Metaplanet тратит $500 млн на попытку спасти тонущие акции

cryptonews.ruPublished on 2025-05-27Last updated on 2025-10-28

Японская компания Metaplanet объявила о запуске программы выкупа собственных акций объемом до 150 млн обыкновенных акций, что составляет 13% от общего количества размещенных бумаг без учета казначейских акций.

Решение принято на фоне снижения отношения рыночной капитализации к чистой стоимости активов (mNAV) — ключевого показателя для компаний с криптовалютными резервами. Руководство Metaplanet прямо заявило: «Мы признаем, что из-за растущей волатильности и снижения mNAV наша цена акций в настоящее время не отражает адекватно нашу внутреннюю экономическую стоимость».

Когда цифры говорят больше слов

Статистика действительно впечатляет — и не в лучшую сторону. При том что акции компании выросли на 43,4% с начала года, текущая стоимость в 499 иен на 73% ниже пикового значения в 1 895 иен, зафиксированного 16 июня. Показатель mNAV достиг максимума 10,33x в феврале, а сейчас составляет лишь 1,03x после восстановления с минимума 0,88x от 17 октября.

1-недельный график 3350/JPY

Совет директоров одобрил создание кредитной линии с максимальным лимитом заимствования $500 млн сроком на год начиная с 29 октября 2025 года. Выкуп акций будет проводиться на Токийской фондовой бирже.

Биткоин-стратегия в действии

С момента запуска биткоин-стратегии в апреле 2024 года токийская компания накопила 30 823 BTC стоимостью около $3,5 млрд. Это делает Metaplanet четвертым по величине корпоративным биткоин-резервом в мире и крупнейшей в Азии.

Топ-10 корпоративных держателей биткоина. Источник: Bitcoin Treasuries

Компания подтвердила амбициозную цель — достичь 210 000 BTC к концу 2027 года. Программа выкупа, по словам руководства, будет «особенно эффективной», когда mNAV опускается ниже 1,0x.

Проблемы всей отрасли

Снижение mNAV у Metaplanet поднимает вопросы не только о долгосрочной жизнеспособности самой компании, но и о фундаментальной бизнес-модели компаний с криптовалютными резервами в целом. Этот показатель считается ключевым индикатором финансового здоровья компаний с цифровыми активами и отражает способность привлекать капитал и накапливать криптовалюты без размывания доли акционеров.

Несколько других компаний с криптовалютными резервами также столкнулись с падением mNAV ниже отметки 1x, включая крупные Ethereum-резервы BitMine и SharpLink Gaming.

Metaplanet применяет дисциплинированную политику распределения капитала, используя выкуп акций как инструмент повышения капитальной эффективности. Программа станет тестом для модели криптовалютных корпоративных резервов в условиях рыночной нестабильности.

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