Simon Gerovich, the CEO of the third largest Bitcoin [BTC] DAT has proposed a plan to explore stock buybacks to boost returns on the cryptocurrency.
While going to X, Gerovich noted:
BTC Yield is our primary KPI and our capital allocation is aimed at maximizing it for shareholders.
For context, share buybacks are considered a key tool in the Capital Allocation Policy, which was adopted on October 28, 2025. This was a time when the company’s net asset value (mNAV) was 1.35x.
What’s behind this share buyback plan?
However, at the time of writing, mNAV fell to a low of 0.939x. This in turn prompted the company to consider buying back its common stock to maximize Bitcoin returns.
The CEO reiterated the same about this:
When the mNAV is below 1.0x, we will strongly consider buying back common shares to maximize BTC returns, and the lower the mNAV, the greater the potential growth.
That said, even though 1.0x mNAV is a useful benchmark, the company has the freedom and authority to buy back shares at any valuation level.
Metaplanet’s Bitcoin Steps and More
This comes as Bitcoin was trading at $62,597.04 after dropping more than 9% from the previous week. Meanwhile, tThe Q1 2026 quarterly Bitcoin yield was 1.1%, down from the 13.9% last seen in Q4 2025.
All this is happening while Metaplanet owns 40,177 BTC, worth $2.5 billion. But despite such huge stakes, the company is struggling with a paper loss of almost $1.64 billion.
Meanwhile, the company’s stock price traded at JPY 243, after rising 2.53% the day before.
This coincided with the “Japan Strategy” reporting a loss of $750 million in the first quarter of 2026.
Final summary
- Gerovich clarified that the company believes discounted buybacks can increase Bitcoin exposure per share.
- Bitcoin’s recent decline has put pressure on Metaplanet’s interests.