Metaplanet Announces ¥75 Billion Share Buyback to Narrow Gap Between Market Value and Bitcoin Holdings

Japanese investment firm Metaplanet Inc. has officially announced a ¥75 billion (approximately US$500 million) share buyback program to be conducted over the next 12 months.
The move aims to reduce the gap between the company’s market capitalization and the net asset value (NAV) of its Bitcoin (BTC) holdings.

Buyback Program Details

According to the company’s official filings and supporting reports, Metaplanet currently holds 30,823 BTC, valued at approximately US$3.5 billion. The buyback program authorizes the firm to repurchase up to 150 million shares, representing roughly 13.13% of its total outstanding shares. Funding for the program will come from a US$500 million credit facility, secured by Metaplanet’s Bitcoin reserves.

Strategic Rationale Behind the Decision

The policy was introduced after the company’s market-to-net-asset-value ratio (mNAV) fell below 1.0×, indicating that Metaplanet’s market capitalization had dropped below the value of its Bitcoin holdings. In its official statement, Metaplanet noted that the decline in mNAV and ongoing market volatility had caused its share price to no longer reflect its true economic value.

As a result, the company decided to take advantage of the undervaluation by executing a buyback with the following objectives:

• Enhance capital efficiency,

• Increase “BTC yield per share”, or the amount of Bitcoin represented by each share,

• Strengthen investor confidence in the firm’s long-term Bitcoin accumulation strategy.

Following the announcement, Metaplanet’s stock price surged over 10% in a single trading session.
However, several analysts cautioned that debt-financed buybacks secured by Bitcoin collateral could expose the firm to additional risk if the crypto market experiences renewed pressure or a significant price decline.

Broader Industry Context

Metaplanet’s move comes amid a global trend among public Bitcoin-holding companies facing a growing disconnect between their market valuations and crypto asset holdings. Recent reports suggest that around 25% of Bitcoin treasury firms are currently trading below the net asset value (NAV) of their Bitcoin holdings. This phenomenon highlights a shift in market sentiment, where investors increasingly evaluate companies not solely based on their Bitcoin reserves, but also on their capital structure efficiency and management performance.

Through its ¥75 billion buyback initiative, Metaplanet aims to narrow the valuation gap between its share price and Bitcoin reserves.The policy reflects how large Bitcoin treasury firms are beginning to adapt their corporate strategies  not merely accumulating digital assets, but also optimizing capital structure and enhancing shareholder value in an increasingly mature and competitive crypto market environment.