Metaplanet spends ¥19.3 billion buying back its own stock in a single trade, with its shares down about 86% from their 2025 peak

Metaplanet has started buying back its own stock in size. The Tokyo-listed bitcoin treasury company repurchased about 73.98 million shares on Wednesday for about ¥19.31 billion, at ¥261 a share, the October 13 closing price, through the exchange's off-auction ToSTNeT-3 system, crypto.news and Grafa reported. It had offered to buy up to about 96.9 million.

The purchase opens a ¥60 billion programme that runs to October 13, 2027 and covers up to 200 million shares. The company says the aim is to improve capital efficiency and raise its bitcoin holdings per share. Blockonomi reported that the stock peaked at ¥1,930 in June 2025, which puts Tuesday's ¥261 close about 86% lower, and that a ¥75 billion buyback approved a year ago was never used.

The money comes partly from debt. Metaplanet plans a ¥52 billion zero-coupon convertible bond due October 2031 with a conversion price of ¥339, about 30% above Tuesday's close. About ¥23.6 billion would repay bitcoin-backed loans and up to ¥28.3 billion would go to buybacks, according to crypto.news. If fully converted, the bonds would create about 153 million new shares, roughly twice as many as Wednesday's trade bought back. Shares traded about 3.8% higher after the announcement, Grafa reported.