TOKYO – Japanese firm Metaplanet, a prominent corporate holder of Bitcoin, has announced a significant share buyback program to address what it sees as an undervaluation of its stock by the market, despite its long-term digital asset accumulation strategy.
The company plans to repurchase up to 150 million ordinary shares, representing about 13% of its total capital, excluding treasury shares. This move is aimed at enhancing capital efficiency and responding to a recent decline in its market-to-net-asset value (mNAV) indicator.
The mNAV metric compares a company’s market value against the value of its Bitcoin holdings. Metaplanet reported that its mNAV had fallen to 0.88x on October 17, after peaking at 10.33x on February 13. A value below 1.0x indicates the market is valuing the company below its net asset value.
To finance the program, Metaplanet’s board approved a $500 million credit line, effective for one year starting October 29, 2025. These funds are designated exclusively for purchasing shares on the Tokyo Stock Exchange.
Metaplanet has been aggressively accumulating Bitcoin since April 2024. It currently holds 30,823 BTC, valued at approximately $3.5 billion. This makes it the fourth-largest corporate Bitcoin treasury globally and the largest in Asia.
The company has reiterated its ambitious target of reaching 210,000 BTC by the end of 2027, reaffirming its commitment to a long-term corporate Bitcoin strategy.
Despite its Bitcoin strategy, Metaplanet’s stock, while up 43.4% year-to-date, has seen significant volatility. Its current price of 499 Japanese Yen is 73% below its historical high of 1,895 Japanese Yen reached on June 16.
The decline in Metaplanet’s mNAV has sparked broader discussions about the viability of business models centered on corporate crypto treasuries. Other firms like BitMine and SharpLink Gaming have also experienced their mNAV falling below 1x.
Joe Lubin, founder of Consensys and president of SharpLink, noted in an interview that such ratios can temporarily decline due to cyclical trends in global financial markets, suggesting it does not always signal structural weakness.
Through its new buyback program, Metaplanet seeks to instill confidence in the market. The company aims to reaffirm that its Bitcoin-based capital strategy remains sustainable, even during periods of high market volatility.