Crypto Firm Bets Half a Billion on Bitcoin to Win Back Investors
Metaplanet Inc., one of Japan’s most prominent Bitcoin-holding companies, is turning to Bitcoin-backed borrowing to fund an ambitious $500 million share buyback after its stock value slipped below the worth of its Bitcoin reserves.
The Tokyo-listed firm announced that its board approved the repurchase of up to 150 million shares – roughly 13% of its total – to be carried out through the Tokyo Stock Exchange over the next two years. The move follows a sharp dip in Metaplanet’s market-based net asset value (mNAV), which recently fell to 0.88 before recovering slightly.
To finance the buyback, Metaplanet secured a Bitcoin-collateralized credit facility worth half a billion dollars. The credit line will give the…
