Metaplanet is seeking to maximize its Bitcoin returns be exercising a massive share buyback program.
Summary
- Metaplanet approves a ¥75B share buyback covering 13.1% of its float.
- Program aims to raise BTC Yield and support valuation amid market volatility.
- Funded by a $500M Bitcoin-backed credit facility for flexible execution.
Metaplanet’s board has approved a large-scale ¥75.4 billion (~$500 million) share repurchase program as part of its Bitcoin-focused capital strategy.
Announced on Oct. 28, the plan allows the company to buy back up to 150 million shares, around 13.1% of its outstanding stock, over the next year. The move aims to improve capital efficiency and raise its “BTC Yield,” a measure of Bitcoin (BTC) held per share.
Strengthening BTC Yield and defending valuation
According to the filing, the program is designed to increase shareholder value when Metaplanet’s market value falls below its multiple-to-net-asset-value ratio of 1.0x, which compares the company’s enterprise value to the market value of its Bitcoin holdings.
With 30,823 BTC currently on its balance sheet (worth about $3.5 billion), Metaplanet remains the largest public Bitcoin holder in Asia and the fourth-largest globally.
The company will fund the buyback using a $500 million credit facility secured by its Bitcoin reserves. The same facility can be used for additional BTC purchases or investments in Bitcoin-backed income streams. The company said the decision aligns with Metaplanet’s disciplined allocation strategy and goal of acquiring 210,000 BTC, or 1% of supply, by 2027.
Funding flexibility and market impact
The program gives Metaplanet discretion to repurchase shares on the Tokyo Stock Exchange between Oct. 29, 2025, and Oct. 28, 2026, under a discretionary trading agreement. It follows a series of recent financial moves, including a record 5,268 BTC purchase earlier in October and the suspension of certain warrant exercises to avoid dilution.
Analysts note that the initiative could reduce short-selling pressure while directly increasing Bitcoin per share. With mNAV dipping below parity for the first time since its treasury strategy began, Metaplanet views buybacks as an efficient tool to reinforce intrinsic value and preserve its Bitcoin accumulation rate.
