Metaplanet has not filed a “Notice of Additional Purchase” since Oct. 1, despite spending much of 2025 aggressively buying bitcoin.

The Tokyo-listed firm’s pause coincided with its Market Net Asset Value (MNAV) briefly dipping below 1.0, meaning its shares traded at a discount to the bitcoin held on its balance sheet.

That discount made open-market bitcoin buys less efficient than repurchasing discounted shares, according to the report.

Why the buying stopped

Metaplanet shifted from direct accumulation to balance-sheet engineering after the MNAV dislocation.

The firm focused on actions that could raise bitcoin-per-share more efficiently than spot purchases, including buybacks when its equity trades below parity.

For context on Metaplanet’s reported stack, see the Metaplanet bitcoin treasury tracker.

Leverage and buybacks

Metaplanet secured a $100 million loan collateralized by part of its existing 30,893 bitcoin holdings, with proceeds earmarked to add bitcoin during pullbacks.

It also introduced a $500 million credit line dedicated to a share-buyback program.

Shareholder approvals at the EGM

CEO Simon Gerovich said shareholders approved all five management proposals at an extraordinary general meeting on Dec. 22.

Gerovich wrote after the vote:

“All five proposals were approved.”

The changes included shifting capital stock and reserves into “other capital surplus,” expanding authorized preferred shares, and reworking Class A (“MARS”) and Class B terms.

Targeting 100,000 BTC

The company reiterated a “North Star” goal of reaching 100,000 BTC, combining buybacks, asset-backed lending, and structured preferred equity to scale its bitcoin treasury.