Metaplanet weighs stock repurchases after mNAV falls to 0.92x

Metaplanet has reiterated that share buybacks remain a potential capital allocation tool after its mNAV ratio fell to 0.92x, a level the company says could support accretive purchases for shareholders.

According to a June 9 post from Metaplanet CEO Simon Gerovich, Bitcoin Yield remains the company’s primary performance metric, with capital allocation decisions evaluated through their impact on bitcoin per share.

The executive pointed to the firm’s existing policy, which states that management will strongly consider repurchasing common stock when mNAV trades below 1.0x.

The metric, widely followed among Bitcoin treasury companies, compares a firm’s enterprise value with the value of its Bitcoin holdings. 

Data from Metaplanet’s Bitcoin Strategy Tracker showed the company held 40,177 BTC with a Bitcoin NAV of nearly $2.54 billion and an enterprise value of about $2.35 billion, resulting in an mNAV ratio of 0.92x.

Recent weakness in Bitcoin prices pushed the metric as low as 0.90 during the past day. Under the company’s policy, lower mNAV levels increase the potential benefit of repurchasing shares because fewer shares remain outstanding relative to the underlying Bitcoin exposure.

While discussing the framework, Gerovich stressed that investors should not interpret the comments as confirmation that a buyback is underway or planned for any specific date. Any future repurchase activity would need to comply with Japanese insider trading rules, disclosure requirements, and monthly reporting obligations, he said.

Capital allocation plans remain in focus

Attention on Metaplanet’s financing strategy has grown as the company continues expanding one of the world’s largest corporate Bitcoin treasuries.

Earlier reporting from crypto.news noted that Metaplanet launched a $500 million share repurchase program while also securing additional capital to increase its Bitcoin holdings. The company has repeatedly said it evaluates multiple financing and shareholder-return tools rather than relying on a single strategy.

Last month, Gerovich said Metaplanet was still working through the approval process for a planned perpetual preferred share product in Japan. He described the instrument as potentially the country’s first listed perpetual preferred share, although regulatory review has taken longer because Japan’s preferred share market remains relatively small.

At the time, the company said it was also building operational systems that could support monthly dividend payments, including shareholder verification, record-date management and recurring distribution calculations. 

Management has argued that the preferred share structure could appeal to income-focused investors if its Bitcoin Income Generation Business can produce sustainable cash flows.

Quarterly results released in May showed the company recorded a ¥114.5 billion ($725.6 million) net loss during the first quarter. Metaplanet attributed almost the entire loss to a ¥116.4 billion non-cash writedown tied to Bitcoin’s decline during the period.

The company’s revenue climbed 251% year over year to ¥3.08 billion, while operating profit rose 283% to ¥2.27 billion. It also added 5,075 BTC during the quarter, bringing total holdings to 40,177 BTC.

Stock rebounds after dividend-related announcement

Shares of Metaplanet closed 2.95% higher at 244 JPY on Tuesday after trading between 238 JPY and 247 JPY during the session. Trading volume reached roughly 15 million shares, below the stock’s average daily turnover of about 28 million.

Despite the daily gain, the stock remains down nearly 30% over the past month and 47% since the start of the year amid volatility across Bitcoin treasury firms.

Part of Tuesday’s recovery followed comments on capital allocation and a $5.4 million advance allocation connected to dividend payments on the company’s MERCURY perpetual preferred stock.

Company data also showed an unrealized loss of about $1.64 billion on its Bitcoin holdings, while quarterly BTC Yield stood at -0.40%.

Investors have closely monitored mNAV as a benchmark for valuing Bitcoin treasury companies. The ratio also fell below 1.0x in late 2025, prompting discussions around similar capital allocation measures.