Metaplanet and Strategy, two of the most visible corporate Bitcoin treasury operators, have signaled a shift in capital allocation away from aggressive BTC accumulation toward debt reduction, share repurchases and preferred-stock support.
Metaplanet disclosed in an October 13 filing with the Tokyo Stock Exchange that it will issue ¥52 billion, about $340 million, in zero-interest convertible bonds due October 29, 2031. The Japanese firm plans to use ¥23.6 billion to repay part of its existing Bitcoin-backed credit facility and up to ¥28.3 billion for share buybacks. Merrill Lynch International will lead the overseas offering, which excludes the United States. Metaplanet held 44,000 BTC at the end of September, while its Bitcoin-backed borrowing reached approximately $650 million, pushing its borrowing ratio to about 17.7%, above the company's revised policy target of below 10%. The filing states that proceeds will not directly fund additional Bitcoin purchases.
Metaplanet expects net proceeds of roughly ¥51.9 billion. It plans a ToSTNeT-3 repurchase of up to ¥25.3 billion on October 14, potentially covering about 97.94 million shares or 7.1% of issued ordinary shares. The company said repurchasing shares when its market value is below its Bitcoin net asset value could increase the BTC backing per share.
Strategy, formerly MicroStrategy, bought just 250 BTC for about $21.5 million between October 5 and October 11, while spending $192.4 million to repurchase 1,932,145 shares of its STRC preferred stock. The buyback spending was nearly nine times its Bitcoin purchases and followed $176.3 million in STRC repurchases the prior week. Strategy now holds 848,250 BTC acquired for about $64 billion at an average price of $75,444 per coin. The latest BTC purchases averaged roughly $86,194. The company reported $354.8 million in remaining authorization under its digital credit securities repurchase program and total dollar liquidity of about $5.52 billion, down from the prior week as STRC buybacks consumed capital.
Strategy shareholders are scheduled to vote October 28 on a proposal to move its preferred securities to daily dividend payments, with STRC transitioning first. The company will report third-quarter results on October 29.
