Highlights:
The fourth-largest Bitcoin treasury, Metaplanet, approved a share buyback to enhance its capital efficiency and the market-to-net asset value (mNAV). To fund the buyback, the board passed a ¥75.4 billion ($500 million) facility so it could secure a stronger Bitcoin yield and stabilize its valuation in fluctuating market conditions.
The company confirmed that the plan will enable the repurchase of up to 150 million shares, amounting to approximately 13.1% of total company stock. The deal, according to the board, is part of its capital allocation strategy and enables long-term shareholder value. According to the CEO, Simon Gerovich, the program will improve the efficiency of capital and maximize BTC yield.
The decision by Metaplanet comes after a sharp drop in mNAV. The mNAV recently dipped below parity, the first time since its Bitcoin strategy began. The mNAV of the company has recovered to 1.03x as of this week after having hit the lowest level of 0.88x in early October.
Under the new plan, Metaplanet will implement buybacks via the Tokyo Stock Exchange between October 29, 2025, and October 28, 2026. The program will be based on a discretionary trading agreement, which will enable the company to have flexibility in execution.
The company will use its holdings of Bitcoin, which now amount to 30,823 BTC worth about $3.5 billion, to secure the $500 million credit facility. The credit line allows Metaplanet to use it to finance purchases, buy additional Bitcoin, or invest in Bitcoin-backed income projects.
The company stressed that the repurchase policy will achieve the most effective outcome once mNAV falls under 1.0x. In its filing, the company noted that its current stock price does not accurately reflect its intrinsic value. The purpose of the new program is to close that gap without dilution and enhance per-share holdings of Bitcoin.
The capital policy also involves taking steps to suspend new common share issues when mNAV is weak. Moreover, Metaplanet will also maintain the use of perpetual preferred shares to obtain constant BTC cash flow without impacting the equity structure.
Metaplanet is approving the share buyback in order to restore investor confidence following months of fluctuations in the Bitcoin market. The company’s stock has increased by over 15% within a week, surging 5% on the announcement today. Trading volume exceeded 75 million shares, which is well above average.
Source: Yahoo Finance
Metaplanet is now the largest corporate holder of Bitcoin in Asia and the fourth-largest in the world since it initiated its Bitcoin strategy in April 2024. The long-term objective of its plan is to build 210,000 BTC by 2027, which is about 1% of the total supply.
The firm’s Bitcoin yield has increased by over 490% so far this year, and the unrealized profits amount to almost $281 million. Although Metaplanet has reduced the rate of new Bitcoin purchases, it is still working on increasing Bitcoin per share by using efficient capital utilization. Meanwhile, Bitcoin is trading around $114,485, down by 0.70% over the past 24 hours. In addition, the market cap and trading volume have declined to $2.28 trillion and $50 billion, respectively.
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