Metaplanet repurchased 96,447,400 of its own shares for about $160 million (¥25.27 billion) between Oct. 14 and Oct. 31, completing roughly half of its authorized buyback in just over two weeks as the bitcoin treasury company shifts capital toward reducing its share count.
The Tokyo-listed firm carried out the purchases on the Tokyo Stock Exchange. The repurchased stock represents about 7.1% of its issued shares and about 48% of the maximum 200 million shares authorized under the current program, which permits up to $380 million (¥60 billion) of purchases through Oct. 13, 2027.
A capital-allocation lever beyond buying bitcoin
The buyback illustrates that a bitcoin treasury strategy does not always mean acquiring more bitcoin. When a treasury company trades below what management considers an attractive valuation, repurchasing shares can reduce the denominator used to calculate bitcoin per share without requiring another bitcoin purchase — giving Metaplanet another lever beyond issuing securities and accumulating crypto.
CEO Simon Gerovich said the firm will continue allocating capital “with discipline, taking into account share price, mNAV, and market conditions.” The objective, he said, remains “maximizing bitcoin per share.”
Nearly half the authorization already used
The pace of execution stands out: Metaplanet bought nearly 96.45 million of the 200 million shares authorized for repurchase in less than three weeks, deploying about 42% of the program's maximum spending allowance.
As of Oct. 31, the company reported 1.268 billion issued common shares excluding treasury stock and approximately 96.47 million treasury shares. The rapid buyback suggests the authorization is being treated as an active capital-management tool rather than a standby program.
Another $212 million available for bitcoin
Metaplanet is also keeping its bitcoin acquisition capacity intact. The company separately redeemed $50.7 million (¥8 billion) of bonds ahead of schedule using cash. Following changes to its funding allocation, about $211.7 million (¥33.422 billion) is now available for bitcoin purchases.
That creates a two-sided strategy: Metaplanet can buy bitcoin when bitcoin offers the better opportunity, or buy its own shares when the equity trades at an attractive valuation. For shareholders, the metric tying both decisions together is increasingly clear — not simply how much bitcoin Metaplanet owns, but how much bitcoin each share ultimately represents.
