Metaplanet turns to Bitcoin leverage for $500M buyback after stock value slips below BTC stash
Metaplanet announced a $500M share repurchase program collateralized by Bitcoin after its stock traded below its BTC holdings value.Summary
Tokyo-listed Bitcoin treasury firm Metaplanet Inc. initiated a 75 billion Japanese yen (approximately $500 million) share repurchase program. This move follows a decline in its market-based net asset value (mNAV) below 1, indicating the stock was trading below the value of its Bitcoin holdings. The buyback, approved by the board, allows for repurchasing up to 13.13% of total shares between October 2025 and October 2026. To fund this, Metaplanet established a Bitcoin-backed credit line with a $500 million borrowing capacity, which can also be used for additional Bitcoin acquisitions or bridge financing for a preferred share issuance. The company, which holds 30,823 BTC, has temporarily halted new Bitcoin purchases amid the mNAV drop but remains committed to its 210,000 BTC goal by 2027. This situation mirrors broader market trends where Bitcoin treasury firms have seen their NAVs collapse.
(Source：Cointelegraph)