Metaplanet outlines profit strategy to accelerate Bitcoin purchases

Japanese investment firm and Bitcoin treasury vehicle Metaplanet said it has started using a “net interest income” approach to help fund further Bitcoin purchases and dividend payments. The company’s latest capital allocation update outlines a plan to deploy a portion of its balance sheet into income-generating assets, with the resulting earnings intended to strengthen its ability to accumulate Bitcoin per share.

The strategy is being introduced against a backdrop of ongoing shareholder scrutiny of Metaplanet’s governance and capital structure. In recent weeks, the company also issued corrected securities filings addressing questions about executive voting rights and related share ownership details.

Key takeaways

• Metaplanet plans to allocate 10% to 15% of its assets to strategic investments, including mergers and acquisitions and interest-generating assets.
• Bitcoin remains the dominant treasury holding, representing 85% to 90% of total assets, according to the company’s notice.
• The company’s “net interest income” strategy is designed to improve financing capacity and credit quality—factors tied to acquiring more Bitcoin per share.
• Recent governance-related filing corrections followed shareholder concerns about CEO Simon Gerovich’s voting control and related ownership disclosures.
• Metaplanet continues to trade at a discount to its Bitcoin holdings, with an mNAV of 0.80x at Monday’s Tokyo close, as tracked by mNAV.com.

Metaplanet’s new plan: interest income to support Bitcoin buys

On Monday, Metaplanet introduced an approach focused on generating income through net interest earnings, then directing that income toward two priorities: expanding its Bitcoin holdings and funding dividend payments.

Under a revised capital allocation policy, the company said it will allow 10% to 15% of assets to move into strategic investments. Those investments include potential mergers and acquisitions as well as assets expected to produce interest. The company’s stated aim is to enhance its financing capacity and credit quality, which—according to Metaplanet—can support growth in Bitcoin holdings per share through additional acquisitions.

Bitcoin continues to be the centerpiece of its treasury strategy. Metaplanet said in a Monday notice that BTC accounts for roughly 85% to 90% of total assets.

Shareholder pressure spills into corrected filings

Metaplanet’s disclosure comes after shareholder concern about how its governance and capital structure operate in practice. The company issued corrected securities filings on Friday, clarifying points related to CEO Simon Gerovich and his relationship to MMX Ventures, a shareholder in Metaplanet.

According to the corrected submissions referenced through Metaplanet’s filings, the issue centered on whether Gerovich has majority voting rights in MMX Ventures. The corrections were reflected in revised documentation filed with regulators, available through EDINET filings.

Beyond the formal filings, a pseudonymous shareholder account—Bitcoin Pharaoh—pushed for further transparency. In an X post on Friday, the account urged Metaplanet to explicitly identify who owns MMX Ventures, clarify a stated 23.8% stake that the post claims is indirectly held by Gerovich, and name two executives described as exercising 18.8 million shares from the Series 10 stock option pool. The post argued that if the indirect stake is indeed Gerovich’s, the deleted sentence would have been closer to the truth; if not, the correction is incomplete.

Discount to Bitcoin holdings remains a key constraint

Even with the shift toward interest-driven income, Metaplanet is still grappling with a valuation dynamic that can make capital raises more difficult. The company has previously faced the challenge of trading below the value of the Bitcoin it holds.

According to the tracking site mNAV.com, Metaplanet traded at 0.80x its Bitcoin NAV (mNAV) at Monday’s close in Tokyo—meaning investors were paying $0.80 for every $1 of Bitcoin held. Earlier data cited in the coverage notes that Metaplanet’s mNAV first dropped below 1 on Oct. 14, 2025, marking the first time it fell under the threshold on record.

An mNAV below 1 typically signals a discount to the underlying Bitcoin holdings. In practical terms, that discount can reduce incentives for new equity issuance aimed at purchasing additional cryptocurrency, since issuing shares at a discount can dilute the Bitcoin per share value unless the financing structure and purchase strategy are carefully managed.

Context: Series 10 stock pool changes and dilution debate

The governance and capital allocation debate has also intersected with executive compensation mechanics tied to Metaplanet’s Series 10 stock option pool.

Earlier in September, Metaplanet faced shareholder criticism after management expanded the Series 10 pool from 46 million shares to 319.5 million. Metaplanet later said it fixed the pool at 319.5 million shares on Aug. 18, but some shareholders demanded cancellation of the additional potential shares that were created by the expansion.

On Sept. 11, Metaplanet announced it would reduce the stock pool by 41% through a reduction in the number of potential shares. The plan reset the conversion ratio from 1:696 to 1:410, aligning with a pre-international-offering level referenced in the filing coverage, and reduced potential shares from 319.464 million to 188.19 million. Metaplanet stated that this change extinguished more than $220 million in warrant value and increased Bitcoin per fully diluted share by about 8.8%, per CEO Simon Gerovich.

However, asset manager VanEck argued that a significant portion of dilution had already occurred, urging Metaplanet to reverse the additional 273 million shares and replace remaining rights with a compensation plan approved by shareholders, as discussed in a VanEck report published Sept. 18.

Metaplanet’s filings also included disclosure that Gerovich exercised rights to acquire 92,000 shares under the Series 10 pool on Aug. 31, and the company acknowledged that expanding the pool “amplifies the dilution borne by existing shareholders,” as reflected in the referenced disclosures.

For investors, the key question now is whether Metaplanet’s new net interest income strategy can meaningfully offset the structural pressures of trading at a discount to its Bitcoin holdings—especially if future share issuance remains constrained. Readers should watch for how much capital is actually shifted into interest-generating assets, whether the company’s credit quality improves as intended, and how the outstanding governance questions raised around MMX Ventures and executive ownership continue to evolve in subsequent filings.