Metaplanet Stock Climbs Over 10% After Board Approves Capital Allocation Overhaul

• Metaplanet shares jumped 10% after unveiling a new capital allocation and buyback plan.
• Board approved a $500M credit facility and a program to repurchase 150M shares by 2026.
• Firm holds 30,823 BTC worth $3.5B as mNAV rises to 1.05 with $281M in unrealized gains.

Metaplanet’s share price rose on Tuesday after the company outlined a revised capital allocation framework, a new share repurchase plan, and access to a sizeable credit facility intended to support its Bitcoin-focused strategy.

The stock advanced more than 10% during the session, lifting its weekly gain above 25%, as trading volumes surged well past recent averages. The market reaction followed the board’s approval of a policy designed to safeguard shareholder value and align capital deployment with fluctuations in the firm’s Bitcoin-linked metrics.

The price of Metaplanet shares reached 519 JPY at its intraday peak before modest profit-taking trimmed gains. The stock traded between 464 JPY and 541 JPY over 24 hours, with volume exceeding 75 million, considerably higher than the typical 49-million average. The recent surge pushed the company’s year-to-date return back to approximately 53%, aided by a breakout above a descending trendline.

The renewed capital strategy was introduced after the company’s enterprise value fell below the value of its Bitcoin holdings, measured as mNAV, during the market downturn when Bitcoin declined toward $102,000. The fall in mNAV coincided with sell-offs from both institutional and retail shareholders, prompting the board to reassess how capital is allocated.

Key Elements of the Capital Allocation Policy

The updated policy is anchored on three core principles. It includes the use of perpetual preferred shares as a tool to enhance Bitcoin yield generation. It also halts common share issuance during periods when the market-adjusted net asset value (mNAV) remains below 1.0.

Additionally, the framework prioritizes selective share repurchases to enhance returns associated with Bitcoin exposure. Funding for buybacks may be sourced from the company’s cash, capital raised through the issuance of preferred shares, income from Bitcoin-related operations, or credit facilities.

Metaplanet Share Buyback and Credit Facility

Alongside the policy announcement, the board endorsed a share repurchase program targeting the acquisition of up to 150 million shares by October 29, 2026. The company also secured approval for a credit facility with a borrowing limit of $500 million, intended to provide flexibility for future actions. The funds may be used for additional Bitcoin purchases, investments within the firm’s Bitcoin income activities, or further share repurchases.

Metaplanet currently holds 30,823 BTC, valued at approximately $3.5 billion, with a market net asset value (mNAV) of 1.05 and unrealized Bitcoin-related gains of roughly $281 million. The company has slowed Bitcoin purchases after reaching its annual target, while maintaining its longer-term goal of holding 210,000 BTC by 2027.