Asia’s largest corporate Bitcoin holder, Metaplanet, is considering share buybacks as part of its strategy to increase Bitcoin yield after its market net asset value (mNAV) fell below 1.0x following Bitcoin’s recent price decline.
CEO Simon Gerovich said the company’s capital allocation framework allows for repurchasing common shares when mNAV drops below 1.0x, a move designed to improve Bitcoin yield for shareholders. The comments came as Metaplanet’s valuation metric slipped to around 0.92x, reflecting the impact of weaker Bitcoin prices on the company’s treasury holdings.
BTC Yield is our primary KPI, and our capital allocation is focused on maximizing it for shareholders. Share buybacks are a core element of our Capital Allocation Policy (established October 28, 2025). As disclosed, when mNAV is below 1.0x we will strongly consider repurchasing…
— Simon Gerovich (@gerovich) June 9, 2026
Bitcoin valuation metric weakens
In his June 9 statement, Gerovich reiterated that Bitcoin yield remains the company’s key performance indicator and the central focus of its treasury strategy.
Under the framework introduced last year, Metaplanet can consider buying back shares when its mNAV falls below 1.0x. The company believes such repurchases can increase shareholder value by improving the amount of Bitcoin represented by each outstanding share.
According to Metaplanet’s Bitcoin Strategy Tracker, the company currently holds 40,177 BTC with a Bitcoin net asset value of approximately $2.54 billion. Its enterprise value stands near $2.35 billion, placing mNAV at roughly 0.92x.
Gerovich noted that any potential buyback would be subject to Japan’s insider trading and disclosure regulations. As a result, the company cannot provide details on the timing or status of any future repurchase plans before official disclosure.
Bitcoin treasury expansion continues
Despite the decline in Bitcoin prices, Metaplanet continues to pursue its aggressive Bitcoin accumulation strategy.
The company recently launched a $500 million share repurchase program and secured additional capital aimed at increasing its Bitcoin reserves. The move highlights Metaplanet’s commitment to expanding its position as one of the largest corporate Bitcoin holders globally.
Market participants continue to monitor mNAV closely, as it has become a widely used valuation measure for publicly traded Bitcoin treasury firms. Meanwhile, MetaPlanet reported strong growth in revenue and operating profit for the quarter, driven largely by its Bitcoin-linked income activities.
Stock rebounds after dividend announcement
Metaplanet shares closed 2.95% higher at 244 yen on Tuesday, recovering from recent losses. The stock has remained down nearly 30% over the past month and about 47% year-to-date amid volatility across Bitcoin-focused companies.
Investor sentiment also received support after the company allocated $5.4 million in advance funding for dividends tied to its MERCURY perpetual preferred stock.
While Metaplanet’s Bitcoin holdings currently show an unrealized loss of roughly $1.64 billion, the company continues to position Bitcoin yield and long-term accumulation as the foundation of its treasury strategy.
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