Metaplanet Spends $500 Million to Rescue Its Falling Stock

​Key Highlights

• Metaplanet announces $500M buyback after sharp mNAV decline
• Company aims to boost investor confidence and Bitcoin strategy
• Move could reshape Japan’s approach to crypto-backed finance

Metaplanet, one of Japan’s most prominent Bitcoin-holding companies, announced a share repurchase program of up to 150 million common shares — about 13% of its outstanding securities, excluding treasury shares.

The buyback, valued at $500 million, comes amid a sharp decline in the company’s market capitalization-to-net asset value (mNAV) ratio, a key metric for firms with large cryptocurrency reserves.

“Metaplanet has established a share repurchase program to enhance capital efficiency and maximize BTC Yield. The Board also approved a credit facility to enable flexible execution as part of the company’s capital allocation strategy,” the company’s management said in an official statement.

When numbers speak louder than words

Despite being up 43.4% year-to-date, Metaplanet’s stock has fallen steeply from its June 16 peak of 1,895 yen, currently trading around 499 yen — down roughly 73%.

Metaplanet chart embed

The company’s mNAV has also declined from a high of 10.33x in February to 1.03x, after briefly dropping to 0.88x on October 17.

To address investor concerns, Metaplanet’s Board of Directors approved the establishment of a $500 million credit line with a one-year term beginning October 29, 2025. The share repurchase will take place on the Tokyo Stock Exchange, aiming to stabilize stock performance and improve capital efficiency.

Bitcoin strategy in action

Since adopting its Bitcoin reserve strategy in April 2024, the Tokyo-based company has accumulated 30,823 BTC, valued at approximately $3.5 billion.

This makes Metaplanet the fourth-largest corporate Bitcoin holder worldwide and the largest in Asia, according to Bitcoin Treasuries data.

​Top 10 Corporate Bitcoin Holders. Source: Bitcoin Treasuries

“The buyback program will be particularly effective when mNAV falls below 1.0x,” said the company, reaffirming its long-term goal of reaching 210,000 BTC by the end of 2027.

Challenges beyond Metaplanet

Metaplanet’s falling mNAV reflects a broader issue for crypto-backed corporations, whose valuations depend heavily on digital asset prices and liquidity.

Other companies with crypto reserves, such as BitMine and SharpLink Gaming, have also seen their mNAV drop below 1x, raising questions about the sustainability of the crypto-reserve business model.

Even so, Metaplanet says it remains committed to a disciplined capital allocation strategy, using share buybacks as a tool to improve capital efficiency and enhance shareholder value amid persistent market volatility. ​