Metaplanet Launches Massive $500M Buyback Plan to Boost BTC Yield

Metaplanet Inc., Japan’s leading Bitcoin treasury firm, has announced a $500 million share repurchase program to repurchase 150 million shares and enhance its BTC Yield metric. Funded by a Bitcoin-backed credit facility, the initiative aims to counter market undervaluation and short-selling pressure. 

The Tokyo-based company seeks to optimize capital efficiency without diluting shareholders. The strategy aligns with its ambitious goal of amassing 210,000 BTC by 2027.

The $500M Share Buyback Program

Metaplanet’s board has decided to buy back up to 150 million common shares, which is about 13.1% of its total stock. The buyback program will run from October 29, 2025, to October 28, 2026, and will take place on the Tokyo Stock Exchange. The company will use a $500 million credit line backed by bitcoin to fund the share buyback, giving it the flexibility to repurchase shares or acquire more BTC as needed.

The plan will start when the market net asset value (mNAV) falls below 1.0x, which was at 0.88x last week. Metaplanet CEO Simon Gerovich mentioned that the goal is to increase Bitcoin Yield and regain investor confidence. The buyback follows an intraday 2–6% rise in the stock price, which closed at $3.29, showing market support after a 25% increase in the past week. 

Significance to Previous Strategies

Metaplanet shifted its strategy from relying on equity issuances to a new buyback focused on increasing shareholder value. Previously, the company used zero-interest bonds and put options to raise funds for 5,000 BTC by mid-2025, but these methods diluted shares and led to an increase in the number of outstanding shares, despite a high BTC Yield of 496.4%. 

The Tokyo-based company holds 30,823 BTC worth $3.5 billion, making it the fourth-largest public Bitcoin holder in the world. The new plan aims to reduce fluctuations in market net asset value (mNAV) by buying back shares to improve BTC Yield. 

Now, with a $500 million credit line collateralized by BTC, the company has a non-dilutive way to fund its operations more efficiently. The buyback builds on the issuance of perpetual preferred shares in October 2025 that raised funds for 5,268 BTC without diluting common shares. This approach allows BTC price increases to support further stock repurchases or acquisitions, offering an edge over previous asset-backed bonds.

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