Key Takeaways
What is the share buyback program intended for?
It aims to improve capital efficiency and ensure that the share price reflects the true asset value of the company, especially its Bitcoin holdings.
How many shares does Metaplanet plan to buy back?
The company plans to repurchase up to 150 million shares by October 29, 2026.
Metaplanet, now recognized as the fourth largest public holder of Bitcoin [BTC]is aggressively transforming its financial strategy.
Metaplanet shares have soared
On October 28, the company announced a major strategic change. It unveiled a new capital allocation framework, introduced a share buyback program and secured a $500 million credit facility.
Together, these steps have significantly strengthened investor sentiment, which is a sign of long-term confidence and commitment.
Following the announcement, the company’s shares rose more than 10%, pushing weekly gains to more than 25%.
In fact, at the time of writing, shares were up 2.25%, changing hands at ¥499, according to Google Finance.
But beneath the short-term rally lies a more complex picture.
Metaplanet’s share price remains 73% below its peak of 1,895 yen on June 16, despite being up 43.4% this year.
Metaplanet’s new adjusted intrinsic value
Meanwhile, the market-adjusted net asset value (mNAV), which stood at 10.33x in February, has climbed back from the October low and stood at 1.03x at the time of writing.
The market appears to be responding, but the real question is whether this shift represents a sustained reversal or another short-lived surge.
By launching a share buyback program, the company aims to restore capital efficiency and strengthen market confidence, especially as its market-to-net asset value lags behind the intrinsic value of its BTC investments.
Metaplanet provided further insights, noting:
“We recognize that due to increasing market volatility and a decline in mNAV, our share price does not currently adequately reflect our intrinsic economic value.”
CEO Simon Gerovich weighs in
Commenting on the development, CEO Simon Gerovich explained that the buyback initiative is intended to improve capital efficiency and increase the company’s overall Bitcoin yield.
He added that the company plans 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 provides flexible access to liquidity.
If the strategy proves successful, the Treasury Department could use the money for additional Bitcoin acquisitions, to expand its Bitcoin monetization business or to continue share buybacks.
The development comes as Bitcoin traded all around $114,289.80, at the time of writing, down slightly on the day, and soon after Metaplanet reached its long-term milestone of owning 10,000 BTC.
What’s more?
Metaplanet’s reaching the 10,000 BTC milestone marks a pivotal moment in its Bitcoin-first 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 target by 2026.
However, analysts caution that maintaining this momentum will require maintaining a healthy valuation premium. If the mNAV (market intrinsic value) falls closer to or below parity, issuing new Bitcoin-funded shares could dilute shareholder value instead of increasing it.
For now, investor confidence remains strong. Yet Metaplanet’s long-term success will depend on its ability to effectively balance growth, market volatility and capital discipline.