Metaplanet Inc. (TSE: 3350), the Tokyo-listed bitcoin treasury company, has repurchased 96,447,400 of its own shares in just over two weeks, spending approximately ¥25.27 billion, or roughly $160 million. The company disclosed the figures in a filing dated November 2.

Metaplanet is listed on the Tokyo Stock Exchange under the ticker 3350 and has made bitcoin accumulation the centerpiece of its treasury strategy, repeatedly tying capital-management decisions to the amount of bitcoin held relative to its share count. Bitcoin per share has become a standard yardstick among public bitcoin treasury companies, used to gauge how much of the asset stands behind each equity unit as capital is raised, invested, or returned to shareholders.

The repurchases were carried out between October 14 and October 31 on the Tokyo Stock Exchange, with a portion of the volume executed through the exchange's off-auction ToSTNeT-3 system, its mechanism for settling large block trades outside regular auction sessions. The total acquired equals about 7.1% of Metaplanet's issued shares. The disclosures did not include an average price paid per share.

Chief Executive Officer Simon Gerovich confirmed the repurchase in a post on X on November 2:

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.

— Simon Gerovich (@gerovich) November 2, 2026 · View the original post on X

Measured against the program's limits, the purchases represent approximately 48.2% of the 200 million-share ceiling and about 42.1% of the accompanying ¥60 billion budget, which equates to roughly $380 million. mNAV, the multiple of a company's net asset value, is a widely cited valuation benchmark in the bitcoin treasury sector, comparing market capitalization to the value of the assets a company holds.

How the Buyback Was Executed

Bitcoin analyst Dylan LeClair posted a breakdown on X stating that approximately 73.98 million shares were acquired in a single ToSTNeT-3 transaction on October 14, while another 22.47 million shares were purchased on the open market through October 31. Together, the two figures reconcile with the company's filing. LeClair's post did not show the average price paid for either portion, and Gerovich did not specify how much the buyback increased the company's bitcoin per share.

Reducing the number of shares in circulation can lift bitcoin per share without requiring a new bitcoin purchase, since the same holdings are spread across fewer equity units.

The board approved the program on October 13, with a window running 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 cautioned that some or all of the orders might not be executed. As things stand, roughly ¥34.7 billion of the budget and about 103.6 million shares of the ceiling remain available, leaving capacity for additional repurchases under the program before the window closes.

Treasury Shares and Bitcoin Funding

Beyond the buyback itself, the November 2 filing also detailed Metaplanet's treasury share position and recent capital actions. As of October 31, the company held 96,474,427 treasury shares, and the filing separately listed 1,267,808,197 issued common shares, excluding treasury shares. The 96,447,400 repurchase figure covers only shares bought under the October 13 board resolution.

In a related move, Metaplanet redeemed ¥8 billion in bonds — about $50.7 million — ahead of maturity, paying with cash on hand. After changes in resource allocation, approximately ¥33.422 billion, or roughly $211.7 million, is now available for bitcoin purchases.

On October 13, the company also announced plans to issue ¥52 billion in zero-coupon Euro-Yen convertible bonds, saying the aim was to reduce bitcoin-collateralized leverage and support bitcoin per share under its Project Nova strategy. Like any convertible debt, the notes would increase shares outstanding if exchanged into equity, a mechanic that directly affects the per-share bitcoin figure. The latest filing does not connect the current buyback to that bond offering. An earlier repurchase of approximately $122 million was reported on October 15 and covers a different reporting period.

For context, Metaplanet was reported on October 5 to hold 44,000 BTC, ranking it as the second-largest public corporate bitcoin holder at the time. In September, asset manager VanEck ranked Metaplanet lowest among the 10 largest bitcoin treasury companies on executive pay, pointing to the company's original ¥10 executive option structure.

Source: CoinCentral