Metaplanet CEO Flags Share Buybacks as mNAV Drops to 0.90

Metaplanet CEO Simon Gerovich said the company is prepared to repurchase its common shares to maximize Bitcoin yield, with its multiple-to-net-asset-value (mNAV) ratio falling to 0.90 over the past 24 hours amid a pullback in BTC. Under Metaplanet's capital allocation policy, established last year, the company "strongly considers" buying back shares when mNAV is below 1.0x, with Gerovich stating, "the lower the mNAV, the greater the potential accretion." The policy is designed to increase BTC yield, which the company designates as its primary key performance indicator.

Gerovich outlined the buyback framework in a June 9 post on X, reaffirming that the metric remains central to how Metaplanet measures performance for shareholders. According to the company's official Bitcoin Strategy Tracker, BTC yield stood at -0.40% quarter to date as of the latest update, while mNAV dipped to 0.92 intraday before touching the 0.90 low. The shift came alongside a broader decline in Bitcoin's price.

Despite the falling mNAV, shares of Metaplanet (TYO: 3350) rose 2.95% on the session following the company's announcement of a MERCURY perpetual preferred stock dividend. Gerovich has not committed to an immediate repurchase program, but reiterated that any buyback decision would be tied to the company's mNAV level and its broader objective of maximizing BTC per share for investors.