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Metaplanet Inc. (OTC:MTPLF) unveiled a 75 billion yen ($500 million) Bitcoin-backed share repurchase plan on Tuesday after its stock value fell below its Bitcoin (CRYPTO: BTC) holdings.
The Tokyo-listed Bitcoin treasury firm said the program aims to restore investor confidence and lift its market-based net asset value.
Metaplanet's mNAV had dropped to 0.88 last week before rebounding to 1.03, according to company data.
The buyback allows the repurchase of up to 150 million shares, representing about 13% of total outstanding stock.
Repurchases will run through October 2026 under a discretionary trading agreement on the Tokyo Stock Exchange.
To finance the plan, Metaplanet established a Bitcoin-collateralized credit facility with a borrowing capacity of $500 million.
The company said funds could be used for share repurchases or additional Bitcoin acquisitions.
It also noted the credit line could act as bridge financing for a preferred share issuance planned for later this year.
Metaplanet currently holds 30,823 BTC, valued at roughly $3.5 billion.
It acquired 5,268 BTC in its most recent purchase on Sep. 30.
The company paused new Bitcoin buys during the recent mNAV decline but reiterated its goal of owning 210,000 BTC by 2027.
It remains Japan's largest listed corporate Bitcoin holder and the fourth largest globally.
The firm's latest move follows ETHZilla's announcement of a $40 million buyback amid a similar valuation gap.
ETHZilla said it has already repurchased about 600,000 shares worth $12 million under its ongoing program.
Analysts at 10x Research recently said several Bitcoin treasuries have seen their NAVs collapse, wiping out billions in paper wealth.
They described the sector's early premium valuations as having "fully round-tripped," leaving retail investors underwater while firms accumulated Bitcoin.
BTC Price Prediction (Source: TradingView)
Technical Analysis: Bitcoin is trading around $115,000, stabilizing after early-month volatility.
The cryptocurrency sits above the 20- and 50-day exponential moving averages (EMAs) between $112,400 and $113,400.
This zone has served as a short-term pivot for two weeks, with buyers defending the $111,200–$113,400 support band.
The 100-day EMA sits near $112,800, and the 200-day EMA lies around $108,360.
A daily close below these averages could expose the $100,000–$92,000 region, where broader trendline support meets summer consolidation.
On the upside, resistance is seen near $116,000, followed by a heavy supply zone between $120,000 and $124,000.
Breaking above that level could trigger a rally toward $128,000–$132,000, marking the next untested supply pocket.
Momentum is gradually improving after the October dip to $111,000. Still, bulls must clear the $116,000 barrier to confirm control.
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