Metaplanet Launches $500M Share Buyback to Fix Bitcoin Premium Gap
Tokyo-listed Metaplanet has approved a 75 billion yen share repurchase program, backed by a $500 million credit score facility, aiming to shut the hole between its inventory value and its 30,823 Bitcoin holdings, valued at $3.5 billion.
The Japanese agency, now Asia’s largest listed Bitcoin treasury and the fourth-largest globally, has change into the primary main digital asset treasury firm to constantly commerce under its crypto reserves, with its market-to-net-asset-value ratio dropping to 0.99 this month.
The Board of Directors approved the repurchase of up to 150 million widespread shares, representing 13.13% of the overall issued shares, over the following 12 months by discretionary buying and selling on the Tokyo Stock Exchange.
Representative Director Simon Gerovich confirmed the initiative is designed to “improve capital effectivity and maximize BTC Yield”, outlined as the speed of enhance in Bitcoin held per share, notably when the corporate’s valuation a number of falls under 1.0x.
Quarter of Bitcoin Treasuries Now Trade at Discount
Metaplanet’s challenges are a part of a broader disaster affecting digital asset treasury firms worldwide, with K33 Research reporting that 26 of 168 Bitcoin-holding firms now commerce under their web asset values from final month.
Industry-wide premiums compressed from a mean of three.76x in April to 2.8x at the moment, whereas every day Bitcoin accumulation by treasury firms slowed to simply 1,428 tokens in September, the weakest tempo since May.
NAKA, the merger car of KindlyMD and Nakamoto Holdings, plummeted 96% from its peak and now trades at simply 0.7x web asset worth after beforehand commanding a 75x premium.
Other outstanding companies, together with Twenty One, Semler Scientific, and The Smarter Web Company, have additionally fallen in need of their Bitcoin holdings.
1 / 4 of all public firms holding Bitcoin now commerce at market values under the value of their BTC holdings.#Bitcoin #BTChttps://t.co/fs2z83ydkp
— Cryptonews.com (@cryptonews) September 17, 2025
Metaplanet shares reached all-time highs in mid-June however have declined approximately 70%, at the moment buying and selling at 499 yen, up 2.2% right now.
Mark Chadwick, a Japan fairness analyst publishing on Smartkarma, characterised the downturn as “a popping of a bubble,” noting that the “normal euphoria” surrounding Bitcoin stockpiling has cooled considerably.
However, he believed “long-term Bitcoin bulls” might view the low cost as a shopping for alternative.
Credit Facility for Capital Deployment
The newly established credit score facility gives a most borrowing capability of $500 million, collateralized by Bitcoin, enabling share repurchases whereas sustaining flexibility for added Bitcoin acquisitions and investments in its BTC Income enterprise.
The facility serves as bridge financing for a deliberate future issuance of most popular shares as a part of Metaplanet’s broader capital allocation technique geared toward reaching its long-term goal of buying 210,000 Bitcoin by the top of 2027.
Management acknowledged that rising market volatility and declining valuations have triggered the inventory value to inadequately replicate intrinsic financial worth regardless of advancing its Bitcoin Treasury Strategy since April.
The repurchase program targets intervals when the enterprise value-to-Bitcoin holdings ratio falls under 1.0x, permitting the corporate to cut back share depend and enhance Bitcoin possession per remaining share.
The downturn coincided with extreme market turmoil that noticed crypto merchants face file $19 billion in liquidations on October 10 after President Trump introduced harsher tariffs on China, triggering volatility that despatched Bitcoin to a six-month low close to $101,000.
Treasuries Entering a Competitive Phase
The company crypto treasury motion has reached a vital inflection level, transitioning from assured premiums to what Coinbase Research describes as a “player-versus-player” aggressive part the place firms should differentiate by strategic positioning relatively than merely accumulating digital property.
Short-selling agency Kerrisdale Capital has aggressively targeted overvalued treasury companies, calling enterprise fashions that difficulty shares to purchase tokens “a relic on the verge of extinction.“
Kerrisdale estimated that Strategy’s $100 billion market capitalization, buying and selling above its $60 billion in Bitcoin holdings, creates an “unjustifiable” premium that refined buyers are starting to arbitrage.
However, Strategy shares have gained over 3,000% since initiating Bitcoin purchases in mid-2020.
Two companies purchased $205M in Bitcoin regardless of Coinbase’s claims that company treasuries have largely exited the market submit October’s liquidation.#Bitcoin #Coinbase #Treasuryhttps://t.co/qytmI9rGaN
— Cryptonews.com (@cryptonews) October 28, 2025
Despite widespread warning, some companies proceed aggressive accumulation, with American Bitcoin and Strategy collectively purchasing over $205 million in Bitcoin through the previous 48 hours.
Strategy acquired 390 tokens between October 20 and October 26 at a mean value of $111,117, bringing complete holdings to 640,808 Bitcoin.
David Duong, Coinbase’s Global Head of Investment Research, warned that focus dangers persist as “the largest discretionary stability sheets are sidelined,” making the market “extra fragile” within the quick time period.
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