Metaplanet, the Bitcoin reserve company known as the "Japanese MicroStrategy," announced today (28th) that it will launch a large-scale share repurchase program, with the goal of increasing shareholder value, optimizing capital efficiency, and maximizing Bitcoin yield per share (BTC Yield). Market interpretations believe that this move is a proactive countermeasure launched by Metaplanet in response to its market value to net asset value (mNAV) ratio recently falling below 1.
Key details of the buyback plan: $500 million in loans secured by Bitcoin
According to official documents, Metaplanet's repurchase limit is 150 million common shares, equivalent to 13.13% of the total issued and outstanding shares (excluding treasury shares). The repurchase period is from October 29, 2025, to October 28, 2026.
The source of funds for the repurchase is crucial. The repurchase will be funded by a newly approved $500 million (approximately 75 billion yen) line of credit from the board of directors, secured by the company's bitcoin holdings for one year. Furthermore, in addition to using this line for repurchases, it can also be flexibly redirected to additional bitcoin purchases or related income-generating investments.
In addition, Metaplanet pointed out that when the market value is lower than 1 times the net asset value, a repurchase strategy will be initiated to reduce the number of outstanding shares, increase the number of Bitcoins held per share, and quickly restore market confidence.
Metaplanet's current holdings: Asia's largest and the world's fourth largest
Metaplanet currently holds a total of 30,823 bitcoins, valued at approximately $3.5 billion, making it the largest publicly listed bitcoin holder in Asia and fourth globally. Previous reports indicated that Metaplanet's mNAV (meaningless asset value) had plummeted to as low as 0.88, indicating that its stock price was significantly below the value of its bitcoin holdings. This served as the primary catalyst for the repurchase.
Metaplanet's share price rebounds
According to Google Finance data, Metaplanet's stock has rebounded recently, with an increase of 18% in the past five days, and its market value has risen to 570 billion yen.
