Metaplanet unveils net profit strategy to drive Bitcoin accumulation

Japanese investment company Metaplanet launches net interest income strategy to accelerate Bitcoin reserve accumulation

On Monday, Japanese investment and Bitcoin treasury company Metaplanet announced a net interest income strategy. The strategy aims to put money into income-producing assets and use the net interest generated to drive its continued accumulation of bitcoins and dividend payments. The move is part of the company's revised capital allocation policy, under which 10% to 15% of assets can be diverted to strategic investments, including mergers and acquisitions and interest-generating assets.

Metaplanet revealed in an announcement released on Monday that Bitcoin (BTC) remains the company's core treasury reserve asset, accounting for 85% to 90% of total assets. The decision aims to improve the Japanese company's financing capabilities and credit rating, thereby increasing its bitcoin holdings per share through additional acquisitions.

In response to shareholder concerns about Metaplanet's corporate governance and complex capital structure, the company disclosed the fundraising model. Previously, Metaplanet issued five revised securities filings on Friday clarifying that CEO Simon Gerovich does not hold a majority of voting rights in Metaplanet's shareholder MMX Ventures. Metaplanet's announcement on further revisions to capital allocation policies. Source: Metaplanet

In response to the above amendment, anonymous Metaplane shareholder "Bitcoin Pharaoh" urged the company to clarify who owns MMX Ventures, clarify details of Gerovich's indirect 23.8% stake, and name two unnamed executives who exercised 18.8 million shares in the Series 10 stock options pool. "If the indirect shareholding does belong to him, then the deleted sentence is closer to the truth; if it does not belong to him, then the correction is incomplete," Bitcoin Pharaoh wrote in an X post on Friday. Metaplanet share price year-to-date chart. Source: Yahoo Finance

According to Yahoo Finance data, Metaplanet's share price has risen more than 5.6% in the past five trading days, partially offsetting a previous year-to-date decline of 26%. Related reports: Metaplan explores partnering with JPYC to issue bitcoin-backed digital credit; Metaplan is worried about cutting $220 million from its Series 10 stock pool

In early September this year, management was criticized by shareholders for expanding Metaplan's Series 10 executive stock options pool nearly sevenfold (from 46 million shares to 31.95 million shares). Metaplanet said it had fixed its options pool to 31.95 million shares on August 18, but some shareholders requested the cancellation of an additional 273 million potential shares created by the expansion.

On September 11, Metaplane shared a plan to reduce its stock pool by reducing the number of potential shares corresponding to the underlying rights by 131.3 million shares, from 319.464 million shares to 188.19 million shares, a drop of 41%. This was achieved by resetting the conversion ratio from 1:696 to 1:410, which was its level before the international share offering in September 2025. Gerovich said the change eliminated the value of warrants worth more than $220 million and increased the amount of Bitcoin per share after full dilution by approximately 8.8%.

However, asset manager VanEck pointed out in a September 18 report that despite stock pool cuts, most of the shareholder dilution effect has occurred. VanEck urged Metaplanet to withdraw the additional 273 million shares and replace the remaining rights with a shareholder-approved compensation plan. On August 31, Metaplanet disclosed that Gerovich had exercised rights in the Series 10 option pool to acquire 92,000 shares. On August 18, the company admitted that expanding the options pool "exacerbated the dilution experienced by existing shareholders."

Key mNAV ratio is still discounted

Nearly a year ago, Metaplanet's corporate value was lower than the value of its Bitcoin holdings. Official data shows that the company's market capital-to-bitcoin net asset value ratio (mNAV), which is the ratio of company value to its Bitcoin holdings, fell below 1 for the first time on October 14, 2025. As of Monday's close in Tokyo time, Metaplanet's trading price was 0.80 times its net asset value of Bitcoin, meaning that investors had to pay $0.80 for every $1 of their Bitcoin positions purchased, according to tracking website Mnav.com. Magazine article: Bitcoin adoption indicators show one trend, price movements show another