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Tokyo-listed Bitcoin treasury steadfast Metaplanet Inc. has unveiled a 75 cardinal Japanese yen (around $500 million) stock repurchase programme backed by a Bitcoin-collateralized recognition facility, pursuing a diminution successful its market-based nett plus worth (mNAV) beneath 1.
In a Tuesday announcement, the institution said the determination aims to maximize Bitcoin (BTC) output per stock and reconstruct marketplace assurance arsenic its banal trades beneath the worth of its Bitcoin holdings.
The buyback program, approved by the board, allows for the repurchase of up to 150 cardinal communal shares, representing 13.13% of full issued shares. The repurchase volition tally from Oct. 29, 2025, to Oct. 28, 2026, done purchases connected the Tokyo Stock Exchange nether a discretionary trading agreement.
To execute the plan, Metaplanet said it has established a Bitcoin-backed recognition enactment with a borrowing capableness of astir $500 million, enabling flexible backing for either stock repurchases oregon further Bitcoin acquisitions. The facility, the institution said, whitethorn besides service arsenic span financing for a planned preferred stock issuance.
Metaplanet announced $500 cardinal stock buyback. Source: MetaplanetRelated: Metaplanet Becomes 4th Largest Corporate Bitcoin Holder
Metaplanet’s mNAV drops to 0.88
Metaplanet’s mNAV, a ratio betwixt the company’s worth and its Bitcoin holdings, dropped to arsenic debased as 0.88 past week earlier rebounding, according to authoritative data. The metric presently stands astatine 1.03.
The steadfast has besides halted caller Bitcoin purchases amid the driblet successful mNAV. The institution presently holds 30,823 BTC ($3.5 billion) connected its equilibrium sheet, pursuing its most recent acquisition of 5,268 BTC connected Sept. 30. However, Metaplanet claimed it remains committed to its extremity of acquiring 210,000 BTC by 2027.
On Monday, ETHZilla besides announced a $40 cardinal stock buyback arsenic its banal continues to commercialized astatine a crisp discount to NAV. The institution said it has already repurchased astir 600,000 shares worthy $12 cardinal since Oct. 24 nether its $250 cardinal buyback program.
ETHZilla announces stock buyback. Source: ETHZillaIn a caller report, 10x Research revealed that Bitcoin treasury firms have seen their NAVs collapse, wiping retired billions successful insubstantial wealth.
The analysts said the roar successful Bitcoin treasury companies, which issued shares astatine multiples of their existent BTC value, has “fully round-tripped,” leaving retail investors heavy successful losses portion firms accumulated existent Bitcoin.
Related: Bitcoin Treasuries Can Earn More Bitcoin, says Willem Schroé
S&P assigns “B-” standing to Michael Saylor’s Strategy
Meanwhile, S&P Global Ratings has assigned Michael Saylor’s Strategy a “B-” recognition rating, classifying it arsenic speculative and non-investment grade, though with a unchangeable outlook.
The bureau flagged the firm’s dense Bitcoin concentration, constricted concern diversification, anemic capitalization and debased US dollar liquidity arsenic cardinal vulnerabilities.
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