Metaplanet Doubles Down on Bitcoin Sovereignty with $500 Million Buyback Plan
Metaplanet unveils $500M Bitcoin-backed buyback to raise BTC yield and reinforce market confidence.
In a bold reaffirmation of its Bitcoin-first corporate strategy, Japan’s Metaplanet has announced a ¥75.4 billion ($500 million) share buyback program, one of the largest repurchase plans in Asia’s digital asset sector. The move, approved by the company’s board on October 28, aims to boost shareholder value, strengthen its “BTC Yield,” and stabilize market sentiment amid recent volatility.
Under the plan, Metaplanet will repurchase up to 150 million shares, representing approximately 13.1% of its total outstanding stock. The buyback, scheduled to run from October 29, 2025, to October 28, 2026, will be conducted through a discretionary trading agreement on the Tokyo Stock Exchange. The company intends to fund the initiative via a Bitcoin-backed credit facility, further cementing its identity as one of the most Bitcoin-leveraged public firms in the world.
According to Metaplanet, the program aligns with its broader mission to enhance capital efficiency while expanding its Bitcoin holdings. The company’s “BTC Yield” metric — referring to the amount of Bitcoin held per share — is central to its valuation model. By reducing the number of shares in circulation, Metaplanet effectively increases each investor’s proportional claim on its Bitcoin reserves.
Currently, Metaplanet holds 30,823 BTC, valued at roughly $3.5 billion, making it Asia’s largest public Bitcoin holder and the fourth largest globally. The company’s long-term ambition is to accumulate 210,000 BTC by 2027, equivalent to around 1% of Bitcoin’s total supply.
The buyback will be executed strategically, triggered when the company’s market value drops below its multiple-to-net-asset-value (mNAV) ratio of 1.0x. This threshold, which compares the firm’s enterprise value to the market value of its Bitcoin reserves, signals when shares are trading at a discount relative to their underlying assets.
“Metaplanet remains committed to a disciplined capital allocation strategy rooted in Bitcoin accumulation and shareholder value creation,” a company statement read. “The share repurchase program reflects our confidence in both our balance sheet strength and the long-term trajectory of Bitcoin.”
The decision follows a series of aggressive moves by Metaplanet this month, including a record purchase of 5,268 BTC and the temporary suspension of certain warrant exercises to limit dilution. Analysts believe the buyback could help offset short-selling pressure and reassert confidence in the company’s valuation after its mNAV ratio dipped below parity for the first time since adopting its Bitcoin treasury model.
With its latest initiative, Metaplanet is signaling more than financial prudence — it is doubling down on Bitcoin as the cornerstone of corporate finance. By integrating digital assets directly into its balance sheet strategy, the company continues to blur the boundaries between traditional equity management and crypto-native monetary policy.
