Metaplanet Buys Back 96.4M Shares to Boost Bitcoin Per Share

Metaplanet, the Tokyo-listed bitcoin treasury company, repurchased 96.4 million shares in just over two weeks, deploying roughly $160 million as it works to reduce its share count and increase bitcoin per share. The buyback represents nearly half of the firm's authorized repurchase program, with management framing the move as a way to concentrate BTC exposure for remaining shareholders while preserving capital for future bitcoin purchases. The company is simultaneously converting its equity into a more leveraged vehicle for accumulating BTC, a strategy that ties shareholder value directly to bitcoin's price trajectory. Analysts will be watching whether Metaplanet completes the remaining authorized buyback and how quickly it resumes net bitcoin accumulation, as the pace of future BTC purchases and the stock's premium to net asset value will signal whether the strategy is gaining traction with investors.