Metaplanet starts share buyback program to address mNAV decline
Metaplanet initiated a share buyback program to counter its declining market-to-net-asset value (mNAV).Summary
Japanese bitcoin treasury company Metaplanet announced plans to repurchase up to 150 million common shares, representing 13% of its outstanding stock, to improve capital efficiency and address its declining market-to-net-asset value (mNAV). Metaplanet stated that current stock prices do not reflect its intrinsic value due to market volatility and falling mNAV, noting the program is especially effective when mNAV drops below 1.0x. The company has secured a $500 million credit facility for the buybacks, which will occur on the Tokyo Stock Exchange. Metaplanet currently holds 30,823 BTC, valued around $3.5 billion, and aims to reach 210,000 BTC by the end of 2027. The decline in mNAV is a crucial indicator for treasury firms, reflecting concerns about long-term viability, a trend also seen in other digital asset treasury companies.
(Source：The Block)