Core Insights - Metaplanet stock surged by 10% to 540 JPY following the announcement of a 150 million share buyback program, but later retraced to find support at 500 JPY [1][3][8] - The stock has been under bearish pressure, trading at a 70% discount from its 2025 high of 1900 JPY, despite achieving a milestone of 30,000 Bitcoin holdings [2][8] Share Repurchase Program - The share repurchase program aims to improve capital efficiency and maximize Bitcoin yield, as stated by CEO Simon Gerovich [3] - The company has secured a credit facility of up to $500 million to support its capital allocation strategy [4] Capital Allocation Strategy - Metaplanet is implementing a Bitcoin-focused treasury plan under a new capital allocation framework, which may include issuing preferred stock to acquire more Bitcoin [5] - The framework allows for share buybacks when the market net asset value (mNAV) is below 1.0x, aimed at increasing Bitcoin holdings per share [7] Market Performance - Despite the ambitious target of holding 30,000 BTC by the end of 2025, the stock price has not reflected this achievement, indicating strong selling pressure [8]