Metaplanet’s $500M Bitcoin Buyback: A Genius Move or a Wild Gamble?

Metaplanet, in a stunning display of financial theatrics, has decided to maximize its Bitcoin returns by exercising a share buyback program so grand, it could make a toddler’s birthday party look modest. 🎉💸

Summary

  • Metaplanet approves a ¥75B share buyback, covering 13.1% of its float. Because nothing says “I’m a serious investor” like throwing money at your own stock. 🤷‍♂️
  • Program aims to raise BTC Yield and support valuation amid market volatility. Because who doesn’t want to measure Bitcoin per share with the precision of a toddler with a ruler? 🤔
  • Funded by a $500M Bitcoin-backed credit facility for flexible execution. Because nothing says “flexible” like using your crypto as collateral for a loan. 🏦🔒

Metaplanet’s board has approved a massive ¥75.4 billion (~$500 million) share repurchase program as part of its Bitcoin-focused capital strategy. Because why settle for a regular stock buyback when you can do it with the flair of a crypto connoisseur? 🐒

Announced on Oct. 28, the plan allows the company to buy back up to 150 million shares, around 13.1% of its outstanding stock, over the next year. The move aims to improve capital efficiency and raise its “BTC Yield,” a measure of Bitcoin (BTC) held per share. Because nothing says “efficiency” like calculating Bitcoin per share with the enthusiasm of a kid counting jellybeans. 🍬

Strengthening BTC Yield and defending valuation

According to the filing, the program is designed to increase shareholder value when Metaplanet’s market value falls below its multiple-to-net-asset-value ratio of 1.0x, which compares the company’s enterprise value to the market value of its Bitcoin holdings. Because nothing says “market value” like comparing your company to a sandwich. 🚗🍞

With 30,823 BTC currently on its balance sheet (worth about $3.5 billion), Metaplanet remains the largest public Bitcoin holder in Asia and the fourth-largest globally. Because nothing says “global dominance” like holding more Bitcoin than your neighbors’ entire savings. 🧍‍♂️💸

Metaplanet has formulated a new Capital Allocation Policy to guide financing, investment, and shareholder return decisions. The policy emphasizes disciplined use of preferred and common shares to maximize BTC Yield and long-term corporate value.

– Simon Gerovich (@gerovich) October 28, 2025

The company will fund the buyback using a $500 million credit facility secured by its Bitcoin reserves. The same facility can be used for additional BTC purchases or investments in Bitcoin-backed income streams. The company said the decision aligns with Metaplanet’s disciplined allocation strategy and goal of acquiring 210,000 BTC, or 1% of supply, by 2027. Because nothing says “disciplined” like planning to own 1% of Bitcoin by 2027. 🕰️

Funding flexibility and market impact

The program gives Metaplanet discretion to repurchase shares on the Tokyo Stock Exchange between Oct. 29, 2025, and Oct. 28, 2026, under a discretionary trading agreement. Because nothing says “trust us” like letting a company decide when to buy back shares. 🤝🚫

It follows a series of recent financial moves, including a record 5,268 BTC purchase earlier in October and the suspension of certain warrant exercises to avoid dilution. Because nothing says “financial moves” like buying more Bitcoin and then hiding your warrants. 🚫

Analysts note that the initiative could reduce short-selling pressure while directly increasing Bitcoin per share. Because nothing says “market stability” like a company buying back shares to prop up its own stock. 📈📉

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2025-10-28 09:20