- Metaplanet‘s CEO says the company will strongly consider buying back its own shares as its stock trades below the value of its Bitcoin holdings.
- The company, Japan‘s largest bitcoin treasury firm, is carrying an unrealized loss of roughly $1.4 billion on its 40,177 BTC.
- Its stock is down 87% from its 52-week high and its premium against its bitcoin assets has collapsed by 96% from a 2024 peak.
Facing plummeting investor confidence, Metaplanet is hinting at potential stock buybacks to address its shares trading at a steep discount to its bitcoin treasury. The company’s CEO, Simon Gerovich, stated on Monday that “when mNAV is below 1.0x we will strongly consider repurchasing common shares.”
This metric, known as mNAV, measures the premium investors pay for the stock relative to its net bitcoin assets. However, Metaplanet‘s mNAV has collapsed to just 0.72x and its stock is down 85% over the past year.
Consequently, the company is now worth less than the $2.5 billion in bitcoin it holds. This drastic discount is a stunning reversal for a firm that once traded at an mNAV of 22.5x in July 2024.
Meanwhile, the financial strain is severe due to its high bitcoin cost basis. The company purchased its bitcoin at an average of roughly $104,107, according to its own dashboard, creating an immense unrealized loss with bitcoin now trading below $62,000.
Gerovich noted his post should not be interpreted as a guarantee of immediate buyback action. The company had previously authorized a $500 million buyback program funded by a bitcoin-backed credit line in October 2025.
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