Metaplanet’s $500M BTC-Backed Share Buyback After mNAV Drop
Metaplanet, a Tokyo-listed Bitcoin treasury firm, has launched a ¥75 billion ($500 million) BTC-backed share buyback program on the Tokyo Stock Exchange, authorising up to 150 million shares (13.13%) under a discretionary trading plan through October 2026. The buyback is funded by a JPY 75 billion Bitcoin-secured credit facility, providing flexibility for additional Bitcoin purchases or a planned preferred share issuance. The decision follows a drop in Metaplanet’s market-based net asset value (mNAV) to a low of 0.88 — since rebounding to 1.03 — prompting a pause in new Bitcoin acquisitions. The company holds 30,823 BTC (≈$3.5 billion) and aims to acquire 210,000 BTC by 2027. In related developments, ETHZilla announced a $40 million share buyback amid NAV discounts, while S&P assigned a ‘B-’ rating to Michael Saylor’s Strategy, citing high BTC concentration and limited liquidity. Analysts warn that leveraged, Bitcoin-backed share buyback strategies may bolster investor confidence short term but risk crypto market stability.
Neutral
Metaplanet’s BTC-backed share buyback and secured credit facility signal strong investor confidence and reduce share supply, which could support the firm’s stock but have limited direct impact on Bitcoin’s market price. The pause in new Bitcoin purchases removes potential buying pressure, while long-term BTC accumulation targets may underpin future demand. Overall, these leveraged share buyback strategies offer neither significant bullish nor bearish pressure on Bitcoin’s price, leading to a neutral market outlook.