Metaplanet Repurchases 96.4 Million Shares for ¥25.27 Billion

Metaplanet repurchased 96,447,400 of its shares for ¥25.269 billion between October 14 and 31, using about 42.1% of the spending limit under its buyback program, the company said in a November 2 filing. The purchases represented about 7.1% of the company’s issued shares and roughly 48% of the 200 million shares authorized for repurchase. The program, approved by the board on October 13, permits spending of up to ¥60 billion and runs through October 13, 2027. Chief Executive Simon Gerovich said the company would allocate capital with discipline, considering its share price, market net asset value ratio, or mNAV, and market conditions. He described maximizing Bitcoin per share as the objective. The filing does not quantify how the repurchase affected that measure. Metaplanet also disclosed a separate financing change. After redeeming ¥8 billion in bonds early with cash on hand, the company increased the amount allocated for Bitcoin purchases from ¥25.422 billion to ¥33.422 billion, according to its disclosure. The funds are available for purchases, but the allocation does not itself establish that Bitcoin has been bought with them. The repurchase and the increased Bitcoin...