Metaplanet turns to Bitcoin leverage for $500M buyback after stock value slips below BTC stash

Metaplanet’s market-based net asset value (mNAV) fell to 0.88 last week, prompting the Tokyo-listed Bitcoin treasury firm to launch the Bitcoin-backed share buyback.

Tokyo-listed Bitcoin treasury firm Metaplanet Inc. has unveiled a 75 billion Japanese yen (around $500 million) share repurchase program backed by a Bitcoin-collateralized credit facility, following a decline in its market-based net asset value (mNAV) below 1.

In a Tuesday announcement, the company said the move aims to maximize Bitcoin (BTC) yield per share and restore market confidence as its stock trades below the value of its Bitcoin holdings.

The buyback program, approved by the board, allows for the repurchase of up to 150 million common shares, representing 13.13% of total issued shares. The repurchase will run from Oct. 29, 2025, to Oct. 28, 2026, through purchases on the Tokyo Stock Exchange under a discretionary trading agreement.

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