Japan-based digital asset firm Metaplanet Inc. has announced a major share repurchase program worth up to 150 million common shares, representing around 13% of its outstanding stock (excluding treasury shares). The initiative, approved by the company’s board, aims to improve capital efficiency and stabilize its market-to-net-asset value (mNAV)—a key metric that compares the company’s market value with the value of its bitcoin holdings.
Metaplanet has established a share repurchase program to enhance capital efficiency and maximize BTC Yield. The Board also approved a credit facility to enable flexible execution as part of the company’s capital allocation strategy. https://t.co/zucPBrIqOQ
— Simon Gerovich (@gerovich) October 28, 2025
In a statement, Metaplanet said it recognizes that recent market volatility and a sharp drop in mNAV have caused its stock price to undervalue the company’s true economic worth.
“We recognize that due to rising market volatility and a decline in mNAV, our stock price currently does not adequately reflect our intrinsic economic value,” the company said.
Addressing Market Pressure
Despite a 43.4% gain in its stock price year-to-date, Metaplanet’s shares remain down 73% from their June peak of 1,895 yen, closing at 499 yen according to Yahoo Finance. The company’s mNAV, which hit a high of 10.33x in February, has since fallen sharply but recently rebounded to 1.03x after touching 0.88x in mid-October.
The company emphasized that its buyback strategy will be most effective when mNAV dips below 1.0x, signaling that the market is valuing the company at or below the worth of its underlying bitcoin assets. To fund the initiative, Metaplanet’s board has approved a $500 million credit facility, available for one year starting October 29, 2025. The repurchases will take place on the Tokyo Stock Exchange.
Expanding Its Bitcoin Holdings
Since launching its bitcoin strategy in April 2024, Metaplanet has aggressively accumulated 30,823 BTC, worth about $3.5 billion at current prices. This makes it Asia’s largest corporate bitcoin holder and the fourth-largest globally, trailing only major U.S. companies like MicroStrategy and Tesla.
The firm reiterated its long-term target of acquiring 210,000 BTC by the end of 2027, underscoring its commitment to a bitcoin-centric treasury model despite short-term market fluctuations.
The Significance of mNAV
The market-to-net-asset value ratio (mNAV) is closely watched by investors as it reflects how efficiently a company converts its digital asset holdings into shareholder value. A sustained mNAV below 1.0x can indicate investor skepticism or imbalance between market sentiment and the firm’s actual holdings.
Metaplanet’s mNAV drop mirrors a broader trend among digital asset treasury firms, including BitMine and SharpLink Gaming, both of which have seen their ratios fall below 1.0x. However, industry leaders remain optimistic. In a recent interview on The Crypto Beat podcast, Consensys founder and SharpLink Chairman Joe Lubin described such declines as “cyclical”, suggesting they may correct naturally as market confidence returns.
Looking Ahead
Metaplanet’s buyback plan represents a strategic pivot to restore investor confidence, protect shareholder value, and reinforce its reputation as a leading bitcoin treasury firm. While challenges remain amid crypto market volatility, the company’s decisive financial maneuvering signals a strong commitment to long-term growth and stability.
