Metaplanet's mNAV Crashes Below 1.0x, CEO Revives the 'B' Word: Buybacks 🪙

Metaplanet CEO Simon Gerovich said on June 9 that the company will "strongly consider" repurchasing common shares to maximize BTC yield now that its market-to-net-asset-value, or mNAV, has slipped below 1.0x. The policy, adopted on October 28, 2025, when mNAV stood at 1.35x, directs the firm to evaluate buybacks whenever the multiple dips under the 1.0x threshold, with management noting that "the lower the mNAV, the greater the potential accretion." Gerovich also confirmed that buybacks remain an option "at any valuation level," though sub-1.0x pricing is the trigger laid out in the formal framework.

The shift comes after mNAV fell to an intraday low of 0.90 over the past 24 hours before recovering slightly to 0.939x at the time of writing. Bitcoin's drawdown has weighed on the figure: BTC was trading at $62,597.04, down more than 9% over the prior week. Metaplanet's official Bitcoin Strategy Tracker shows quarterly BTC yield at -0.40% quarter-to-date, slipping from 13.9% in Q4 2025 to 1.1% in Q1 2026. "BTC Yield is our primary KPI, and our capital allocation is focused on maximizing it for shareholders," Gerovich wrote on X.

Metaplanet holds 40,177 BTC, valued at roughly $2.5 billion at current prices, though the position sits at an unrealized loss of about $1.64 billion. The Tokyo-listed firm, traded under ticker 3350, closed the prior session at 243 JPY, up 2.53% on the day. Shares also added 2.95% in Tuesday's session, coinciding with the announcement of a MERCURY perpetual preferred stock dividend. The company is now positioned as the third-largest Bitcoin DAT and has been marketed in industry coverage as "Asia's largest Bitcoin treasury."

The Q1 2026 results underscore the scale of the drawdown, with Metaplanet reporting a $750 million loss for the quarter even as its preferred stock program expands capital deployment options. Gerovich has framed BTC yield as the central metric for shareholders, leaving the buyback decision contingent on the discount to NAV persisting and the company's internal thresholds being met.