Metaplanet Launches $500M Bitcoin-Backed Share Buyback as Stock Falls Below Holdings Value

TLDR

• Metaplanet launched a $500 million share buyback program after its stock value fell below its Bitcoin holdings, with mNAV dropping to 0.88
• The buyback is funded by a Bitcoin-collateralized credit facility and allows purchase of up to 150 million shares (13% of total)
• Metaplanet holds 30,823 BTC worth $3.5 billion and halted new Bitcoin purchases during the mNAV decline
• The program runs from October 2025 through October 2026 and aims to maximize Bitcoin yield per share
• S&P Global Ratings assigned Strategy (Michael Saylor’s company) a “B-” speculative credit rating, citing Bitcoin concentration risks

Tokyo-listed Bitcoin treasury company Metaplanet Inc. announced a 75 billion yen share repurchase program on Tuesday. The move comes after the company’s stock value dropped below its Bitcoin holdings.

The buyback allows Metaplanet to purchase up to 150 million common shares. This represents 13.13% of the company’s total issued shares.

The program will run from Wednesday through October 28, 2026. Purchases will occur on the Tokyo Stock Exchange through a discretionary trading agreement.

Metaplanet established a Bitcoin-backed credit line to fund the buyback. The facility has a borrowing capacity of $500 million.

The credit line can be used for share repurchases or additional Bitcoin acquisitions. It may also serve as bridge financing for a planned preferred share issuance.

Stock Trades Below Bitcoin Value

Metaplanet’s market-based net asset value (mNAV) fell to 0.88 last week. The mNAV measures the ratio between a company’s market value and its Bitcoin holdings.

The metric has since rebounded to 1.03. When mNAV falls below 1.0, it means the stock trades at a discount to the company’s Bitcoin holdings.

The company halted new Bitcoin purchases during the mNAV decline. Metaplanet currently holds 30,823 BTC on its balance sheet.

The Bitcoin holdings are valued at approximately $3.5 billion. The company’s most recent Bitcoin acquisition was 5,268 BTC on September 30.

Metaplanet stated it remains committed to acquiring 210,000 BTC by the end of 2027. The company said the stock price does not reflect its intrinsic economic value due to market volatility.

Industry Faces Similar Challenges

ETHZilla announced a $40 million share buyback on Monday. The company’s stock also trades at a discount to its net asset value.

ETHZilla repurchased around 600,000 shares worth $12 million since October 24. This is part of its larger $250 million buyback program.

A recent 10x Research report found that several Bitcoin treasury firms saw their NAVs collapse. The report stated that retail investors suffered losses while firms accumulated Bitcoin.

S&P Global Ratings assigned Strategy a “B-” credit rating. Strategy is Michael Saylor’s Bitcoin treasury company.

The rating is classified as speculative and non-investment grade. S&P cited Bitcoin concentration, limited business diversification, weak capitalization and low dollar liquidity as concerns.

Metaplanet shares rose 2% to 499 yen following the buyback announcement. The program aims to maximize Bitcoin yield per share and restore market confidence.

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