Metaplanet buys back 12.25 million shares for $18.76 million to lift Bitcoin per share

The Tokyo-listed Bitcoin treasury company disclosed the repurchase on November 13, 2026, having bought 12,256,200 common shares through market purchases on the Tokyo Stock Exchange between November 1 and November 12. The average price paid was approximately ¥244.77 per share, totaling about $18.76 million.

This latest buyback brings Metaplanet's total under the current program to 108,703,600 shares, representing 54.4% of the authorized 200 million shares. The company's board had authorized the program on October 13, 2026, setting a ceiling of ¥60 billion for share repurchases.

Bitcoin per share strategy

Metaplanet's core strategy focuses on increasing Bitcoin holdings per share, which stands as the key metric for investors. As of September 30, 2026, the company held 44,000 BTC. The buyback aims to boost this metric and improve capital efficiency while offsetting dilution from earlier convertible bond issuances.

The buyback is meant to boost that metric and improve capital efficiency. It also aims to offset dilution from earlier convertible bond issuances.

Market pressures mount

Despite the buyback announcement, Metaplanet shares fell more than 4% on November 13, closing at ¥219—below the average price the company paid during its recent buying window. The stock faces multiple pressures, including an impending removal from the MSCI Japan Small Cap Index effective November 30, 2026.

The company also cut its FY2026 revenue forecast to ¥6.5 billion, adding to investor concerns. The buyback reads as a direct response to share price pressure, using the company's balance sheet to support the stock while forced selling tied to the MSCI exit looms.

Future outlook

For existing shareholders, every share retired increases their proportional claim on Metaplanet's 44,000 BTC, assuming the Bitcoin holdings remain unchanged. However, the cash spent on buybacks reduces funds available for acquiring more Bitcoin or funding operations, which becomes more critical after the revenue forecast cut.

Key developments to watch include how quickly Metaplanet works through its remaining 91.3 million shares in authorization, how the stock trades around the November 30 MSCI removal date, and whether the company's Bitcoin holdings change from the 44,000 BTC reported as of September 30.