Metaplanet repurchased 22.46 million of its own shares for $37.8 million to increase the amount of Bitcoin backing each remaining share. The transaction forms part of a program authorizing up to 60 billion yen, or approximately $380 million, for the purchase of up to 200 million shares through October 2027. To finance the buybacks and partially repay Bitcoin-backed loans, the company issued 52 billion yen of zero-coupon convertible bonds maturing on October 29, 2031. As of September 30, 2026, Metaplanet held 44,000 BTC, while its Bitcoin-backed borrowings stood at 17.7% of its Bitcoin net asset value, well above its internal target of 10%. The shrinking share count also increases the relative voting power of major shareholders, while a share-price rise above 339 yen could result in new shares being issued through bond conversions.
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