Tokyo-listed Bitcoin treasury firm launches aggressive repurchase plan to restore investor confidence and enhance share value
Metaplanet Initiates $500 Million Bitcoin-Backed Share Buyback
Metaplanet Inc., a Tokyo-listed Bitcoin treasury company, has announced a ¥75 billion ($500 million) share repurchase program after its market-based net asset value (mNAV) slipped below 1. The firm’s mNAV, which measures the ratio between its stock value and Bitcoin holdings, fell to 0.88 last week, signaling that its shares were trading at a discount relative to its Bitcoin stash.
In a company statement, Metaplanet said the buyback aims to “maximize Bitcoin yield per share and restore market confidence.” The plan, approved by the board, authorizes the repurchase of up to 150 million common shares, or roughly 13.13% of total issued shares, over a two-year period ending October 28, 2026.
Bitcoin-Backed Credit Line Fuels Repurchase Program
To fund the buyback, Metaplanet has secured a Bitcoin-collateralized credit line with a borrowing capacity of $500 million, allowing flexible deployment for either share repurchases or additional Bitcoin acquisitions. The company described the facility as a strategic step toward leveraging its Bitcoin reserves while preserving liquidity for future expansion.
An industry strategist noted, “Metaplanet’s approach mirrors a corporate version of Bitcoin leverage — using its crypto reserves as financial capital to stabilize share value.”
Following the announcement, Metaplanet’s mNAV rebounded to 1.03, indicating early signs of recovery. The company, which currently holds 30,823 BTC (valued around $3.5 billion), recently paused new Bitcoin purchases but reaffirmed its long-term target of accumulating 210,000 BTC by 2027.
ETHZilla announced a $40 million share buyback as its stock trades at a sharp discount to NAV. The company said it had already repurchased around 600,000 shares worth $12 million since Oct. 24 under its $250 million buyback program.
Bitcoin Treasury Firms Face Valuation Pressure
Analysts from 10x Research reported that several Bitcoin treasury firms have seen their NAVs collapse, wiping out billions in market capitalization. “Many of these firms issued shares at significant premiums to their Bitcoin value, but those valuations have now normalized,” the report said.
Despite short-term pressure, experts believe Metaplanet’s strategy could boost shareholder value by narrowing the gap between its stock price and Bitcoin holdings. “The company’s decision underscores growing corporate confidence in Bitcoin as both a treasury reserve and a balance-sheet asset,” one analyst added.
With institutional demand for Bitcoin-backed assets expanding, Metaplanet’s leveraged buyback may serve as a blueprint for future corporate adoption, reinforcing Bitcoin’s role as a strategic financial instrument in traditional capital markets.
Disclaimer
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