Metaplanet Earmarked ¥8 Billion More for Bitcoin. October Raised None.

On Monday, Metaplanet told the Tokyo Stock Exchange it had redeemed in full, and early, the ¥8 billion bond it sold to EVO FUND in April. The bond was due on April 23, 2027. The company, run by chief executive Simon Gerovich, paid it with cash on hand.

That freed a line in its budget. In April Metaplanet had set aside ¥8 billion of the money from its 27th series of stock acquisition rights — warrants also held by EVO FUND — to repay the bond. It now puts that sum back where it was first meant to go: buying bitcoin. The planned bitcoin budget rises from ¥25.42 billion to ¥33.42 billion, PANews reports; ¥3.71 billion for its bitcoin income business is unchanged.

On X, the bitcoin commentator Pete Rizzo posted that the company now had enough money to buy more than 2,700 bitcoin.

The second filing

Metaplanet published another notice the same day. It reports what EVO FUND did with those warrants in October: nothing. Zero rights were exercised and no shares delivered. Of the 1,000,000 rights issued on April 1, 947,300 remain unexercised, enough for 94.73 million new shares.

The warrants’ exercise price resets with Metaplanet’s share price, and it slid through early October, from ¥307 on October 2 to ¥261 on October 14. Two older series, the 23rd and 24th, are suspended altogether under their own suspension clauses.

The bitcoin budget is a plan for money that arrives only when someone else chooses to send it.

What to read from it

Earmarking is a promise about where cash will go if it comes. The yen only reaches Metaplanet when EVO FUND exercises, and a warrant holder has little reason to pay in while the shares it would receive are falling. The repayment itself is real: one fixed debt is gone, paid from cash on hand.

The company is also shrinking its share count rather than growing it. Gerovich posted on Monday that from October 14 to 31 Metaplanet bought back 96,447,400 of its own shares, about 7.1% of the total, for ¥25.27 billion, and will keep allocating capital with an eye on “bitcoin per share” and mNAV, the share price relative to its bitcoin. A company buying back its stock is saying the shares are cheap — the same condition that gives a warrant holder no reason to buy new ones.

The buybacks follow an October 13 plan for a convertible-bond deal of about ¥52 billion to repay bitcoin-backed loans and buy back shares.

The next monthly exercise report, due in early December, will show whether the bigger bitcoin budget has any yen in it.

Figures from Metaplanet’s two November 2 filings; the revised budget table is as reported by PANews. The 2,700 BTC figure is Rizzo’s, not the company’s. Not investment advice.