Metaplanet repurchased 12,256,200 shares for approximately $18.76 million, bringing its buyback total to 108,703,600 shares. The stated aim is to raise Bitcoin held per share, but the stock still fell more than 4% on the day of the disclosure as an index removal approaches.
Metaplanet, the Tokyo-listed Bitcoin treasury company, repurchased 12,256,200 common shares for ¥2,999,916,700, or approximately $18.76 million. The company disclosed the purchase on November 13, 2026.
The shares were bought on the Tokyo Stock Exchange between November 1 and November 12, at an average price of roughly ¥244.77 per share.
A program with room left
This purchase belongs to a larger program. Metaplanet's board authorized the buyback on October 13, 2026, with a ceiling of ¥60 billion or up to 200 million shares.
The company has spent ¥28.27 billion on 108.7 million shares, or 54.4% of the authorized share count. Roughly 91.3 million shares remain available, with approximately ¥31.73 billion in capacity.
Why Bitcoin per share matters
Metaplanet held 44,000 BTC as of September 30, 2026. Its pitch to investors is that buying the stock gives exposure to Bitcoin through an equity holding, so Bitcoin per share is central to how shareholders judge the business.
The company has said the buyback is meant to boost that metric and improve capital efficiency. It also aims to offset dilution from earlier convertible bond issuances.
Shares slide despite the buyback
However, the repurchase did not stop the selling. Metaplanet shares fell more than 4% on November 13, closing at ¥219, below the average price paid during the buying window.
Other pressure is building. Metaplanet is set to be removed from the MSCI Japan Small Cap Index, effective November 30, 2026, and the company also cut its FY2026 revenue forecast to ¥6.5 billion.
Bitcoin per share has two moving parts, and Metaplanet has so far only been working on one of them.
Source: Crypto Briefing
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