METAPLANET’S BITCOIN BUDGET ROSE ¥8 BILLION — THE WARRANTS PAYING FOR IT HAVEN’T FIRED SINCE MAY — ¥25.3 BILLION WENT TO ITS OWN STOCK

On November 2, 2026, Metaplanet posted three notices in Tokyo. One says it repaid its ¥8 billion zero-interest bond to EVO FUND early, from cash on hand, ahead of an April 23, 2027 due date. The warrant money once set aside for that bond now goes back to its first use. The bitcoin line in the 27th warrant plan rises to ¥33.422 billion from ¥25.422 billion. Read alone, that’s a bigger bitcoin budget.

Now the second notice. EVO FUND exercised none of those warrants in October, and 94,730,000 shares remain unissued. The monthly notices show zero for June, July, August and September too. The March 16 terms explain why. As a general rule EVO can exercise “only when the mNAV notified by the Company to the planned allottee on or after April 17, 2026 is 1.01 times or higher.” Metaplanet’s own figure isn’t in these notices. Our math on CEBE figures: $2.007 billion of stock plus $937.0 million of net claims, against $3.445 billion of bitcoin at the November 1 close of $78,294, is about 0.85. At that price and those claims, 1.01 takes about ¥317 a share. The stock closed at ¥250 on November 2.

The third notice shows where the money did go. From October 14 to October 31 Metaplanet bought 96,447,400 of its own shares for ¥25.269 billion, about ¥262 each and 7.07% of the count. That lifts bitcoin per share to about 3,471 sats from 3,225 without a new coin. TDnet shows no bitcoin purchase notice since October 5, and the last count is 44,000. The October 13 notice earmarked up to ¥28.3 billion of a ¥52 billion convertible bond for these buybacks, and that bond is a claim ahead of the stock.

Buying below the value of your bitcoin and selling only above it is sound arithmetic for shareholders. It also means no new coins from this plan until the stock recovers. And the coins carry a loan: about $649.5 million was drawn against them on September 30. The ¥23.6 billion repayment planned for November would leave about $500 million, or 14.5% of the bitcoin at that close, if nothing else moved. Metaplanet’s own guideline is under 10%. None of the three notices shows that repayment yet. At the time of this writing, bitcoin was $77,890.