Company Overview - Tokyo-listed Metaplanet has approved a 75 billion yen share repurchase program, supported by a $500 million credit facility, to address the disparity between its stock price and its Bitcoin holdings valued at $3.5 billion [1][6] - The company is now the largest listed Bitcoin treasury in Asia and the fourth-largest globally, with a market-to-net-asset-value ratio dropping to 0.99 this month [1] Share Repurchase Program - The Board of Directors has authorized the repurchase of up to 150 million common shares, which represents 13.13% of the total issued shares, over the next 12 months through discretionary trading on the Tokyo Stock Exchange [2] - The initiative aims to enhance capital efficiency and maximize BTC Yield, particularly when the company's valuation multiple falls below 1.0x [2] Industry Context - Metaplanet's situation reflects a broader crisis in the digital asset treasury sector, with K33 Research indicating that 26 out of 168 Bitcoin-holding firms now trade below their net asset values [3] - Industry-wide premiums have decreased from an average of 3.76x in April to 2.8x currently, and daily Bitcoin accumulation by treasury companies has slowed to 1,428 tokens in September, the lowest since May [3] Market Performance - Other firms, such as NAKA, have seen significant declines, with NAKA trading at just 0.7x net asset value after previously reaching a 75x premium [4] - Metaplanet shares have dropped approximately 70% from their all-time highs in mid-June, currently trading at 499 yen, despite a 2.2% increase today [4] Analyst Insights - A Japan equity analyst characterized the downturn as "a popping of a bubble," noting a significant cooling of the "general euphoria" surrounding Bitcoin stockpiling [4] - However, long-term Bitcoin bulls may perceive the current discount as a potential buying opportunity [5]