Metaplanet CEO Simon Gerovich said the company may buy back its own shares when its mNAV falls below 1.0x, as part of its strategy to increase Bitcoin yield for shareholders.
In a June 9 post on X, Gerovich said Bitcoin Yield remains the company’s main performance metric. He added that Metaplanet’s capital allocation policy is designed to maximize returns for shareholders.
The company sees share buybacks as an effective way to boost Bitcoin yield when its stock trades below the value of its assets. Following the recent Bitcoin price drop, Metaplanet’s mNAV fell to 0.90.
According to the company’s policy, it will strongly consider buying back shares when mNAV is below 1.0x, with larger benefits possible as the ratio falls further.
Metaplanet currently holds 40,177 BTC. Its Bitcoin NAV is nearly $2.54 billion, while its enterprise value is about $2.35 billion, giving it an mNAV of 0.92x.
Gerovich Says No Confirmed Buyback Timeline
Gerovich said any share buyback program would have to follow Japan’s strict insider trading and disclosure regulations, including monthly reporting requirements. Because of these rules, Metaplanet cannot reveal the timing, status, or details of any potential buyback before making the proper disclosures.
He also stressed that his comments should not be seen as confirmation that the company is currently buying back shares or plans to do so at a specific time.
Earlier, Metaplanet launched a $500 million share repurchase program and raised additional capital to increase its Bitcoin holdings.
Metaplanet Stock Climbs Despite Monthly Losses
Meanwhile, Metaplanet stock (TYO: 3350) rose 2.95% on Tuesday to close at 244 JPY. It traded between 238 JPY and 247 JPY during the day, with volume of 15 million shares, below the average of 28 million.
Even with the bounce, the stock is still down about 30% in the past month and 47% this year, as Bitcoin-related stocks remain volatile.
The move followed comments from CEO Simon Gerovich and a $5.4 million capital allocation to help pay dividends on its MERCURY perpetual preferred stock.
The company also reports an unrealized Bitcoin loss of about $1.64 billion, while its BTC yield has fallen to -0.40%. Investors continue to watch mNAV closely, a key measure used to value Bitcoin treasury companies.
