Overview
- Metaplanet said on Tuesday that its market‑to‑net‑asset value ratio was 0.92x, based on 40,177 BTC and a Bitcoin net asset value near $2.54 billion that produced an enterprise value of about $2.35 billion.
- CEO Simon Gerovich reiterated that the company’s capital‑allocation policy calls for strong consideration of share repurchases when mNAV falls below 1.0x, and he warned investors not to read the comments as confirmation of an active buyback program.
- In its first‑quarter report the firm recorded a ¥114.5 billion net loss driven by a ¥116.4 billion non‑cash Bitcoin writedown, leaving an unrealized Bitcoin loss of about $1.64 billion and a quarterly BTC Yield of −0.40% even as it added 5,075 BTC.
- The company is pursuing a listed perpetual preferred called MERCURY and building systems to support monthly dividend payments, and Japan’s regulatory review and the country’s limited preferred‑share market have slowed approval and listing.
- Shares rose roughly 2.95% after the capital‑allocation remarks and a $5.4 million advance allocation tied to MERCURY dividends, and any future repurchases would be accretive by raising Bitcoin per share but hinge on cash availability, the negative BTC Yield and compliance with Japanese rules.