Metaplanet Launches Billion-Dollar Buyback to Boost MNAV and Share Value

• Buyback program strengthens capital efficiency
• Metaplanet aims to recover mNAV above 1,0x
• The company already has more than 30 thousand BTC in treasury

Metaplanet confirmed on Tuesday that it has initiated a robust share buyback program focused on increasing its capital efficiency and reducing the gap between its market value and the value of net assets backed primarily by bitcoin (mNAV).

The plan approved by the board provides for the repurchase of up to 150 million common shares, approximately 13% of the total currently issued, excluding treasury shares. The decision follows a significant decline in mNAV, a metric that measures a company's economic value compared to its Bitcoin holdings.

In the statement, the company highlighted: “We recognize that, due to increasing market volatility and declining mNAV, our share price currently does not adequately reflect our intrinsic economic value.”

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

Despite a 43,4% year-to-date appreciation, the stock's current trading price of around 499 yen remains far from the 1.895 yen seen in June. The mNAV, which reached 10,33x in February, fell to 0,88x in October, before recovering slightly to 1,03x.

The company emphasized that the program will be activated more intensively when the mNAV is below 1,0x, reinforcing its commitment to disciplined capital allocation. To support market purchases, the board approved a credit line with a maximum lending capacity of US$500 million, valid for one year beginning October 29, 2025. The operations will take place on the Tokyo Stock Exchange.

Since officially adopting a corporate strategy focused on Bitcoin in April 2024, Metaplanet has solidified its position among global treasuries in the sector. The portfolio now holds 30.823 BTC, valued at approximately US$3,5 billion, making it the fourth-largest corporate holder of the asset and the clear leader in Asia.

The company also reiterated its ambitious goal of accumulating 210.000 BTC by the end of 2027, reinforcing the role of a strategic asset at the center of its capital structure.

The recent drop in mNAV has reignited discussions about the business model of companies that use bitcoin as a reserve asset, as the ability to raise capital and expand their positions without diluting shareholders largely depends on this indicator.

Even so, Metaplanet demonstrates conviction in its cryptocurrency-driven strategy, moving forward with a program that seeks to reinforce the value delivered to investors and improve the relationship between equity and market valuation.