Tokyo-listed Bitcoin treasury firm Metaplanet Inc. has unveiled a 75 billion Japanese yen (around $500 million) share repurchase program backed by a Bitcoin-collateralized credit facility, following a decline in its market-based net asset value (mNAV) below 1.
In a Tuesday announcement, the company said the move aims to maximize Bitcoin (BTC) yield per share and restore market confidence as its stock trades below the value of its Bitcoin holdings.
The buyback program, approved by the board, allows for the repurchase of up to 150 million common shares, representing 13.13% of total issued shares. The repurchase will run from Oct. 29, 2025, to Oct. 28, 2026, through purchases on the Tokyo Stock Exchange under a discretionary trading agreement.
To execute the plan, Metaplanet said it has established a Bitcoin-backed credit line with a borrowing capacity of around $500 million, enabling flexible funding for either share repurchases or additional Bitcoin acquisitions. The facility, the company said, may also serve as bridge financing for a planned preferred share issuance.
Related: Metaplanet Becomes 4th Largest Corporate Bitcoin Holder
Metaplanet’s mNAV drops to 0.88
Metaplanet’s mNAV, a ratio between the company’s value and its Bitcoin holdings, dropped to as low as 0.88 last week before rebounding, according to official data. The metric currently stands at 1.03.
The firm has also halted new Bitcoin purchases amid the drop in mNAV. The company currently holds 30,823 BTC ($3.5 billion) on its balance sheet, following its most recent acquisition of 5,268 BTC on Sept. 30. However, Metaplanet claimed it remains committed to its goal of acquiring 210,000 BTC by 2027.
On Monday, ETHZilla also announced a $40 million share buyback as its stock continues to trade at a sharp discount to NAV. The company said it has already repurchased around 600,000 shares worth $12 million since Oct. 24 under its $250 million buyback program.
In a recent report, 10x Research revealed that Bitcoin treasury firms have seen their NAVs collapse, wiping out billions in paper wealth.
The analysts said the boom in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has “fully round-tripped,” leaving retail investors deep in losses while firms accumulated real Bitcoin.
Related: Bitcoin Treasuries Can Earn More Bitcoin, says Willem Schroé
S&P assigns “B-” rating to Michael Saylor’s Strategy
Meanwhile, S&P Global Ratings has assigned Michael Saylor’s Strategy a “B-” credit rating, classifying it as speculative and non-investment grade, though with a stable outlook.
The agency flagged the firm’s heavy Bitcoin concentration, limited business diversification, weak capitalization and low US dollar liquidity as key vulnerabilities.
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