Metaplanet, Asia’s leading Bitcoin treasury company, is considering using share buybacks as a strategy to boost Bitcoin yield after its market net asset value (mNAV) fell below the key threshold of 1.0. The company’s CEO, Simon Gerovich, highlighted this approach as part of the firm’s ongoing capital allocation policy aimed at maximizing returns from its Bitcoin holdings.
Following a recent decline in Bitcoin prices, Metaplanet’s mNAV dropped to around 0.90, intensifying interest in share repurchases as a tool to enhance shareholder value. The company’s capital allocation framework, established last year, dictates that buybacks become a particularly attractive option when mNAV is under 1.0, offering greater potential accretion to Bitcoin yield by reducing the number of outstanding shares.
Currently, Metaplanet controls a substantial Bitcoin portfolio, holding over 40,000 BTC valued at roughly $2.54 billion. The company’s enterprise value stands near $2.35 billion, aligning with the reported mNAV of 0.92. While the buyback plan remains under careful regulatory scrutiny, Gerovich confirmed that any share repurchase will strictly follow Japanese insider trading laws and monthly disclosure rules, and no specific timetable has been announced.
Previously, Metaplanet initiated a $500 million share repurchase program alongside securing additional capital to expand its Bitcoin holdings. These moves intend to solidify the company’s position amid volatility affecting Bitcoin treasury entities.
The stock experienced a modest rebound, closing nearly 3% higher amid the CEO's statements and an advance dividend payment on the firm’s MERCURY perpetual preferred stock. The board approved early distribution of FY2026 quarterly dividends totaling approximately $5.4 million, reinforcing Metaplanet’s commitment to maintaining JPY-denominated dividend payouts.
Despite these efforts, the company faces considerable unrealized losses on its Bitcoin assets, nearing $1.64 billion, compounded by a recent quarterly Bitcoin yield falling into negative territory. Market participants closely watch mNAV as a valuation indicator for Bitcoin proxy stocks, reflecting broader sector uncertainties that challenge companies like Metaplanet.