{"id":572003,"date":"2026-10-14T01:30:45","date_gmt":"2026-10-14T00:30:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=572003"},"modified":"2026-10-13T20:42:31","modified_gmt":"2026-10-13T19:42:31","slug":"metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak\/","title":{"rendered":"Metaplanet unveils $380 million share buyback after stock crashes nearly 90% from peak"},"content":{"rendered":"

Metaplanet plans to raise $329 million to refinance Bitcoin-backed loans and fund share buybacks after its stock has declined 90% from its peak.<\/p>\n

On Oct. 13, the Japanese Bitcoin treasury company announced<\/a> plans to issue \u00a552 billion ($329 million) in unsecured, zero-coupon Euro-yen convertible bonds due in 2031.<\/p>\n

Expected to close on Oct. 29, the offering will target investors primarily in Europe and Asia, with the bonds slated for listing on the Singapore Exchange.<\/p>\n

The financing would\u00a0let\u00a0Metaplanet<\/a>\u00a0replace part of its interest-bearing,\u00a0Bitcoin-collateralized debt<\/a> with borrowing that requires<\/span>\u00a0no regular interest payments. The company expects the restructuring to free up pledged Bitcoin, reduce financing costs and improve financial flexibility without selling its cryptocurrency holdings.<\/p>\n

Bitcoin-backed debt pressures Metaplanet's capital strategy<\/h2>\n

Metaplanet's refinancing comes as its reliance on Bitcoin-backed borrowing<\/a> has exceeded the company's internal risk limits.<\/p>\n

As of Sept. 30, the company had approximately $649.5 million outstanding under an $800 million credit facility secured by its Bitcoin holdings.<\/p>\n

That represented 17.7% of the net asset value of its Bitcoin reserves, well above management's guideline to keep the ratio below 10%.<\/p>\n

Metaplanet, which held 44,000 BTC<\/a> at the end of September, acknowledged that further declines in Bitcoin prices could increase the borrowing ratio by reducing the value of its cryptocurrency holdings.<\/p>\n

To address this exposure, the company plans to allocate about \u00a523.6 billion ($149 million) of the new bond proceeds to repay part of its outstanding loans in November.<\/p>\n

The repayment would reduce borrowing under the facility to approximately $500.5 million. Based on September's reported asset values, that would lower the borrowing ratio to roughly 13.6%, assuming Bitcoin's value and other conditions remained unchanged.<\/p>\n\n

\n \n
\n Related Reading<\/span>\n

Metaplanet\u2019s Bitcoin boom quietly turned a 46 million-share executive pay plan into a 319 million-share windfall<\/h3>\n <\/div>\n \n <\/i>\n <\/span>\n <\/a>\n<\/div>\n\n

However, that would still leave Metaplanet above its preferred leverage threshold, suggesting that the company remains exposed to further declines in Bitcoin prices<\/a>.<\/p>\n

Metaplanet acknowledged that replacing its existing Bitcoin-backed loans with convertible bonds would not immediately reduce its total liabilities, even as it lowers interest expenses and reliance on pledged collateral.<\/p>\n

Although the new bonds mature in 2031, investors can demand repayment after three years, potentially forcing the company to refinance earlier than the stated maturity.<\/p>\n

Metaplanet targets share buybacks as stock struggles<\/h2>\n

Beyond restructuring its debt, Metaplanet also plans to allocate up to \u00a528.3 billion ($179 million) of the proceeds to share repurchases as part of a newly authorized \u00a560 billion ($380 million) buyback program.<\/p>\n

The company simultaneously terminated its previous \u00a575 billion ($475 million) repurchase authorization, established in October 2025, under which it had not acquired any shares.<\/p>\n

The new program allows Metaplanet to repurchase up to 200 million common shares, representing approximately 14.7% of its outstanding stock, between Oct. 14, 2026, and Oct. 13, 2027.<\/p>\n

It plans to begin the program on Oct. 14 through the Tokyo Stock Exchange's ToSTNeT-3 off-auction trading system, targeting up to 96.9 million shares for approximately \u00a525.3 billion ($160 million).<\/p>\n

If fully executed, the planned transaction could reduce the company's outstanding share count by about 7.1%, though the final volume will depend on the number of shares offered for sale.<\/p>\n

The renewed buyback effort comes\u00a0amid a prolonged decline in\u00a0Metaplanet's stock,<\/a>\u00a0as Bitcoin's <\/a><\/span>struggles<\/a> have weighed on investor sentiment toward cryptocurrency treasury companies.<\/p>\n

Metaplanet shares have declined approximately 36% this year, closing at \u00a5261 on Oct. 13. The stock has also lost nearly 90% of its value from its June 2025 peak of \u00a51,930.<\/p>\n

By comparison, Strategy<\/a>, the world's largest publicly traded corporate Bitcoin holder, has gained about 1% this year despite cryptocurrency market volatility.<\/p>\n

The contrasting performances highlight the challenges Metaplanet faces in maintaining investor demand<\/a> for its shares while pursuing a Bitcoin accumulation strategy.<\/p>\n

Its declining valuation has also complicated its ability to raise capital through common equity without diluting existing shareholders.<\/p>\n

Under its revised capital allocation policy, Metaplanet generally avoids issuing common shares when its market-to-net-asset-value ratio (mNAV) falls below 1.<\/p>\n

The measure compares the company's enterprise value with the net asset value of its Bitcoin holdings. Issuing shares below that threshold could reduce existing shareholders' per-share exposure to Bitcoin.<\/p>\n

Repurchases could improve that metric by reducing outstanding shares, although the benefits will depend on execution prices and any subsequent equity issuance.<\/p>\n

However, the buyback program comes with a potential counterweight. Metaplanet CEO Simon Gerovich<\/a> has agreed to lend up to 55 million personally held shares<\/a> through his wholly owned Gerovich Family Holdings Limited to support hedging activities associated with the convertible bonds.<\/p>\n

The arrangement, which carries an annual lending fee of 0.75%, would allow investors to borrow and potentially sell Metaplanet shares to hedge their exposure.<\/p>\n

Such transactions could create selling pressure even as the company repurchases its own stock, although the number of shares ultimately borrowed or sold remains uncertain.<\/p>\n

The bonds could also dilute existing shareholders if investors convert them into equity. Metaplanet intends to set the conversion price above the share price corresponding to an mNAV of 1 at issuance, but it has not yet determined the final conversion terms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Metaplanet plans to raise $329 million to refinance Bitcoin-backed loans and fund share buybacks after its stock has declined 90% from its peak. On Oct. 13, the Japanese Bitcoin treasury company announced plans to issue \u00a552 billion ($329 million) in unsecured, zero-coupon Euro-yen convertible bonds due in 2031. Expected to close on Oct. 29, the […]<\/p>\n","protected":false},"author":720,"featured_media":572017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77928,80573,77968,79849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nMetaplanet's Bitcoin strategy faces a $380 million test<\/title>\n<meta name=\"description\" content=\"Metaplanet plans to replace collateralized loans with interest-free convertible debt while authorizing up to $380 million in repurchases.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metaplanet unveils $380 million share buyback after stock crashes nearly 90% from peak\" \/>\n<meta property=\"og:description\" content=\"Metaplanet plans to replace collateralized loans with interest-free convertible debt while authorizing up to $380 million in repurchases.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-14T00:30:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-13T19:42:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/metaplanet-convertible-bonds-standard-v2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1672\" \/>\n\t<meta property=\"og:image:height\" content=\"941\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/metaplanet-unveils-380-million-share-buyback-after-stock-crashes-nearly-90-from-peak\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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