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Metaplanet Inc., the Tokyo-listed bitcoin treasury company (TSE: 3350), approved a share repurchase program of up to ¥75 billion (approximately $500 million). The board authorized buying as many as 150 million common shares, equal to 13.13% of issued shares excluding treasury stock. The buyback runs from Wednesday, October 29, 2025, to October 28, 2026, via purchases on the Tokyo Stock Exchange under a discretionary trading agreement.
To fund the plan, Metaplanet arranged a bitcoin-collateralized credit facility with borrowing capacity of up to $500 million. The company said it can use the line to repurchase shares, acquire additional bitcoin, or support other capital allocation needs. Shares traded around ¥499 after the announcement.
Management framed the move as part of a policy to lift “BTC Yield” per share when the market values the company below its bitcoin holdings. “We remain firmly committed to acquiring 210,000 BTC by the end of 2027,” the company said, while noting the stock does not “adequately reflect [its] intrinsic economic value.”
Metaplanet acted after its market-based net asset value (mNAV) - a ratio comparing enterprise value to the market value of its bitcoin - fell below 1.0 last week, indicating a discount to its BTC stash. Company analytics later showed the ratio near parity as conditions stabilized.
The firm has paused new bitcoin purchases while it executes the repurchase plan. Metaplanet last disclosed a 5,268 BTC addition at the end of September, bringing total holdings to 30,823 BTC and placing the company among the largest public corporate bitcoin holders in Asia.
Executives said the buyback aims to “maximize BTC Yield per share” when mNAV trades under 1.0 and to avoid issuing new equity at a discount. The company also outlined flexibility to use preferred stock and the new credit facility as part of its capital framework.
Other digital-asset treasury firms also moved to address valuation gaps. Ether-focused ETHZilla said it initiated a $40 million share buyback as its stock traded at a steep discount to net asset value, and disclosed ongoing repurchases under a broader program.
Credit conditions remain a focus for bitcoin-exposed corporates. S&P Global Ratings assigned “Strategy” (the company formerly known as MicroStrategy) a B-rating with a stable outlook, citing heavy bitcoin concentration, limited diversification, and low US dollar liquidity. The action underscores how leverage and asset concentration factor into funding costs across the sector.
If Metaplanet closes the mNAV gap through the buyback, the company could raise BTC held per share while signaling confidence in its balance sheet strategy. The pace of repurchases will depend on market liquidity, collateral thresholds on the bitcoin-backed credit line, and the stock’s trading range on the Tokyo Stock Exchange.
Also Read: Metaplanet Raises $1.4B to Expand Bitcoin Holdings, Stock Surges 16%
