TLDR:
- Metaplanet approved a $500M credit facility to back its Bitcoin yield and share buyback strategy.
- The company plans to repurchase up to 150M shares worth around JPY 75B through Tokyo Stock Exchange.
- Metaplanet now holds over 30,823 BTC, ranking as Asia’s largest listed Bitcoin treasury holder.
- The firm targets 210,000 BTC by 2027, focusing on BTC yield and capital efficiency improvements.
Metaplanet Inc. is doubling down on its Bitcoin strategy. The Tokyo-listed firm announced a new share repurchase program alongside a $500 million credit line. The move aims to raise Bitcoin yield per share and strengthen capital efficiency.
The company’s board approved both initiatives during its October 28 meeting. Investors are now watching closely as Metaplanet tightens its grip on Asia’s Bitcoin treasury race.
Bitcoin Treasury Strategy and Capital Allocation
According to a notice published by Metaplanet Inc., the company launched the repurchase program under Japan’s Companies Act provisions.
Since April 2025, the firm has expanded its Bitcoin treasury, growing to 30,823 BTC, worth around $3.5 billion. That makes it the fourth-largest public Bitcoin holder worldwide and the biggest in Asia.
The board’s decision follows a sharp market correction that lowered the company’s mNAV, or market value multiple tied to its BTC reserves.
Executives believe the share price no longer reflects the firm’s underlying BTC strength. The repurchase plan, therefore, aims to raise the BTC yield, measured as BTC per share, while restoring fair value for shareholders.
President Simon Gerovich said on X that the plan is designed to “enhance capital efficiency and maximize BTC yield.” The company’s repurchase capacity covers up to 150 million shares, about 13 percent of its issued total.
Purchases will occur through the Tokyo Stock Exchange between October 2025 and October 2026.
$500M Credit Facility and Bitcoin-Focused Execution
To support this plan, the board approved a credit facility of up to $500 million, roughly JPY 76.4 billion. The funding will be secured against Bitcoin holdings, allowing flexible borrowing when market conditions favor repurchases or additional BTC acquisitions.
According to the company, the funds may also go toward investments in Bitcoin income ventures or used as bridge financing ahead of preferred share issuance. The flexible structure allows Metaplanet to pivot quickly between buybacks and BTC accumulation without liquidating reserves.
The company emphasized that its long-term target remains 210,000 BTC by the end of 2027. By balancing debt-backed Bitcoin accumulation with buybacks, Metaplanet aims to maintain yield growth while controlling share dilution.
The decision also reinforces Japan’s growing presence in the corporate Bitcoin landscape.
Gerovich said this dual strategy fits into a broader capital allocation policy released on the same day. It reflects a shift toward integrated BTC-based financial management, positioning Metaplanet as a key regional player in crypto-backed treasury operations.
