Metaplanet, the Japanese publicly traded Bitcoin treasury firm, has indicated that share buybacks are under strong consideration after its market-to-net-asset-value (mNAV) ratio slipped to 0.92x. The metric, which compares the company's enterprise value to the value of its Bitcoin holdings, fell below the 1.0x threshold that CEO Simon Gerovich previously identified as a trigger for potential repurchases.
In a June 9 post on X, Gerovich confirmed that Bitcoin Yield per share remains the company's primary performance KPI, with capital allocation decisions evaluated based on their impact on this metric. "Share buybacks are a core element of our Capital Allocation Policy (established October 28, 2025). As disclosed, when mNAV is below 1.0x we will strongly consider repurchasing," he wrote. Gerovich stressed that the comments should not be interpreted as confirmation of any ongoing or scheduled buyback, citing strict adherence to Japanese insider trading regulations and disclosure requirements.
Data from Metaplanet's Bitcoin Strategy Tracker shows the firm holds 40,177 BTC, with a Bitcoin NAV of approximately $2.54 billion and an enterprise value of about $2.35 billion — resulting in the 0.92x mNAV. The ratio briefly touched 0.90 during recent Bitcoin price weakness. Under the policy, lower mNAV ratios increase the potential accretion of repurchases, as reducing the share count magnifies each remaining share's Bitcoin exposure. The framework mirrors strategies used by other Bitcoin-focused companies to create value during market dislocations.
The disclosure came alongside news of a $5.4 million advance allocation linked to dividend payments on Metaplanet's MERCURY perpetual preferred stock. Shares of Metaplanet closed 2.95% higher at 244 JPY on Tuesday, though the stock remains down roughly 47% year-to-date amid volatility across Bitcoin treasury firms. Quarterly results released in May showed a ¥114.5 billion ($725.6 million) net loss driven by a non-cash Bitcoin writedown, while the company's BTC Yield registered -0.40%.
