Metaplanet Buys Back ¥19.3B in Shares, Prices ¥52B Bond

Metaplanet completes ¥19.31B share buyback

The repurchase used the Tokyo Stock Exchange’s ToSTNeT-3 off-auction mechanism. The company spent precisely ¥19,309,145,400, buying fewer shares than the 96,934,800-share ceiling in its October 13 purchase plan.

That earlier plan allowed about ¥25.3 billion at the same ¥261 price. The completed transaction therefore left roughly ¥6 billion of the initial purchase limit unused. The announcement reports the execution amount, without identifying sellers or explaining the shortfall.

The purchase sits inside a broader authorization for up to 200 million ordinary shares and ¥60 billion, running from October 14, 2026, through October 13, 2027. Those ceilings are permissions, rather than completed purchases or a commitment to spend the full amount.

The new program disclosure reports 1,364,255,696 issued ordinary shares excluding treasury stock at September 30. Today’s repurchase equals approximately 5.42% of that baseline. It does not establish the company’s final share count after every intervening transaction.

The same filing ended the previous authorization, which had recorded zero repurchases from October 1 through October 13. That distinction separates the old program’s reported inactivity from the newly executed transaction.

Management describes buybacks as a way to improve capital efficiency and Bitcoin holdings per share. Reducing shares outstanding can increase that ratio without buying another coin, but the calculation must also account for financing claims and possible future conversion.

Using the September 30 baseline alone, subtracting today’s purchases would reduce non-treasury shares to approximately 1.290 billion. If Bitcoin holdings and every other share movement were unchanged, gross Bitcoin per share would rise about 5.73%. That is a mechanical illustration, not a newly reported BTC Yield figure, cash distribution or measure of investor returns.

¥52B bond targets Bitcoin-backed loans

The bond issuance notice schedules closing for October 29. Pricing is now disclosed, but the reviewed filings do not say the bond proceeds have already arrived or the planned loan repayment has been completed.

Expected net proceeds are approximately ¥51.9 billion. About ¥23.6 billion is allocated to loan repayment in November, with up to approximately ¥28.3 billion for share repurchases during October through December.

Metaplanet reported approximately $649.5 million drawn under an $800 million Bitcoin-collateralized credit facility at September 30. Its borrowing-to-Bitcoin-net-asset-value ratio stood near 17.7%, above the company’s guideline of less than 10%.

The credit facility’s maximum size is different from the amount actually drawn. Similarly, the 17.7% ratio concerns that particular borrowing against Bitcoin value, rather than all company liabilities divided by total assets. The proposed repayment does not clear the entire facility, and the issuer has not provided a final post-repayment collateral balance in these notices.

Falling Bitcoin prices would raise that ratio if the borrowing balance stayed unchanged. Partial repayment is intended to reduce reliance on pledged Bitcoin, while the new unsecured bonds transfer part of the funding obligation into a different instrument.

The company’s supplementary financing materials explicitly place the initial off-auction repurchase before bond closing. Today’s share purchase therefore should not be described as spending proceeds already received from the new issue.

Those materials say unused repurchase funding may support further market purchases or repayment of borrowings. They also distinguish the roughly ¥28.3 billion financing allocation from the larger ¥60 billion program ceiling, which this bond does not fully fund.

The approach differs from KULR’s Bitcoin sale to repay its Coinbase loan. Metaplanet is seeking to replace collateralized borrowing while retaining its coins. Its stated allocation includes no new Bitcoin purchases.

Zero coupon means no scheduled interest payments, not free capital. Investors receive conversion rights, and unconverted principal remains a repayment obligation. The supplementary terms also describe a holder put at 100% of principal three years after issuance, potentially bringing a cash obligation forward from final maturity.

¥339 conversion price leaves dilution risk

Dividing the ¥52 billion principal by the initial ¥339 conversion price produces approximately 153.39 million potential ordinary shares. That is an illustrative calculation before conversion-price adjustments or other contractual effects, rather than shares issued today.

The potential conversion count exceeds the 73.98 million shares repurchased so far by roughly 79.41 million. Further buybacks, conversion adjustments and other share changes could alter that comparison. The existing repurchase alone does not eliminate possible dilution.

Nor would pricing the bonds itself issue those common shares. The securities remain debt unless conversion occurs, separating today’s financing terms from any eventual increase in the ordinary-share denominator.

The premium is measured against the October 13 closing share price, rather than a guaranteed future valuation. A higher conversion price reduces the initial potential share count compared with conversion at ¥261, but does not establish when holders will exercise their rights.

There is also a difference between common-share dilution and treasury performance. More Bitcoin per remaining share does not automatically mean higher net asset value after debt, preferred claims and financing costs. Gross coin holdings omit those obligations.

Other treasury issuers are making different funding choices, including Strive’s proposed 15% SATS preferred stock. Comparing their headline coupons alone misses conversion rights, dividend commitments and the claims each security creates on the issuer.

Alternative.me’s Fear and Greed Index read 62 on October 14, against 57 a day earlier, checked at 15:04 UTC. That measures broader crypto sentiment, rather than Metaplanet’s credit strength or shareholder support.

The next checkpoints are October 29 closing, November loan repayment and additional repurchase disclosures. As of 15:06 UTC on October 14, the filings confirm today’s share purchase and conversion pricing; final financing completion, collateral released and the ultimate diluted share count remain unresolved.