Metaplanet Executes ¥25 Billion Buyback as Bitcoin Treasury Strategy Shifts

The buyback program, authorized by the board on October 13, allows for the repurchase of up to 200 million shares with a total budget of ¥60 billion. With 42.1% of this limit utilized, management retains the flexibility to continue market interventions through October 2027. Following the latest transactions, Metaplanet’s shares closed at ¥250 on November 2, reflecting a 2.46% gain as investors responded to the company’s efforts to align its stock valuation with its underlying asset base.

CEO Simon Gerovich emphasized that future capital decisions will remain tethered to the company's Bitcoin holdings per share, alongside monitoring its market net asset value (mNAV). This approach aims to counter situations where the company’s valuation lags behind its Bitcoin treasury, which stood at 44,000 BTC as of late September. To support these operations, Metaplanet is simultaneously restructuring its debt, including the issuance of ¥52 billion in zero-coupon convertible bonds intended to reduce reliance on Bitcoin-backed borrowing and prioritize permanent equity for treasury growth.