Metaplanet’s Announces $500M Bitcoin Buybacks: Can It Lift BTC Above $116,000?
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.
Metaplanet Stock Buyback Fueled By $500M Bitcoin Credit Line
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 …
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