Metaplanet Signals Buybacks When Stock Trades Below Bitcoin NAV

Metaplanet could begin repurchasing its own shares as its stock trades below the value of its Bitcoin holdings. As part of its internal policy, Metaplanet considers share buybacks to maximize BTC yield if its market net asset value slips below 1.0x.

Buybacks could increase Bitcoin per share

According to an X post, Metaplanet CEO Simon Gerovich disclosed that a share buyback remains a viable option for Asia’s largest Bitcoin treasury if its mNAV falls below 1.0x. His comments come on the heels of Metaplanet’s mNAV falling to 0.90x, mirroring Bitcoin’s broader decline. Gerovich stated that Metaplanet measures success using Bitcoin Yield, a metric that tracks growth in Bitcoin per share. The company CEO noted that capital allocation decisions are evaluated primarily through their ability to improve that figure over time.

Bitcoin yield YTD. Source: mNAV.com

Under the company’s capital allocation policy adopted in October 2025, management may repurchase stock if it believes shares are trading at a meaningful discount to intrinsic value. After the buyback of undervalued shares, the remaining shareholders gain exposure to a larger amount of Bitcoin on a per-share basis. 

“As disclosed, when mNAV is below 1.0x, we will strongly consider repurchasing common shares to maximize BTC Yield, and the lower the mNAV, the greater the potential accretion,” wrote Gerovich on X.

While his comments have seen investors bracing for potential share buybacks, Gerovich warned that the statements should not be interpreted as an indication that the company will be conducting imminent buybacks. He added that any plans to repurchase shares will comply with Japanese disclosure rules and laws against insider trading, effectively prohibiting the company from detailing specifics of a share buyback.

"We therefore cannot comment on the specific timing, status, or implementation of any repurchases before appropriate disclosure,” noted Gerovich.

A different approach to building Bitcoin exposure

Since pivoting to a Bitcoin treasury strategy in 2024, Metaplanet has aggressively accumulated BTC through a series of capital raises. At press time, the Japan-based company holds 40,177 BTC on its balance sheet, making it the largest corporate Bitcoin holder in Asia and the third largest globally.

Rather than focusing exclusively on acquiring additional Bitcoin, Metaplanet can seek to enhance shareholder returns through buybacks, preferred-share financing, and other balance-sheet strategies. 

While Metaplanet is mulling the idea of share buybacks, Strategy executives have previously disclosed that they will evaluate buybacks if the stock ever trades at a substantial discount to its Bitcoin-adjusted value. However, Strategy has historically traded at a premium to its Bitcoin NAV, making buybacks less attractive than issuing stock and buying more BTC.