Metaplanet has reiterated that share buybacks remain a potential capital allocation tool after its mNAV ratio fell to 0.939x, 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 metric, widely followed among Bitcoin treasury companies, compares a firm's enterprise value with the value of its Bitcoin holdings, and recent weakness in Bitcoin prices pushed the metric as low as 0.939x during the past day. As per the company's capital allocation policy established on October 28, 2025, when mNAV is below 1.0x, Metaplanet strongly considers repurchasing common shares to maximize BTC Yield, with the lower the mNAV, the greater the potential accretion. Gerovich clarified that the company thinks discounted buybacks can increase Bitcoin exposure per share, noting that even though 1.0x mNAV is a useful benchmark, the company has the freedom and authority to buy back shares at any valuation level.
Data from Metaplanet's Bitcoin Strategy Tracker showed the company held 40,177 BTC with a Bitcoin NAV of nearly $2.5 billion and an enterprise value of about $2.35 billion, resulting in the current mNAV ratio of 0.939x. The company recorded a ¥114.5 billion ($725.6 million) net loss during the first quarter, with almost the entire loss attributed to a ¥116.4 billion non-cash writedown tied to Bitcoin's decline. However, revenue climbed 251% year over year to ¥3.08 billion, while operating profit rose 283% to ¥2.27 billion. The company also added 5,075 BTC during the quarter, bringing total holdings to 40,177 BTC. Notably, the firm currently sits at an unrealized loss of almost $1.64 billion on its Bitcoin holdings, with the quarterly BTC yield dropping to 1.1% after a significant decline from 13.9% in Q4 2025. This coincides with Bitcoin trading at $62,597.04 after a decline of more than 9% over the previous week.
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. 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. The Board has resolved to declare in advance all FY2026 quarterly dividends on the Pre-IPO Class B 4.9% MERCURY Convertible Preferred stock, totaling ¥867.7 million (~$5.4 million), continuing to build its track record as a JPY denominated dividend-paying issuer. 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.
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. The company has repeatedly said it evaluates multiple financing and shareholder-return tools rather than relying on a single strategy. As per Gerovich, the statement "should not be interpreted as an indication that we are currently conducting, or will conduct, buybacks at any specific time." The company launched a $500 million share repurchase program and has secured capital to expand Bitcoin holdings. Last month, Gerovich said Metaplanet was still working through the approval process for a planned perpetual preferred share product in Japan, describing it as potentially the country's first listed perpetual preferred share.
