**[Metaplanet Launches Stock Buyback Program to Optimize Capital Allocation and Enhance Bitcoin Returns]** On October 28, 2025, Japanese Bitcoin treasury company Metaplanet announced that its board of directors has approved the establishment of a stock buyback program aimed at optimizing capital allocation and maximizing Bitcoin returns. The company stated that due to increased market volatility and a decline in mNAV, the current stock price does not fully reflect its intrinsic economic value. Therefore, the program has been initiated as part of a prudent capital management strategy. The plan is particularly effective when mNAV is below 1.0x. To support the flexible execution of the buyback program, the board has approved a credit facility of up to $500 million (approximately ¥76.4 billion), allowing the company to quickly borrow funds using Bitcoin as collateral. The proceeds will be used to further acquire Bitcoin, invest in Bitcoin yield-generating businesses, or repurchase shares. This arrangement is also part of the company’s broader financial strategy and may serve as a transitional financing measure for future preferred stock issuances.