Metaplanet, the third largest publicly traded Bitcoin asset manager, is considering share buybacks to improve its Bitcoin yield amid a decline in the company’s net asset value (mNAV). The firm’s CEO, Simon Gerovich, highlighted that maximizing Bitcoin yield remains their key performance indicator, guiding capital allocation decisions.
Following a drop in mNAV to below 1.0x, which signals the market value falling beneath the underlying asset value, Metaplanet plans to repurchase common shares to boost Bitcoin exposure per share. While the company initially adopted a capital allocation policy supporting buybacks when mNAV stands below 1.35x, Gerovich noted the flexibility to buy back shares regardless of valuation, with greater potential benefits the lower the mNAV declines.
Currently, Bitcoin trades near $62,600 after a significant weekly drop, coinciding with a steep fall in Metaplanet’s quarterly Bitcoin yield from 13.9% in Q4 2025 to 1.1% in Q1 2026. Despite holding over 40,000 BTC valued at approximately $2.5 billion, Metaplanet faces a paper loss approaching $1.64 billion due to recent Bitcoin price weaknesses. The company’s stock price reflects some recovery with a recent uptick, though this followed a reported $750 million loss tied to the firm’s “Japanese Strategy” in the latest quarter.
Gerovich described the discounted share repurchases as a strategic move to increase Bitcoin exposure on a per-share basis, aiming to benefit shareholders as the cryptocurrency markets experience volatility. This approach underscores Metaplanet’s commitment to optimizing returns through dynamic capital management amid fluctuating asset valuations.