James Richardson
Metaplanet, Japan’s largest bitcoin treasury company, has announced a major initiative to repurchase up to 150 million common shares, representing 13% of its total issued stock (excluding treasury shares).
The company said this move aims to enhance capital efficiency and stabilize its market-to-net-asset value (mNAV) — a key metric comparing Metaplanet’s total enterprise value to its Bitcoin holdings.
“Due to heightened market volatility and the recent decline in mNAV, our current stock price no longer reflects our true intrinsic value,” the company explained in its latest disclosure.
Despite its 43.4% year-to-date growth, Metaplanet’s share price — currently at 499 yen — remains 73% below its June 16 peak of 1,895 yen, according to Yahoo Finance.
The company’s mNAV ratio, which reached a record high of 10.33x in February, has since fallen sharply, hitting 0.88x on October 17 before recovering slightly to 1.03x.
Metaplanet emphasized that the buyback program is part of its disciplined capital allocation strategy, noting it will be “especially effective when mNAV dips below 1.0x.”
$500 Million Credit Facility Approved
To fund the share repurchases, Metaplanet’s board of directors has approved a credit line of up to $500 million, valid for one year starting October 29, 2025. All repurchases will be executed through the Tokyo Stock Exchange.
Since adopting its bitcoin accumulation strategy in April 2024, Metaplanet has built a reserve of 30,823 BTC, worth around $3.5 billion. This makes the Tokyo-listed company the fourth-largest corporate bitcoin holder globally — and the largest in Asia.
In its latest update, the company reaffirmed its ambitious target of holding 210,000 BTC by the end of 2027.
Understanding the Market-to-Net-Asset Value (mNAV)
The mNAV ratio serves as a critical indicator for digital asset treasury firms, reflecting their financial health, growth capacity, and capital efficiency. A high mNAV typically signals investor confidence and strong market alignment with the firm’s underlying bitcoin value.
However, Metaplanet’s recent decline in mNAV has sparked questions about the sustainability of crypto treasury models. Similar downturns have been reported among other digital asset treasuries, including BitMine and SharpLink Gaming, both of which saw their mNAV dip below 1x.
Joe Lubin, founder of Consensys and chairman of SharpLink, commented during PRIME’s Crypto podcast that such declines are often temporary and cyclical, driven by broader market corrections rather than fundamental weakness.
