At present, a box expression is simply typeset with mbox or mlabox as the operator:
mathml(box(x^2+y^2=1));
produces
<math xmlns="http://www.w3.org/1998/Math/MathML"> <mi>mbox</mi>
<mrow><mo>(</mo><msup><mrow><mi>y</mi> </mrow> <mn>2</mn> </msup> <mo>+</mo>
<msup><mrow><mi>x</mi> </mrow> <mn>2</mn> </msup> <mo>=</mo> <mn>1</mn>
<mo>)</mo></mrow> </math>
rendered as
and similar for a labelled box.
Fixed in commit b78b96e89.