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- Metaplanet launches ¥75B Bitcoin-backed buyback to boost confidence after mNAV drops below parity.
- The firm secures a $500M Bitcoin credit line to fund share repurchases or new Bitcoin acquisitions.
- Holding 30,823 BTC worth $3.5B, the company targets 210,000 BTC by 2027 while pausing new purchases.
Metaplanet Inc. is a Tokyo-based Bitcoin treasury firm listed on the Tokyo Stock Exchange and has declared a 75 billion yen ($500 million) share buyback. The purchase will be backed by a credit facility secured by Bitcoin. This move comes after a recent decline in the market-based net asset value (mNAV) of the company, which was under 1.0, indicating that its stock was trading at a discount to underlying Bitcoin holdings.
In the announcement on Tuesday, it has been noted that the move will increase the Bitcoin yield per share and restore market confidence. The program was passed by the board of Metaplanet because its stock dropped to a lower value than its holdings in Bitcoin. The plan permits the repurchase of 150 million common shares, or approximately 13.13% of the outstanding stock.
Metaplanet Secures $500M Bitcoin Credit Line to Fund Tokyo Buyback
The buybackwill take place in the Tokyo Stock Exchange under a discretionary trading arrangement. It starts on Wednesday, and it is up till October 28, 2026. The company observed that this would offer flexibility, and the execution timing will be controlled by the market conditions.
Metaplanet obtained a credit line of $500 million using Bitcoin to back the program. The plan allows the company to finance either the buyback of shares or the acquisition of Nouveau Bitcoin. It can also be bridge financing for an intended preferential share issue.
Last week, the mNAV of Metaplanet reached a low of 0.88, and then it rebounded to 1.03, as per official data. The company cancelled new Bitcoin purchases as the currency went down to stabilize the financial indicators. Nonetheless, it reiterated its intention to increase its Bitcoin assets as a long-term plan.
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Rising Bitcoin Reserves Fuel Buyback Momentum
The company now owns 30,823 BTC worth approximately $3.5 billion. It last bought 5,268 BTC on September 30. Even though it was volatile in the short term, Metaplanet indicated that it will continue pursuing its vision of owning 210,000 BTC by 2027.
On Monday, another crypto-linked company, ETHZilla, announced a buyback of up to $40 million shares when its shares were listed at a significant discount to net asset value. It has already bought back approximately 600,000 shares valued at $12 million.
The 10x Research reported that the value of various Bitcoin treasury companies has dropped significantly, eliminating billions of paper wealth. The report cautioned that now-overvalued values are fixed, and retail investors are left with massive losses and companies with real holdings of Bitcoin.
S&P Global Ratings has just rated the strategy of Michael Saylor with a “B-” credit rating as speculative. The agency mentioned its high exposure to Bitcoin, the lack of strong capitalization. And insufficient liquidity in dollars as the main weaknesses.
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