Japan-based bitcoin treasury firm Metaplanet has initiated a major share buyback program, aiming to repurchase up to 150 million common shares—about 13% of its outstanding shares excluding treasury stock.

The move is designed to improve capital efficiency and address the company’s declining market-to-net-asset value (mNAV), a key metric reflecting the value of its enterprise relative to its bitcoin holdings.

Share repurchase details

Metaplanet’s board has approved the creation of a credit facility with a maximum borrowing capacity of $500 million to fund the buyback, effective for one year starting October 29, 2025.

Share repurchases will be conducted on the Tokyo Stock Exchange.

The company stated in its disclosure:

“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.”

Stock and mNAV performance

Despite a 43.4% rise in Metaplanet’s stock price year-to-date, the current price remains 73% below its June 2025 peak.

The company’s mNAV peaked at 10.33x in February 2025 but has since dropped to 1.03x, following a low of 0.88x earlier in October.

Bitcoin treasury ambitions

Since adopting its bitcoin strategy in April 2024, Metaplanet has accumulated 30,823 BTC, currently valued at around $3.5 billion.

This makes it the fourth-largest corporate bitcoin treasury globally and the largest in Asia.

The company has reiterated its goal of reaching 210,000 BTC by the end of 2027.

The significance of mNAV

The mNAV ratio is considered a crucial indicator for digital asset treasury companies, influencing their ability to raise capital and accumulate bitcoin without diluting shareholders.

Metaplanet’s recent mNAV decline has raised questions about the business model’s long-term sustainability, a challenge echoed by other firms in the sector.