Metaplanet’s Bitcoin Bet: $500M Buyback or Financial Jenga?

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If you’ve ever wondered what happens when a company’s stock price dips below its Bitcoin stash, Metaplanet has the answer: leverage, lots of it. Tokyo-listed treasure hunters just announced a $500M share repurchase program, because why let a Bitcoin-backed loan go to waste? 🤷♂️

They’re trying to maximize BTC yield per share and restore “market confidence” while their stock trades below the value of their crypto hoard. It’s like your stock portfolio decided to go on a shopping spree and forgot to check its wallet. 💸

The buyback plan lets them gobble up 150 million shares (13.13% of total) from Oct. 2025 to 2026. They’re using a Bitcoin-collateralized credit line because, obviously, you can’t just ask the bank for cash when you’ve got 30,823 BTC sitting around. 🏦

To fund this fiscal circus, they’ve secured a $500M loan against their Bitcoin stash. The same stash that’s supposed to help them hit their 210,000 BTC target by 2027. Priorities, people! First buy the Bitcoin, then buy back shares with a loan. It’s like cooking a soufflé with a blowtorch. 🔥

Metaplanet’s mNAV: A Rollercoaster Ride 🎢

Their mNAV (a ratio that somehow matters to someone) dropped to 0.88 last week before bouncing back to 1.03. They’ve also paused new Bitcoin buys, probably to avoid looking like a fool. But hey, they’re still aiming for 210,000 BTC by 2027. Because 30,823 wasn’t enough. 🤑

Meanwhile, ETHZilla is doing its own $40M buyback, because nothing says “confidence” like repurchasing shares while your stock trades at a discount. And 10x Research is here to remind us that Bitcoin treasury firms have wiped out billions in paper wealth. Classic! You buy the high, you get the low… and then you’re broke. 📉

S&P’s “B-” rating for Michael Saylor’s Strategy? Sounds like a junk bond and a Netflix show had a baby. They cited “heavy Bitcoin concentration” and “weak capitalization” as vulnerabilities. Oh, and low USD liquidity. Because nothing says “stable” like holding a cryptocurrency that’s had more volatility than a toddler on espresso. ☕

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2025-10-28 12:16