Metaplanet buyback: $500M credit facility and 150M-share repurchase plan

The Metaplanet buyback pairs a share repurchase program with a $500 million credit facility to address falling mNAV and support the company’s corporate Bitcoin treasury.

Why has Metaplanet launched a share repurchase program?

Metaplanet said it will repurchase up to 150 million shares — about 13% of issued shares excluding treasury — and has secured a $500M credit facility to improve capital efficiency.

The facility is scheduled to start on Oct 29, 2025 and will run for one year; repurchases will be executed on the Tokyo Stock Exchange according to the company disclosure reported by The Block.

How will the moves affect Metaplanet’s corporate Bitcoin treasury?

Since April 2024 Metaplanet has accumulated 30,823 BTC (roughly $3.5B) and reiterated a target of 210,000 BTC by end-2027.

The buyback and credit facility are aimed at limiting dilution while preserving the company’s ability to continue growing its corporate Bitcoin treasury.

What should investors consider after this Metaplanet buyback news?

Metaplanet’s market-to-net-asset value has swung sharply: a high of 10.33x on Feb 13, a low of 0.88x on Oct 17, and a recent reading of 1.03x. The stock trades around 499 JPY, well below its 1,895 JPY peak on June 16, though shares are 43.4% YTD.

Note: the effectiveness of a one-year $500M facility and large repurchase cap depends on execution, timing and market liquidity around Bitcoin and Tokyo Stock Exchange volumes.

In brief: the combined buyback and credit line is a defensive capital-management step designed to stabilise mNAV and balance short-term share supply with a long-term plan to accelerate Bitcoin accumulation.