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Metaplanet aims to enhance its Bitcoin returns by initiating a comprehensive share buyback program.
Summary
- Metaplanet has green-lit a ¥75B share repurchase covering 13.1% of its total shares.
- The initiative is intended to boost BTC Yield and stabilize valuation amidst market fluctuations.
- Backed by a $500M Bitcoin-secured credit facility for agile execution.
Metaplanet’s board has sanctioned a substantial ¥75.4 billion (~$500 million) share buyback initiative as part of its Bitcoin-centric financial strategy.
Announced on Oct. 28, the plan permits the company to repurchase up to 150 million shares, approximately 13.1% of its outstanding stock, within the upcoming year. This action is aimed at enhancing capital efficiency and increasing its “BTC Yield,” a metric reflecting the quantity of Bitcoin (BTC) held per share.
Enhancing BTC Yield and safeguarding valuation
According to the filed documents, the initiative aims to bolster shareholder value when Metaplanet’s market cap dips beneath its multiple-to-net-asset-value ratio of 1.0x, which assesses the company’s enterprise value against the market value of its Bitcoin assets.
Currently holding 30,823 BTC (valued at roughly $3.5 billion), Metaplanet stands as the largest public Bitcoin holder in Asia and ranks fourth globally.
The buyback will be financed through a $500 million credit facility backed by its Bitcoin holdings. This facility is also available for further BTC acquisitions or investments in Bitcoin-related income sources. The choice aligns with Metaplanet’s prudent allocation strategy, targeting 210,000 BTC, equating to 1% of total supply, by 2027.
Funding flexibility and market impact
The program provides Metaplanet the ability to buy back shares on the Tokyo Stock Exchange from Oct. 29, 2025, to Oct. 28, 2026, under a discretionary trading agreement. This follows a series of recent financial maneuvers, including a historic 5,268 BTC acquisition earlier in October and the halting of certain warrant exercises to prevent dilution.
Analysts point out that this initiative could alleviate short-selling pressure while directly boosting Bitcoin per share. As mNAV has fallen below parity for the first time since the initiation of its treasury strategy, Metaplanet perceives buybacks as an effective mechanism to reinforce intrinsic value and maintain its Bitcoin acquisition rate.
