Metaplanet buys back 74 million shares, raising BTC held per share

Japan-listed Bitcoin treasury company Metaplanet said on Oct. 14 it bought back 73,981,400 treasury shares at 261 yen per share for 19.3 billion yen ($163.0 million). The purchase represents part of a buyback plan of up to 60 billion yen set a day earlier. The company said the move is intended to improve capital efficiency, increase Bitcoin held per share and ease the stock supply-and-demand impact from convertible bond issuance. Metaplanet also finalized terms for 52 billion yen ($439.0 million) in convertible bonds due 2031. The conversion price was set at 339 yen, 29.89% above the Oct. 13 closing price of 261 yen. If all the bonds are converted into shares, new stock equal to 11.24% of shares outstanding as of the end of September could be issued.