Metaplanet unveils new capital allocation policy and share buyback program

Metaplanet Inc. has established a new capital allocation policy, effective October 28, 2025, following a board of directors resolution. The policy, guided by three fundamental principles, seeks to maximize long-term corporate value and BTC yield per share. As of October 28, 2025, Metaplanet holds 30,823 BTC (market value of ~$3.5 bn), positioning it as the fourth-largest BTC treasury company globally and the largest in Asia.

The policy emphasizes the effective use of perpetual preferred shares to enhance BTC yield accretion and minimize refinancing risk, with an aim for early listing. Regarding common shares, Metaplanet will not raise capital through issuance when mNAV (enterprise value divided by Bitcoin NAV) falls below 1.0x, but will selectively pursue issuances above 1.0x if deemed to enhance shareholder value.

To maximize BTC yield, Metaplanet will strongly consider repurchasing common shares when mNAV falls below 1.0x, but retains the flexibility to repurchase at any valuation if the market price is below intrinsic value. Concurrently, the company announced a share repurchase program, authorizing the acquisition of up to 150,000,000 shares (13.13% of outstanding shares excluding treasury shares) for a total of up to 75 bn yen between October 29, 2025, and October 28, 2026. This will be funded by cash on hand, potential preferred share issuances, credit facilities, and Bitcoin income generation.