Metaplanet Inc. (TSE: 3350), the Bitcoin treasury company listed on the Tokyo Stock Exchange, has repurchased 96,447,400 of its own shares for ¥25.269 billion — approximately $160 million — while redeeming a portion of its bonds ahead of schedule and steering the freed-up capital back into its Bitcoin purchase budget. Taken together, the moves raise the total allocation earmarked for Bitcoin acquisitions to ¥33.422 billion, or roughly $212 million.

The buyback, by the numbers

The repurchase was executed between October 14 and October 31 under a program the company's board approved on October 13. That authorization permits Metaplanet to buy back up to 200 million shares, or up to ¥60 billion (roughly $380 million) worth of stock, with a deadline of October 2027.

The first tranche consumed approximately 42% of the ¥60 billion ceiling, meaning the company worked through a substantial portion of a multi-month budget in under three weeks. On these figures, roughly 58% of the authorized amount remains unused ahead of the October 2027 deadline. On the disclosed totals, the tranche implies an average repurchase price of roughly ¥262 per share and consumes about 48% of the 200-million-share authorization.

Following the repurchase, Metaplanet's shares outstanding, excluding treasury shares, stand at approximately 1.2678 billion. The smaller share base has also had a knock-on effect on the ownership structure: Capital Research and Management saw its voting stake rise to 11.11%, largely because the denominator against which its holdings are measured shrank around it.

Early bond redemption feeds the Bitcoin budget

The second component of the move involved debt. Metaplanet redeemed ¥8 billion — around $51 million — of its 20th Series Ordinary Bonds ahead of schedule. Rather than leave that capital idle, the company redirected it into its Bitcoin purchase budget, bringing the amount set aside for coin purchases to ¥33.422 billion, or approximately $212 million.

Holdings and leverage

As of September 30, Metaplanet held 44,000 BTC. The company's average purchase price on those coins was approximately $98,454 per BTC, which puts the cost basis of the position at roughly $4.33 billion.

There is a wrinkle in the leverage picture. Metaplanet's collateralized borrowing against its Bitcoin reached 17.7% of net asset value, above the company's own internal guideline of 10% — a level that exceeds the threshold the firm set for itself.

How Metaplanet got here

Metaplanet has built its corporate strategy around holding Bitcoin as a primary treasury asset. The company's stated approach is to keep 85–90% of its assets in Bitcoin.

For firms of this type, the key metric is Bitcoin holdings per share. Buying more coins raises the numerator, while buying back stock shrinks the denominator. With its latest actions, Metaplanet is pulling on both levers at once.

What this means for shareholders and the treasury playbook

For existing shareholders, the immediate effect is concentration. Each remaining share now represents a slightly larger claim on the company's assets, including its 44,000 BTC.

The leverage figure is the part worth watching most closely. Collateralized borrowing at 17.7% of net asset value, set against a 10% internal guideline, indicates that the company is running hotter than its own rulebook suggests. Investors will want to see whether Metaplanet brings that ratio back toward its 10% target. The early bond redemption represents a step in the debt column, though those instruments were ordinary bonds rather than the collateralized borrowing tied to the company's Bitcoin — meaning the redemption does not directly address the elevated ratio.

The remaining room in the buyback program is the other item to track. With approximately 42% of the ¥60 billion authorization already used, the company retains meaningful capacity before the October 2027 deadline — roughly ¥34.7 billion, or approximately $220 million, of the cash ceiling.

The shift in Capital Research and Management's stake is also notable for governance. An 11.11% voting position gives a single institutional holder a louder voice at a company whose strategy depends heavily on shareholder buy-in for the capital-raising decisions that fund its Bitcoin purchases.

Source: CryptoBriefing — Metaplanet repurchases 96.45M shares for $160M and redirects bond cash to Bitcoin, published November 2, 2026.