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Metaplanet is seeking to maximize its Bitcoin returns by exercising a massive share buyback program, signaling another strong commitment to its Bitcoin-centric treasury strategy as the crypto market faces renewed volatility.
Summary
- Metaplanet approves a ¥75.4 billion ($500 million) share buyback covering 13.1% of its float.
- Program aims to raise BTC Yield and support valuation amid market fluctuations.
- Funded through a Bitcoin-backed $500 million credit facility, offering flexibility and liquidity.
Tokyo, October 29, 2025 — Metaplanet’s board has officially approved a large-scale ¥75.4 billion (~$500 million) share repurchase program, marking one of the company’s most significant financial moves to date. The initiative is a key part of its Bitcoin-focused capital management plan, designed to enhance shareholder value and increase its BTC Yield — a measure of how much Bitcoin is held per share.
The program allows Metaplanet to buy back up to 150 million shares, representing about 13.1% of its outstanding stock, over the next 12 months. This decision comes as the company continues to leverage its Bitcoin holdings to strengthen both its balance sheet and market valuation.
Strengthening BTC Yield and Defending Valuation
According to the official filing, the buyback program is strategically structured to increase shareholder value when the company’s market capitalization falls below its multiple-to-net-asset-value (mNAV) ratio of 1.0x — a metric that compares Metaplanet’s enterprise value to the market value of its Bitcoin reserves.
This means the company will repurchase its shares whenever they trade below the intrinsic value of its Bitcoin assets, ensuring that the stock remains fairly priced and backed by its substantial crypto treasury.
By doing so, Metaplanet aims to raise its BTC Yield, effectively boosting the amount of Bitcoin represented by each share. This enhances intrinsic value per share while reducing the total float, a strategy that directly benefits long-term investors.
Metaplanet currently holds 30,823 BTC, valued at around $3.5 billion, making it the largest public Bitcoin holder in Asia and the fourth-largest globally.
Funded by a Bitcoin-Backed Credit Facility
The buyback will be financed using a $500 million Bitcoin-backed credit facility, giving Metaplanet the flexibility to execute its capital strategy without selling its Bitcoin reserves.
This credit line is secured entirely by the company’s Bitcoin holdings and can also be used for future BTC acquisitions or Bitcoin-yielding investment opportunities, such as lending or BTC-backed financing instruments.
Metaplanet stated that this decision aligns with its disciplined approach to capital allocation and supports its long-term ambition of accumulating 210,000 BTC — approximately 1% of total Bitcoin supply — by 2027.
Flexible Execution and Market Impact
The share repurchase program gives Metaplanet full discretion to execute buybacks on the Tokyo Stock Exchange between October 29, 2025, and October 28, 2026, under a discretionary trading framework.
This flexibility allows the company to act swiftly in response to market conditions, maximizing the efficiency of its capital deployment.
The buyback follows a series of recent strategic actions:
- A record 5,268 BTC purchase earlier in October, one of Metaplanet’s largest single-month acquisitions.
- The suspension of certain warrant exercises to prevent shareholder dilution and preserve per-share value.
Analysts believe the combination of these measures will reduce short-selling pressure, stabilize the share price, and increase the company’s BTC per share ratio.
Analyst Perspective: A Bold Bitcoin-Native Strategy
Industry experts have praised Metaplanet’s latest move as an innovative example of Bitcoin-native corporate finance.
By using Bitcoin as collateral to fund buybacks, the company is effectively leveraging its BTC reserves to enhance shareholder returns without liquidating its core asset.
With the mNAV ratio dipping below parity for the first time since Metaplanet began its Bitcoin accumulation strategy, analysts view the buyback as an efficient way to restore valuation parity, boost investor confidence, and reinforce the company’s Bitcoin accumulation rate.
“Metaplanet is redefining what it means to be a Bitcoin treasury firm,” one market analyst noted. “By using Bitcoin to back strategic financial decisions like this, the company is setting a precedent for how digital assets can drive shareholder value in traditional markets.”
Aiming for 210,000 BTC by 2027
Metaplanet’s long-term vision remains firmly centered on Bitcoin. The company aims to accumulate 210,000 BTC by 2027 — representing roughly 1% of total global Bitcoin supply.
To achieve this, the firm is utilizing a mix of:
- Bitcoin-backed credit facilities
- Opportunistic market purchases
- Value-enhancing share repurchases
- Disciplined capital management
This approach positions Metaplanet as a leader in Bitcoin treasury management, mirroring — and in some ways surpassing — strategies employed by firms like MicroStrategy and Marathon Digital.
Outlook: Strengthening Position Amid Volatility
Metaplanet’s bold financial maneuvers arrive at a time when Bitcoin markets remain volatile, influenced by macroeconomic factors such as interest rate expectations and global liquidity concerns.
By adopting a counter-cyclical strategy — buying back shares during undervaluation periods — Metaplanet not only defends its market capitalization but also prepares for stronger Bitcoin price performance in the coming quarters.
The company’s Bitcoin-backed balance sheet provides a rare combination of financial stability and growth potential, making it one of the most closely watched Bitcoin-treasury firms in Asia.
Conclusion
Metaplanet’s $500 million share buyback, approved on October 28, 2025, and launched on October 29, marks another decisive step in its evolution as a Bitcoin-integrated corporation.
By using Bitcoin-backed financing to execute buybacks, the company is amplifying its BTC Yield, protecting its valuation, and reinforcing its long-term mission to dominate the corporate Bitcoin landscape.
With over 30,000 BTC already held and an ambitious target of 210,000 BTC by 2027, Metaplanet continues to position itself at the forefront of a financial revolution — one where Bitcoin becomes the foundation of modern corporate strategy.
FAQs
1. What is Metaplanet’s BTC Yield?
BTC Yield measures how much Bitcoin each Metaplanet share represents. When the company buys back its own shares, the total number of shares decreases, meaning each remaining share is backed by more Bitcoin. This effectively raises the value per share and strengthens investor ownership in the company’s Bitcoin reserves over time.
2. How much is the buyback worth and what portion of shares does it cover?
The buyback is valued at ¥75.4 billion, roughly $500 million, and covers up to 13.1% of Metaplanet’s total float. This large-scale repurchase aims to improve capital efficiency, increase BTC Yield, and stabilize the company’s valuation during market downturns or when its stock trades below the value of its Bitcoin holdings.
3. How will Metaplanet fund the share repurchase program?
Metaplanet will finance the program using a $500 million Bitcoin-backed credit facility. This approach allows the company to raise funds by using its Bitcoin as collateral rather than selling it. The same facility provides flexibility for additional Bitcoin purchases or investments in BTC-yielding assets, ensuring continued growth of its Bitcoin treasury.
4. How many Bitcoins does Metaplanet currently hold?
As of October 2025, Metaplanet holds 30,823 BTC, valued at approximately $3.5 billion. This makes it the largest public Bitcoin holder in Asia and the fourth-largest globally. The company has steadily increased its holdings through purchases, credit-backed acquisitions, and reinvestment of capital gains from its strategic treasury operations.
5. What is Metaplanet’s long-term Bitcoin strategy?
Metaplanet’s long-term goal is to accumulate 210,000 BTC by 2027, representing around 1% of the total Bitcoin supply. The company aims to achieve this by combining Bitcoin-backed credit financing, share buybacks, and disciplined treasury management. This strategy positions Metaplanet as a global leader in Bitcoin-integrated finance and a model for corporate adoption of digital assets.
