Japanese Bitcoin (BTC) treasury company Metaplanet Inc. has bought back about 5.42% of its outstanding shares in its first-ever repurchase, as its stock continues to trade below the value of the Bitcoin on its balance sheet. The shares rose on the day of the buyback before easing on Thursday. The purchase is being financed with new convertible debt, and it comes as the company’s Bitcoin-backed borrowing sits above its own internal limit.
The Repurchase
A Tokyo Stock Exchange (TSE) filing dated October 14, 2026 shows that Metaplanet (TSE: 3350) acquired 73,981,400 ordinary shares at ¥261 (~$1.65) each, for a total of ¥19,309,145,400 (~$122 million). The shares were bought through ToSTNeT-3, a TSE off-auction system that lets companies repurchase stock at a fixed price outside regular trading hours.
The trade is the first tranche of a ¥60 billion (~$379 million) repurchase authorization covering up to 200 million shares, or about 14.7% of issued shares excluding treasury stock as of September 30, 2026. The authorization runs through October 13, 2027. The single block used roughly one-third of it.
The new program replaces a ¥75 billion (~$474 million) authorization approved in October 2025 that was never used before being terminated.
Stock Remains Far Below Earlier Highs
The ¥261 repurchase price matched the October 13 close. Market data from Kabutan shows the stock rose 5.36% to ¥275 (~$1.74) on October 14, then fell 3.64% to ¥265 (~$1.67) on October 15, leaving market capitalization at about ¥356.5 billion (~$2.25 billion).
At ¥265, the shares are about 59% below their 52-week high of ¥639 (~$4.04), set on January 15, 2026, and about 86% below their all-time peak near ¥1,895 (~$11.97) in June 2025. The 52-week low is ¥192 (~$1.21), recorded on July 1, 2026.
Debt Funds the Buyback
The repurchase is tied to a ¥52 billion (~$329 million) zero-coupon Euro-Yen convertible bond maturing on October 29, 2031. A Euro-Yen convertible bond is yen-denominated debt sold in international markets that can be exchanged for shares at a preset price. This issue pays no interest. Net proceeds are expected at about ¥51.9 billion (~$328 million), with settlement scheduled around October 29.
As outlined in the bond and buyback plans, the proceeds are allocated as follows:
- About ¥23.6 billion (~$149 million) to repay Bitcoin-collateralized loans in November 2026
- Up to ¥28.3 billion (~$179 million) for share repurchases through December 2026, including the completed block trade
Subtracting the ¥19.3 billion block leaves roughly ¥9 billion (~$57 million) of bond-funded buyback capacity through December.
The conversion price is ¥339 (~$2.14), about 30% above the October 13 close. Merrill Lynch International is the sole bookrunner. The bonds are not offered to U.S. investors and are set to list in Singapore. It is Metaplanet’s first issuance of this kind of instrument.
CEO Simon Gerovich has characterized the combined transactions as buying shares below net asset value while unlocking pledged Bitcoin and swapping secured loans for interest-free debt.
Leverage Above the Company’s Own Guideline
Metaplanet reported holding 44,000 BTC as of September 30, 2026, which ranks it as the second-largest public corporate Bitcoin holder behind Strategy.
Third-quarter trading activity shows the company sold 10,000 BTC at an average of ¥12,470,098 (~$78,790) and later bought 11,000 BTC at an average of ¥13,626,928 (~$86,100). The net gain was 1,000 BTC, but the coins were repurchased at a higher average price than they were sold. The cumulative cost basis is about ¥684.5 billion (~$4.32 billion), or roughly ¥15.56 million (~$98,300) per coin.
Bitcoin-backed borrowing stood at about 17.7% of Bitcoin net asset value at the end of September, above the roughly 10% ceiling the company sets for itself. The November repayment would reduce that ratio, though the debt is being replaced rather than retired, since the new convertible bonds remain outstanding until 2031 unless converted.
Under a capital allocation policy revised on October 5, Metaplanet aims to keep 85% to 90% of assets in Bitcoin and 10% to 15% in strategic investments and income-generating assets.
Reading the mNAV Discount
mNAV, short for multiple of net asset value, compares a company’s enterprise value with the market value of its Bitcoin. A figure below 1.0 means investors value the company at less than the Bitcoin it holds. Metaplanet has recently traded at an enterprise mNAV of about 0.79 to 0.82.
When a company buys back shares below net asset value, each remaining share represents more Bitcoin, and book value per share (BPS), which is equity divided by shares outstanding, rises. The repurchase filing names Bitcoin per share and BPS as the stated goals.
The gains depend on how the conversion feature plays out. If the stock climbs above ¥339 and bondholders convert, new shares would be issued and existing holders diluted, offsetting part of the buyback. If the stock stays below that level, the company would need to repay ¥52 billion (~$329 million) in cash or refinance by 2031.
What to Watch
Three factors will determine whether the buyback benefits remaining shareholders: whether further purchases continue below net asset value, how leverage looks after the November repayment, and whether the market lifts Metaplanet’s mNAV back above 1.0.
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