Metaplanet Pours $500 Million Into Buyback as Shares Slide

Metaplanet, one of the world’s largest corporate holders of Bitcoin, has announced a $500 million share buyback program as its stock continues to ￰0￱ move follows a sharp drop in the company’s market capitalization-to-net asset value (mNAV) ratio — a key metric that compares a firm’s market value to the worth of its cryptocurrency portfolio. “We recognize that due to increasing market volatility and declining mNAV, our share price currently does not adequately reflect our intrinsic economic value,” the company said in an official ￰1￱ buyback will be conducted on the Tokyo Stock Exchange, with a maximum volume of 150 million common shares, equivalent to 13.13% of all outstanding ￰2￱ finance the program, Metaplanet’s board of directors approved a $500 million credit facility, which will remain active for one ￰3￱ Metrics and a High-Stakes Strategy The mNAV — or Market-to-Net Asset Value ratio — is considered one of the most important indicators for digital asset treasury (DAT) firms like ￰4￱ measures how the company’s market capitalization compares with the total value of its crypto ￰5￱ mid-October 2025, Metaplanet’s mNAV fell below 1.0, meaning the company’s market value dropped below the worth of its Bitcoin holdings — signaling that shares were trading at a ￰6￱ buyback aims to reduce the number of shares outstanding, which could boost earnings per share and improve market perception.

However, since the repurchase will be funded through borrowing, analysts warn it also introduces additional financial risk if market conditions ￰7￱ Reaction and Bitcoin Ambitions Metaplanet’s stock hit its lowest level since early May on October 20, largely due to crypto market ￰8￱ then, shares have rebounded, rising nearly 19% over five days following the buyback ￰9￱ stock price on the Tokyo Stock Exchange, in yen.