Metaplanet Launches $380M Buyback After Shares Fall 90%
The plan pairs shareholder returns with a debt overhaul, but Bitcoin-backed borrowing would remain above management’s preferred limit even after repayment.
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The plan pairs shareholder returns with a debt overhaul, but Bitcoin-backed borrowing would remain above management’s preferred limit even after repayment.
The optional program tops Strive's reported cash balance, but does not commit the Bitcoin treasury company to spend the full amount.
With no new BTC purchases and no ATM share sales in the latest reporting week, Strategy's aggressive $2B buyback expansion signals confidence in its balance sheet rather than urgency to accumulate.
The 25% figure is a ceiling, not a commitment, and repurchased shares land in treasury first where they could be reissued under the equity plan. Anti-dilution depends on how much gets cancelled.
The dual move stacks more ETH per share on the corporate treasury while shrinking float, a textbook combination for a DAT amplifying its per-share NAV.
The treasury added $100M of Bitcoin yet per-share stack growth halved, exposing the gap between headline holdings and the metric Strategy itself invented to sell the thesis.
The board is spending up to HK$100M of balance-sheet cash on a repurchase mandate that runs through the next AGM — a confidence signal from a publicly listed crypto exchange operator.