Tokyo-listed Bitcoin treasury company Metaplanet Inc. announced the launch of a ¥75 billion (approximately $500 million) stock buyback plan, supported by a credit line established with Bitcoin as collateral, after its market-based net asset value (mNAV) fell below 1.
According to the company's announcement on Tuesday, this move aims to maximize Bitcoin earnings per share and restore market confidence when its stock price is below the value of the Bitcoin it holds.
The buyback plan has been approved by the board of directors and will repurchase up to 150 million common shares, accounting for 13.13% of the total issued shares. The buyback will commence this Wednesday and continue until October 28, 2026, executed through the Tokyo Stock Exchange under a proprietary trading agreement.
Metaplanet stated that to implement this plan, it has established a credit line with Bitcoin as collateral, with a borrowing capacity of $500 million, providing flexible funding for stock buybacks or additional Bitcoin purchases. Additionally, the company plans to use this credit tool as a transitional financing instrument prior to the proposed preferred stock issuance.
Official data shows that Metaplanet's mNAV (the ratio of company value to its Bitcoin holdings) dropped to 0.88 last Monday before rebounding, and the current figure is 1.03.
As mNAV declined, the company also suspended new Bitcoin purchases. Currently, it holds 30,823 Bitcoins (worth $3.5 billion), with the most recent purchase of 5,268 Bitcoins on September 30. Metaplanet stated that it remains committed to its goal of accumulating 210,000 Bitcoins by 2027.
This Monday, due to a significant discount of its stock price to net asset value, ETHZilla announced a $40 million stock buyback. The company stated that since October 24, it has repurchased approximately 600,000 shares under a $250 million buyback plan, totaling $12 million in value.
10x Research recently reported that the net asset values of some Bitcoin treasury companies have plummeted, causing billions of dollars in paper wealth to evaporate.
Analysts pointed out that during the Bitcoin treasury company boom, these firms issued shares at multiples far above the actual Bitcoin value. Now, as the market has reversed, many retail investors are facing losses, while companies have accumulated a significant amount of real Bitcoin holdings.
Meanwhile, S&P Global Ratings has assigned a "B-" credit rating to Michael Saylor’s Strategy, classifying it as speculative grade and non-investment grade, but with a stable outlook.
The rating agency noted that its high concentration in Bitcoin, limited business diversification, weak capital strength, and insufficient dollar liquidity are major risk points.
Related: Bitcoin (BTC), Ethereum (ETH) asset management companies have "collectively disappeared" since the cryptocurrency crash.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
