Metaplanet Inc. has unveiled a new capital allocation and share repurchase strategy designed to maximize Bitcoin yield and boost long-term shareholder value. The Tokyo-based firm announced the initiative on October 28, marking another significant milestone in its aggressive Bitcoin treasury expansion.
Strengthening Its Bitcoin Treasury Vision
Since pivoting toward Bitcoin-focused treasury operations in 2024, Metaplanet has made BTC the core of its corporate strategy. Through ongoing capital raises, the company has accumulated 30,823 BTC, valued at roughly $3.5 billion — positioning it as the fourth-largest publicly listed Bitcoin holder globally and the largest in Asia.
The company’s newly announced Capital Allocation Policy outlines a structured framework for financing, investments, and shareholder returns, ensuring that every move aligns with the goal of enhancing Bitcoin yield and long-term enterprise value. Amid ongoing market volatility, Metaplanet emphasized that strategic flexibility in capital deployment will be essential for maintaining both growth and resilience.
New Capital Allocation Policy
Under the new policy, Metaplanet will operate based on three core principles. The first involves leveraging perpetual preferred shares to boost capital efficiency and increase Bitcoin yield without incurring refinancing risk.
The company has already begun preliminary discussions with the Tokyo Stock Exchange regarding a potential listing for these instruments, though formal approval is still pending.
The second pillar of Metaplanet’s strategy establishes clear rules for common share issuance. The company stated that it will not issue new common shares when its market-to-net asset value (mNAV) ratio falls below 1.0x. Capital raises through common stock will only occur when valuations exceed that level and align with the interests of long-term shareholders.
The third principle focuses on maximizing Bitcoin yield through share buybacks. When the mNAV ratio dips below 1.0x, repurchasing shares becomes a key component of the company’s capital strategy. Metaplanet also reserves the right to buy back shares even when valuations are above that threshold, if it believes the stock is trading below its intrinsic value.
Funding for these buybacks may come from cash reserves, preferred share issuances, credit facilities, or income generated from Bitcoin-based business operations.
Launching a Major Share Repurchase Program
In tandem with its new policy, Metaplanet also announced a large-scale share repurchase program authorizing the buyback of up to 150 million common shares, representing 13.13% of total outstanding shares. The program carries a maximum value of ¥75 billion (approximately $500 million) and will run from October 29, 2025, to October 28, 2026.
All repurchases will be executed through the Tokyo Stock Exchange.
To ensure smooth implementation of its new initiatives, Metaplanet’s board has approved a $500 million credit facility backed by Bitcoin collateral. The facility is designed to provide liquidity for share repurchases, additional Bitcoin acquisitions, and other strategic investments, while also serving as bridge financing ahead of the planned preferred share issuance.
Reinforcing Transparency and Long-Term Value
Metaplanet’s leadership, headed by CEO Simon Gerovich, described these initiatives as part of a long-term strategy to enhance financial discipline, improve capital efficiency, and strengthen shareholder confidence—all while aligning the company’s structure more closely with Bitcoin’s performance.
The company reaffirmed its commitment to transparency and to ensuring that every decision ultimately drives Bitcoin yield per share. With this comprehensive approach, Metaplanet continues to solidify its position as Asia’s leading Bitcoin-focused corporation, combining strategic ambition with measured financial stewardship in an evolving digital economy.
