Metaplanet Shares Jump 5.5% As Bitcoin Firm Unveils $500M Share Buyback Plan
Metaplanet shares surged 5.5% after the company announced plans for a $500 million share buyback funded through a new credit facility.  The Japan-based firm said in a statement today that its board had approved a new capital allocation policy that includes repurchasing shares, pausing equity raises when its market value falls below its Bitcoin net asset value, and optimizing its use of preferred stock.   CEO Simon Gerovich said  the goal is to “maximize BTC Yield and long-term corporate value.”   While a maximum of $500 million can be allocated to buy back up to about 13% of Metaplanet shares, the company said the credit facility would also provide flexibility for ” Bitcoin acquisitions, and other financing uses.”  Metaplanet’s surge today extended its gain over the past week to more than 12%, according to Yahoo Finance, but it remains more than 9% down over the past month.       Metaplanet share price (Source: Yahoo Finance )  Metaplanet Plans New Cap...