Three digital asset treasury (DAT) firms—Metaplanet, Lite Strategy, and ETHzilla—have all launched share repurchase programs in 2025, each using different funding methods but sharing the same strategic goal: to increase shareholder value by reducing the number of outstanding shares.

These buybacks signal that crypto treasury firms are leveraging traditional corporate finance tools to manage capital and influence valuation. Just yesterday, Metaplanet, the Japan-based bitcoin treasury firm, approved a $500 million buyback program representing roughly 13% of its float.

The company’s board simultaneously authorized a bitcoin-backed credit facility to execute the plan, describing it as an initiative to “enhance capital efficiency and maximize BTC yield.” The move drew widespread attention across financial circles for blending bitcoin leverage with equity management.

Critics, however, were quick to note that this strategy resembles a leveraged spread trade—swapping equity dilution for debt exposure backed by a non-yielding asset. One commentator summarized it as a short-duration arbitrage play, noting that Metaplanet recently issued equity at an implied cost of 8% to 15% and is now buying it back using cheaper debt.

The critique points to an emerging divide between DATs emphasizing “capital optimization” and observers who view the practice as risky when bitcoin prices fluctuate. Some investors argue that these firms should have retained cash reserves instead of repurchasing shares so soon after major fundraising rounds.

ETHzilla, which manages an Ethereum-focused treasury, announced the sale of roughly $40 million in ether to fund its $250 million repurchase program. Since Oct. 24, the firm has bought back about 600,000 shares, claiming the move would be “immediately accretive” by lifting net asset value (NAV) per share.

Despite market skepticism, ETHzilla stock jumped 32% for the week, signaling that investors may view the buyback as a confidence boost. Lite Strategy, a Litecoin-focused U.S. firm, also joined the club, authorizing a $25 million repurchase plan to “enhance stockholder value and optimize its Litecoin holdings.”

“Our top priority is to enhance stockholder value,” said Joshua Riezman, the U.S. chief strategy officer at GSR, which is steering Lite Strategy’s latest treasury maneuvers.

Together, these announcements suggest the beginning of a pattern among DATs—using crypto-backed assets or token sales to repurchase equity when their stock trades below intrinsic value. The approach mirrors corporate tactics used by traditional finance (TradFi) firms to support share prices during periods of undervaluation or financial distress.

Sequans, a BTC DAT which sat on roughly 3,234 BTC, just shuffled 970 coins—about $111 million—to Coinbase Prime, leaving 2,264 BTC (around $255 million) still in the vault. To many observers, the maneuver screamed treasury management in motion—whether it’s a custody shuffle or a liquidity play, Sequans clearly isn’t letting its bitcoin nap.

Whether this marks the start of a sustained DAT buyback meta remains uncertain. If things go south in the crypto economy, it could evolve into a broader capital management trend as DATs seek to stabilize their valuations against volatile crypto holdings. Since the start of the DAT trend, many have cautioned that this could expose balance sheets to liquidity pressure if digital asset prices decline sharply.

The crypto industry is watching to see if other digital asset treasuries follow suit. Firms holding bitcoin, ethereum, solana, or other large crypto reserves could view buybacks as a way to manage shareholder expectations while signaling financial discipline. Yet skeptics warn that borrowing or liquidating crypto to fund repurchases could blur the line between sound capital allocation and speculative risk-taking.

Right now, plenty of DATs are wrestling with mNAV headaches—mostly because that tidy little metric ignores the messy stuff like real operations, convertible debt, and how many shares are actually floating around. Add in the nonstop drip of at-the-market share issuances, and you’ve got a cocktail of dilution that drowns prices faster than these firms can stack crypto, leaving investors wondering what’s really left in the glass.

Still, as DATs evolve from crypto-native experiments into publicly traded corporations, their embrace of Wall Street-style financial tactics may be an inevitable step in their maturation.

• What is a Digital Asset Treasury (DAT)?
  A DAT is a company that manages a large crypto reserve—such as bitcoin or ethereum—as part of its core balance sheet strategy.
• Which DAT firms have launched buybacks in 2025?
  Metaplanet, ETHzilla, and Lite Strategy have all initiated share repurchase programs this year.
• Why are DATs conducting share buybacks?
  They aim to increase shareholder value and optimize capital efficiency when their stock trades below net asset value.
• Are investors confident in this trend?
  Opinions are mixed—some see it as corporate maturity, while others question the risks of leveraging crypto assets for buybacks.

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