Metaplanet shares rebounded on Nov. 2 after the Japanese Bitcoin treasury company disclosed additional share repurchases, together with an early debt repayment and revised funding plans for further Bitcoin purchases. The stock climbed from a low of ¥238 to close at ¥250, gaining 2.46% even as Bitcoin remained below $80,000. The announcement helped the equity pare some of its recent losses, although chart signals suggest both Bitcoin and Metaplanet stock are still retreating.

¥25 Billion Repurchased, Larger ¥60 Billion Program Announced

The company reported buying back ¥25.27 billion worth of its own shares through October. At the same time, it announced a new repurchase program worth ¥60 billion, which will eliminate about 200 million shares — a reduction equivalent to roughly 16 percent of the 1.28 billion shares currently outstanding. The buyback comes as the company works to counter the pressure on its shares from Bitcoin's slide below the $80,000 mark.

Share repurchases are generally seen as supportive for a company's stock because they reduce the number of outstanding shares, which in theory boosts earnings per share. They are also regarded as the opposite of dilution — a force that has steadily increased Metaplanet's outstanding share count from 76.2 million in 2022 to 1.28 billion. Against that backdrop, the company has so far reduced its outstanding shares by more than 96.4 million.

Second-Biggest Bitcoin Holder Navigates Market Weakness

Metaplanet, one of Japan's leading Bitcoin treasury companies, has grown into the second-biggest Bitcoin holder, with 44,000 coins currently valued at over $3.38 billion.

The stock opened the week lower, sliding to ¥238 — its weakest level since September 18 and a 33.4% decline from its September highs. The initial retreat stemmed from ongoing Bitcoin weakness. Bitcoin was trading at $77,780, down 11% from its highest point in September, and has remained below $80,000 since the $6.3 billion Binance hack, which led to billions of dollars in losses.

Because these treasury firms carry Bitcoin as their principal reserve asset, their equity performance is tied closely to the coin's market price — which is why Bitcoin treasury companies tend to underperform the broader market whenever the coin is falling. In Metaplanet's case, the value of its holdings dropped from $3.8 billion in September to the current $3.38 billion.

Bitcoin at Risk of Further Downside

A key risk facing Metaplanet stock is that Bitcoin itself remains vulnerable to more downside. Chart analysis shows the coin gapped lower on October 29 after the Binance hack and has since moved into a consolidation phase slightly above the 38.2% Fibonacci retracement level. The cryptocurrency has also remained below its 50-day exponential moving average (EMA) and the Supertrend indicator, while forming a bearish flag pattern.

That setup points to a potential drop toward the 50% retracement level at $72,380, roughly 7.13% below the current level. Such a decline would reduce the value of Metaplanet's Bitcoin holdings from the current $3.38 billion to $3.18 billion.

Bitcoin's next reaction may come with the upcoming US nonfarm payrolls (NFP) data and the midterm elections. If Democrats win both the Senate and the House of Representatives, the CLARITY Act would not be passed. A sweep would also likely mean more investigations into Trump's activities. For Metaplanet shareholders, those calendar points double as checkpoints for the stock, since the value of the company's 44,000-coin treasury moves with Bitcoin's price.

Metaplanet Stock Nears Bearish Breakout

Technical indicators also suggest Metaplanet stock may be on the cusp of a bearish breakout in the near term. The daily chart shows the shares have plunged over the past few months and moved below the 50-day moving average. A closer look shows the stock has also slipped below the ascending trendline that links the lowest swings since July — a trendline that forms the neckline of a head-and-shoulders pattern, a common bearish sign.

On that basis, the shares appear likely to continue falling, potentially toward the key support level of ¥200, which sits about 20% below the current level. A move above the ¥260 resistance level would invalidate the bearish outlook and signal further gains.

This article provides market information, not investment advice. Stock and cryptocurrency investments involve volatility and potential losses.

Source: The Market Periodical — https://themarketperiodical.com/2026/11/02/metaplanet-stock-rises-as-%C2%A525b