Quick Breakdown
- Metaplanet approved a ¥75.4B ($500M) share buyback covering up to 13.1% of its stock.
- The program aims to raise BTC Yield and defend valuation amid a dip in market value.
- Funded through a Bitcoin-backed credit facility, the move supports Metaplanet’s target of holding 210,000 BTC by 2027.
Metaplanet rolls out massive share repurchase plan
Japanese Bitcoin investment firm Metaplanet has announced a large-scale ¥75.4 billion (~$500 million) share buyback program aimed at maximizing its Bitcoin-based returns.
The board-approved plan, revealed on October 28, authorizes the repurchase of up to 150 million shares, representing about 13.1% of its total outstanding stock. The buyback is set to run between October 29, 2025, and October 28, 2026, under a discretionary trading agreement on the Tokyo Stock Exchange.
*Notice Regarding the Establishment of Share Repurchase Program* pic.twitter.com/GBNY8fJfv4
— Metaplanet Inc. (@Metaplanet_JP) October 28, 2025
According to the company, the move aligns with its ongoing Bitcoin-focused capital strategy, designed to improve capital efficiency and boost what it calls “BTC Yield” — the amount of Bitcoin held per share.
Strengthening BTC yield and defending valuation
The company’s filing highlights that the buyback program will be executed when Metaplanet’s market value falls below its multiple-to-net-asset-value (mNAV) ratio of 1.0x, a metric comparing its enterprise value to the market value of its Bitcoin reserves.
With 30,823 BTC currently held on its balance sheet — worth roughly $3.5 billion — Metaplanet is Asia’s largest public Bitcoin holder and ranks fourth globally.
The firm plans to fund the buyback using a $500 million credit facility backed by its Bitcoin reserves. The same facility may also be tapped for further BTC acquisitions or investments in Bitcoin-backed income streams.
Metaplanet said the program supports its disciplined capital allocation strategy and long-term goal of accumulating 210,000 BTC, or 1% of the total Bitcoin supply, by 2027.
Market strategy and potential impact
This new buyback follows a string of strategic financial moves, including Metaplanet’s record purchase of 5,268 BTC earlier in October and the temporary suspension of certain warrant exercises to prevent share dilution.
Market analysts believe the buyback could help mitigate short-selling pressure while directly increasing the Bitcoin per share ratio. With the company’s mNAV recently dipping below parity for the first time since it adopted its Bitcoin treasury strategy, Metaplanet sees this repurchase program as a way to reaffirm investor confidence and protect intrinsic value amid volatile market conditions.
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