metaplanet adjusts financing to support its Bitcoin strategy
Alongside the share purchases, Metaplanet has been reorganizing its financing arrangements to reduce reliance on Bitcoin-backed borrowing.
On October 13, the company announced plans to issue ¥52 billion in zero-coupon convertible bonds maturing in October 2031.
The financing plan allocated approximately ¥23.6 billion toward repaying existing borrowing and up to ¥28.3 billion toward share repurchases.
Metaplanet described the arrangement as a way to manage debt while continuing its Bitcoin-focused capital allocation strategy.
Its financing plans permit investors to convert the bonds into common shares under specified conditions, potentially expanding the share count in future years.
The company set the initial conversion price at ¥339 per share, above its November 2 closing price.
Buying back existing shares reduces the current share base, while future bond conversions could offset part of that reduction.
Metaplanet’s capital allocation policy calls for keeping approximately 85% to 90% of its assets in Bitcoin.
As previously disclosed in its borrowing policy, the company held 44,000 BTC at the end of September.
Its Bitcoin-backed borrowing had reached approximately 17.7% of Bitcoin net asset value, above the company’s preferred 10% guideline.
The company intends to rely primarily on permanent equity for future Bitcoin purchases, while using other financing instruments within its established borrowing limits.
Metaplanet’s November 2 share repurchase filing did not announce an additional Bitcoin acquisition.