mNAV falling below 1x indeed provides theoretical room for buybacks, but the 114.5 billion yen in book impairment in Q1 is too conspicuous; don't rush to interpret it as a positive.

Metaplanet CEO Simon Gerovich stated that the mNAV dropping to 0.92x makes buybacks a potential capital allocation tool. The company holds 40,177 Bitcoin, with a Bitcoin NAV of approximately $2.54 billion and an enterprise value of about $2.35 billion. Gerovich emphasized that investors should not interpret this as buybacks already underway. The quarterly financial report disclosed in May shows a net loss of 114.5 billion yen (about $726 million) in Q1, mainly due to non-cash impairments caused by the decline in Bitcoin prices; however, revenue increased by 251% year-over-year to 3.08 billion yen.