Tokyo-listed Bitcoin treasury firm Metaplanet Inc. has announced a massive ¥75 billion ($500 million) share buyback initiative, financed through a Bitcoin-collateralized credit facility.
The company said the move aims to enhance shareholder value by maximizing Bitcoin yield per share and restoring investor confidence, after its market-based net asset value (mNAV) fell below parity.
The board-approved program permits the repurchase of up to 150 million common shares, or 13.13% of Metaplanet’s issued stock, between October 30, 2025, and October 28, 2026.
All buybacks will take place on the Tokyo Stock Exchange under a discretionary trading agreement.
Bitcoin-Backed Credit Facility Enables Flexibility
To finance the program, Metaplanet established a $500 million credit line secured by Bitcoin, giving the company flexibility to allocate funds toward either share repurchases or additional Bitcoin acquisitions.
The credit facility could also act as bridge financing ahead of a planned preferred share issuance.
According to the firm, this structure reflects its long-term strategy to leverage Bitcoin as both a treasury asset and a financial tool.
mNAV Recovery Follows Volatility
Metaplanet’s mNAV ratio, which compares its total valuation to its Bitcoin holdings, dipped as low as 0.88 last week before rebounding to 1.03, based on official data.
The drop prompted the company to temporarily pause new Bitcoin purchases, though it reaffirmed its goal of holding 210,000 BTC by 2027.
Currently, Metaplanet holds 30,823 BTC, valued at around $3.5 billion, following its most recent acquisition of 5,268 BTC on September 30.
The firm remains among the largest corporate Bitcoin holders globally, a position that has drawn increasing attention from both retail and institutional investors.
Broader Trend of Share Buybacks Among Bitcoin Treasuries
Metaplanet’s announcement comes as other Bitcoin-holding companies take similar steps to narrow discounts to NAV.
On Monday, ETHZilla unveiled a $40 million share buyback, part of a larger $250 million program, after its shares began trading well below their asset value.
The firm confirmed it had already repurchased 600,000 shares worth $12 million since October 24.
Analysts at 10x Research recently highlighted that several Bitcoin treasury companies have experienced sharp NAV declines, erasing billions in paper gains.
They noted that firms that previously issued shares at inflated multiples of their Bitcoin value have now “fully round-tripped,” leaving retail investors with steep losses while companies accumulated real BTC assets.
S&P Rates MicroStrategy “B-” Amid Bitcoin Exposure
In a related development, S&P Global Ratings assigned Michael Saylor’s MicroStrategy a “B-” speculative credit rating, citing concerns about its heavy Bitcoin concentration, limited business diversification, and low U.S. dollar liquidity.
Despite these risks, the rating carries a stable outlook, suggesting confidence in the company’s operational management and strategic positioning.
As Bitcoin’s price volatility continues, corporate treasuries like Metaplanet and MicroStrategy remain at the forefront of a new financial paradigm—one that blends traditional equity strategies with Bitcoin-backed financial engineering.
