Key takeaways
What is the share repurchase program designed to do?
It aims to improve capital efficiency and help ensure that the share price reflects the true value of the company’s assets, especially its Bitcoin holdings.
How many shares does Metaplanet plan to buy back?
The company plans to buy back up to 150 million shares by October 29, 2026.
Metaplanet, now recognized as the fourth largest public holder of Bitcoin [BTC]is moving aggressively to reshape its financial strategy.
Metaplanet shares rose
On October 28, the signing announced an important strategic change. It unveiled a new capital allocation framework, introduced a share buyback program and secured a $500 million credit line.
Together, these measures have significantly boosted investor sentiment, indicating confidence and long-term commitment.
Following the announcement, the company’s shares rose more than 10%, pushing its weekly gains to more than 25%.
In fact, at press time, the shares rose 2.25% and were trading at 499 yen, according to Google Finance.
However, behind the short-term rebound lies a more complex picture.
Metaplanet shares remain 73% below their June 16 high of ¥1,895, despite being 43.4% higher so far this year.
Metaplanet’s New Adjusted Net Asset Value
Meanwhile, the company’s market adjusted net asset value (mNAV), which reached 10.33 times in February, has risen again from its October lows and stood at 1.03 times at the time of writing.
The market seems to be responding, but the real question is whether this change indicates a sustained change or another short-lived increase.
Therefore, by launching a share buyback program, the company aims to restore capital efficiency and bolster market confidence, particularly as its market value to its net assets has lagged the intrinsic value of its BTC holdings.
Metaplanet noted that by providing more information,
“We recognize that due to increasing market volatility and a decline in mNAV, our share price currently does not adequately reflect our intrinsic economic value.”
CEO Simon Gerovich gives his opinion
Commenting on the development, CEO Simon Gerovich explained that the buyback initiative is designed to improve capital efficiency and boost the company’s overall Bitcoin performance.
He added that the company intends to buy back up to 150 million shares by October 29, 2026. This plan is supported by a recently approved $500 million credit facility, which offers flexible access to liquidity.
If the strategy is successful, the treasury could use the funds for additional Bitcoin acquisitions, expand its Bitcoin revenue operations, or continue to buy back shares.
The development comes as Bitcoin was trading. around $114,289.80, at press time, down slightly on the day, and shortly after Metaplanet reached its long-term milestone of holding 10,000 BTC.
What is more?
Metaplanet’s achievement of the 10,000 BTC milestone marks a pivotal moment in its Bitcoin treasury strategy. This milestone not only puts the company ahead of Coinbase in holdings, but also sets the stage for a much more ambitious accumulation goal by 2026.
However, analysts warn that maintaining this momentum will require preserving a healthy valuation premium. If mNAV (market net asset value) falls closer to or below parity, the issuance of new shares financed by Bitcoin could begin to dilute shareholder value rather than enhance it.
For now, investor confidence remains strong. Still, Metaplanet’s long-term success will depend on its ability to effectively balance growth, market volatility and capital discipline.
