Metaplanet Secures $500M BTC Credit Line to Boost Treasury and 13% Share Buyback
Japanese BTC-holding firm Metaplanet Inc. has secured a $500 million (¥75 billion) credit facility backed by its BTC holdings and simultaneously launched a program to repurchase up to 13% of its outstanding shares, marking a major step in its corporate BTC-treasury strategy.
According to , the move comes as Metaplanet’s market-to-net-asset value (mNAV) ratio, a key measure of its share price relative to BTC holdings, has fallen below parity, prompting management to deploy a strategy to unlock better liquidity and increase its BTC-per-share ratio.
Metaplanet’s Strategic Move to Rebuild Value Amid mNAV Pressures
, often described as “Japan’s Strategy”, holds over 30,000 BTC (roughly $3.5 billion in value), and the company plans to accumulate 210,000 BTC by 2027. With its bold BTC treasury moves, the Tokyo-listed company has positioned itself as one of Asia’s leading corporate adopters of the world’s largest cryptocurrency.
However, with its mNAV — the metric that compares enterprise value to BTC holdings — recently falling below 1.0×, the company opted for a dual strategy: leveraging its BTC reserves via the credit line and repurchasing shares to enhance the BTC-per-share yield.
The purchaseback program authorizes the repurchase of up to 150 million common shares, representing about 13.1% of its outstanding stock, by October 2026. The newly secured $500 million credit line, backed by Metaplanet’s BTC holdings, will fund both the repurchase and potential future BTC acquisitions, allowing the firm to expand without tradeing any of its core assets.
According to , the company’s stock rose by more than 2% to reach 499 Yen per share in Tokyo trading following the announcement, reflecting investor confidence in the plan’s ambition and scale. Analysts also describe the move as a “capital-efficiency play” that allows the company to boost liquidity while deepening exposure to its primary reserve asset.
BTC Treasuries Continue to Find Ways to Adapt
Metaplanet’s initiative shows a growing shift from passive accumulation to active financial engineering among publicly listed . By borrowing against BTC rather than liquidating it, firms can preserve exposure while using low-cost debt to fund corporate actions such as share purchasebacks or expansion.
This mirrors similar strategies by (formerly MicroStrategy) in the U.S., which has repeatedly leveraged debt and equity offerings to expand its BTC holdings. Industry observers suggest Metaplanet’s approach could signal the rise of a more sophisticated “BTC-native balance sheet management” trend among global treasury adopters.
However, despite its strategic potential, such moves carry notable risks. BTC’s price volatility could amplify balance-sheet exposure, particularly if collateral values fall sharply. Plus, the terms of the $500 million loan facility, including loan duration, interest rates, and collateral thresholds, have not been publicly disclosed, leaving investors to speculate on leverage levels.
Ultimately, how Metaplanet’s move plays out could influence how other global firms treat BTC: not just as a hedge, but as an active financial instrument shaping modern corporate finance.
