Metaplanet’s Share Repurchase Initiative
Metaplanet has initiated a significant strategy to bolster its Bitcoin investment returns through an extensive share repurchase initiative. On October 28, the company’s board sanctioned a substantial ¥75.4 billion (approximately $500 million) program allowing it to repurchase up to 150 million shares—representing roughly 13.1% of its total outstanding shares—over the forthcoming year.
Objectives and Market Conditions
This initiative aligns with Metaplanet’s objective to optimize capital efficiency and elevate its Bitcoin yield, a crucial metric that reflects the amount of Bitcoin (BTC) held per share. The plan comes in response to conditions where Metaplanet’s market valuation falls below its multiple-to-net-asset-value ratio of 1.0x, a benchmark that assesses the company’s enterprise value against the current market worth of its Bitcoin assets.
Presently, Metaplanet holds 30,823 BTC, valued at about $3.5 billion, affirming its status as the leading public Bitcoin holder in Asia and the fourth largest in the world.
Capital Allocation Policy
To inform their financing and investment ventures, Metaplanet has developed a comprehensive Capital Allocation Policy aimed at maximizing BTC yield while enhancing long-term value for shareholders. Funding for this buyback will be sourced from a $500 million credit line secured by the company’s sizable Bitcoin reserves. This facility is also planned for future Bitcoin acquisitions and investments that create income streams supported by Bitcoin.
Additionally, Metaplanet is on a trajectory to amass a total of 210,000 BTC by the year 2027, representing 1% of the overall supply.
Implementation of the Buyback Program
The share repurchase program will permit Metaplanet to buy shares listed on the Tokyo Stock Exchange between October 29, 2025, and October 28, 2026, as part of a discretionary trading agreement. This financial maneuver follows a recent record-setting purchase of 5,268 BTC in October and the temporary suspension of certain warrant exercises to mitigate potential share dilution.
Market Analysts’ Perspective
Market analysts believe this new initiative could alleviate short-selling pressure while simultaneously augmenting the Bitcoin value attributed to each share.
With Metaplanet’s market-to-net asset value (mNAV) ratio having dipped below the previously established benchmarks for the first time since implementing their treasury strategy, the company views this buyback as a strategic tool for reinforcing intrinsic value and supporting its ongoing Bitcoin accumulation plans.
