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 facility , aiming to close the gap between its stock price and its 30,823 Bitcoin holdings, valued at $3.5 ￰2￱ Japanese firm, now Asia’s largest listed Bitcoin treasury and the fourth-largest globally, has become the first major digital asset treasury company to consistently trade below its crypto reserves, with its market-to-net-asset-value ratio dropping to 0.99 this ￰3￱ Board of Directors authorized the repurchase of up to 150 million common shares , representing 13.13% of the total issued shares, over the next 12 months through discretionary trading on the Tokyo Stock ￰4￱ Director Simon Gerovich confirmed the initiative is designed to “ enhance capital efficiency and maximize BTC Yield ”, defined as the rate of increase in Bitcoin held per share, particularly when the company’s valuation multiple falls below ￰5￱ has established a share repurchase program to enhance capital efficiency and maximize BTC ￰6￱ Board also approved a credit facility to enable flexible execution as part of the company’s capital allocation strategy. ￰0￱ — Simon Gerovich (@gerovich) October 28, 2025 Quarter of Bitcoin Treasuries Now Trade at Discount Metaplanet’s challenges are part of a broader crisis affecting digital asset treasury companies worldwide, with K33 Research reporting that 26 of 168 Bitcoin-holding firms now trade below their net asset values from last month.

Industry-wide premiums compressed from an average of 3.76x in April to 2.8x currently, while daily Bitcoin accumulation by treasury companies slowed to just 1,428 tokens in September, the weakest pace since May. NAKA, the merger vehicle of KindlyMD and Nakamoto Holdings, plummeted 96% from its peak and now trades at just 0.7x net asset value after previously commanding a 75x ￰7￱ prominent firms, including Twenty One, Semler Scientific, and The Smarter Web Company, have also fallen short of their Bitcoin holdings. A quarter of all public companies holding Bitcoin now trade at market values below the worth of their BTC holdings. #Bitcoin #BTC ￰1￱ — ￰8￱ (@cryptonews) September 17, 2025 Metaplanet shares reached all-time highs in mid-June but have declined approximately 70% , currently trading at 499 yen, up 2.2% today.) October 28, 2025 Despite widespread caution, some firms continue aggressive accumulation, with American Bitcoin and Strategy collectively purchasing over $205 million in Bitcoin during the past 48 ￰9￱ acquired 390 tokens between October 20 and October 26 at an average price of $111,117, bringing total holdings to 640,808 ￰10￱ Duong, Coinbase’s Global Head of Investment Research, warned that concentration risks persist as “the biggest discretionary balance sheets are sidelined,” making the market “more fragile” in the short term.