Metaplanet Announces $500M Bitcoin-Backed Buyback for 13% of Shares
October 28, 2025
Metaplanet (3350), Asia’s largest publicly traded Bitcoin (BTC) holder, has launched a 13% share repurchase initiative to bolster shareholder value and enhance capital efficiency amid shifting market conditions.
The Tokyo-listed company said it will buy back up to 150 million common shares, targeting times when its market capitalization trades below 1.0x net asset value (NAV) — a strategy intended to increase BTC yield per share and align its stock valuation with intrinsic value.
To fund the program, Metaplanet established a $500 million credit facility secured by its Bitcoin holdings, providing flexibility to allocate capital toward share repurchases, additional BTC acquisitions, or other investment opportunities. The buyback will run from October 29, 2025, through October 28, 2026.
Metaplanet currently holds 30,823 BTC, valued at roughly $3.5 billion, and remains committed to its long-term target of acquiring 210,000 BTC by the end of 2027. The company acknowledged that market volatility and a decline in its mNAV multiple — a ratio of enterprise value to the market value of its Bitcoin — have led to a disconnect between its stock price and underlying fundamentals.
“In the current environment, our share price does not fully capture the company’s intrinsic economic strength,” Metaplanet said in a statement.
The repurchase represents 13.13% of total shares outstanding (excluding treasury stock), with an estimated value of ¥75 billion (approximately $495 million).
Following the announcement, Metaplanet shares rose 2% to 499 yen, reflecting renewed investor confidence in the firm’s balance sheet strategy and Bitcoin-focused growth outlook.
