Tokyo-listed Bitcoin treasury firm Metaplanet Inc. has announced a ¥75 billion (approximately $500 million) share repurchase program backed by a Bitcoin-collateralized credit line, following a drop in its stock price below its market-based net asset value (mNAV).
In a statement released Tuesday, the company said the initiative aims to enhance Bitcoin yield per share and restore investor confidence, as its shares currently trade below the value of its Bitcoin holdings.
The board-approved buyback plan authorizes the repurchase of up to 150 million common shares, or 13.13% of the company’s total issued shares. The program will be conducted through the Tokyo Stock Exchange under a discretionary trading agreement and will run from Wednesday through October 28, 2026.
To fund the buyback, Metaplanet has secured a Bitcoin-backed credit facility with a borrowing capacity of $500 million, providing flexibility to use the funds for share repurchases or additional Bitcoin acquisitions. The company added that the credit line could also act as bridge financing ahead of a planned preferred share issuance.
Metaplanet’s mNAV Falls to 0.88 Before Recovery
Metaplanet’s market-based net asset value (mNAV) — the ratio comparing the company’s market capitalization to the value of its Bitcoin holdings — fell to 0.88 last week before rebounding to 1.03, according to official data.
During the decline, the company paused new Bitcoin purchases to stabilize its balance sheet. Metaplanet currently holds 30,823 BTC (valued at roughly $3.5 billion) following its latest acquisition of 5,268 BTC on September 30. Despite the temporary halt, the firm reaffirmed its commitment to its long-term goal of accumulating 210,000 BTC by 2027.
In a related move, ETHZilla announced a $40 million share buyback on Monday after its stock began trading at a steep discount to its net asset value (NAV). The company reported that it has already repurchased around 600,000 shares worth $12 million since October 24 under its ongoing $250 million buyback program.
In a recent report, 10x Research noted that several Bitcoin treasury companies have experienced severe declines in their net asset values (NAVs), erasing billions in paper wealth.
According to the analysts, the surge of Bitcoin-focused firms that once traded at multiples of their actual BTC holdings has now “fully round-tripped,” leaving retail investors with significant losses while the companies themselves accumulated substantial amounts of Bitcoin.
S&P Assigns “B-” Rating to Michael Saylor’s Strategy
At the same time, S&P Global Ratings has given Michael Saylor’s company, Strategy, a “B-” credit rating, designating it as speculative and non-investment grade, though maintaining a stable outlook.
S&P highlighted the firm’s high Bitcoin exposure, limited business diversification, weak capitalization, and low U.S. dollar liquidity as major risk factors contributing to its vulnerable financial position.
