Key TakeawaysMetaplanet unveils a ¥75 billion ($500 million) share repurchase program backed by Bitcoin-collateralized credit.The buyback targets up to 150 million shares (13.13%) of total float, running from Oct 29, 2025, to Oct 28, 2026.Metaplanet’s Bitcoin holdings stand at 30,823 BTC ($3.5 billion) after the firm paused new purchases amid mNAV drop to 0.88. "Japan's Bitcoin Treasury" Moves to Restore Its Market ValueTokyo-listed Bitcoin treasury company Metaplanet Inc. announced a ¥75 billion ($500 million) stock buyback program backed by a Bitcoin-secured credit line, following a slide in its market-based net asset value (mNAV) below parity.The initiative, approved by the board, allows Metaplanet to repurchase up to 150 million common shares, or 13.13% of its outstanding equity, over a one-year period beginning October 29, 2025, and ending October 28, 2026. Purchases will occur on the Tokyo Stock Exchange under a discretionary trading agreement.The company said the plan’s goal is to maximize Bitcoin yield per share and rebuild investor confidence, as Metaplanet’s stock continues to trade below the value of its Bitcoin holdings.Source: Metaplanet on XBitcoin-Backed Credit Line Adds FlexibilityTo finance the initiative, Metaplanet has established a Bitcoin-backed credit facility worth approximately $500 million (764 billion Japanese yen). The loan structure allows the company to borrow against its Bitcoin reserves, providing flexible funding for share repurchases, new BTC acquisitions, or Bitcoin-yielding investments.CEO Simon Gerovich said the credit arrangement strengthens the firm’s ability to optimize capital allocation and enhance shareholder value. He noted that the program marks a “strategic milestone” in aligning corporate performance with Bitcoin’s long-term appreciation.According to official filings, the credit line may also serve as bridge financing for an upcoming preferred share issuance, giving Metaplanet broader liquidity options. mNAV and Bitcoin Holdings UpdateMetaplanet’s mNAV, which compares the company’s market value to its Bitcoin reserves, fell to 0.88 last week before recovering to 1.03. The drop prompted the firm to pause new Bitcoin purchases temporarily.As of the latest update, the company holds 30,823 BTC, valued at roughly $3.5 billion, after acquiring 5,268 BTC on September 30. Despite the pause, management reaffirmed its long-term target of accumulating 210,000 BTC by 2027, signaling continued institutional conviction in Bitcoin’s role as a treasury asset. Bitcoin Treasury Firms Face Valuation GapMetaplanet’s move follows a broader trend among Bitcoin treasury companies seeking to close valuation gaps between their share price and net Bitcoin value. On Monday, ETHZilla announced a $40 million share buyback amid similar market discount pressures, repurchasing around 600,000 shares worth $12 million since October 24.Analysts say the boom in Bitcoin treasury equities—many of which were issued at multiples of their BTC-per-share value—has now “fully round-tripped”, with retail investors bearing losses while corporate treasuries accumulate Bitcoin at lower prices. Outlook: Setting a New Standard for Bitcoin-Backed FinanceMetaplanet, often referred to as Japan’s “Bitcoin treasury”, has steadily transformed its corporate balance sheet into a BTC-centric reserve model since mid-2024. Market observers believe the firm’s Bitcoin-collateralized buyback could set a new precedent for Bitcoin-backed corporate finance globally.If successful, the program may both boost per-share Bitcoin exposure and enhance yield generation, reinforcing institutional interest in Bitcoin as a strategic asset rather than a speculative holding.
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