Metaplanet, a Tokyo Stock Exchange‑listed firm that holds Bitcoin as a primary treasury asset, completed a share buyback and an early bond redemption in October.
Share buyback details
Between October 14 and October 31 the company repurchased 96,447,400 shares at a total cost of ¥25.269 billion (approximately $160 million). The buyback was carried out under a board‑approved program authorized on October 13, which permits the purchase of up to 200 million shares or ¥60 billion (about $380 million) by October 2027. This first tranche used about 42 % of the authorized amount.
After the repurchase, Metaplanet’s shares outstanding, excluding treasury shares, stood at roughly 1.2678 billion. The reduction in share count increased Capital Research and Management’s voting stake to 11.11 %.
Early bond redemption and Bitcoin allocation
Metaplanet also redeemed ¥8 billion (around $51 million) of its 20th Series Ordinary Bonds ahead of schedule. The freed capital was redirected to the company’s Bitcoin purchase budget, raising the allocation to ¥33.422 billion (approximately $212 million).
As of September 30, the firm held about 44,000 BTC with an average acquisition price of roughly $98,454 per coin.
Leverage considerations
Collateralized borrowing against Bitcoin now represents 17.7 % of net asset value, exceeding the company’s internal guideline of 10 %.
Implications for shareholders
The share buyback reduces the denominator in the Bitcoin‑per‑share metric, effectively increasing each remaining share’s claim on the company’s Bitcoin holdings. Monitoring the leverage ratio and the remaining capacity in the buyback program will be important for investors.
