Japanese investment firm and prominent corporate Bitcoin treasury adopter Metaplanet has announced a strategic shift, introducing a net interest income strategy designed to channel capital into income-generating assets. Revealed on Monday, the new approach aims to utilize net interest earnings to systematically fund both its ongoing Bitcoin accumulation and future dividend payments, marking a notable evolution in the company’s financial planning.
The strategic pivot forms a central component of Metaplanet’s revised capital allocation policy. Under the updated framework, the firm has slated between 10% and 15% of its total assets to be redirected toward strategic investments. This allocation opens the door for targeted mergers and acquisitions, alongside a broader array of interest-generating assets meant to bolster corporate cash flows.
Even with the expansion into income-producing ventures, Bitcoin remains the bedrock of the company’s treasury reserve strategy. According to a notice published by Metaplanet on Monday, Bitcoin will continue to account for the vast majority of the firm’s portfolio, representing between 85% and 90% of total assets. Management noted that the decision to diversify a small portion of its asset base is intended to enhance the company’s overall financing capacity and credit quality, which in turn should support efforts to grow its Bitcoin holdings per share through additional market acquisitions.
The unveiling of this new fundraising and capital deployment model arrives in the wake of mounting shareholder scrutiny regarding Metaplanet’s corporate governance and its increasingly complex capital structure. Addressing these concerns directly on Friday, Metaplanet issued five corrected securities filings. These corrections sought to clarify ownership transparency, specifically stating that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, an entity that acts as a shareholder in Metaplanet.
The clarifications, however, have not completely placated critical investors. In response to the regulatory filings, a pseudonymous Metaplanet shareholder known online as Bitcoin Pharaoh took to social media to urge the company for even greater transparency. Specifically, the investor called on Metaplanet to explicitly name the ultimate beneficial owners of MMX Ventures, clarify the nature of a 23.8% stake listed as being indirectly held by CEO Simon Gerovich, and publicly identify the two unnamed corporate executives who recently exercised 18.8 million shares from the company’s Series 10 stock option pool.
"Either the indirect holding is his, in which case the deleted sentence was closer to the truth, or it is not, in which case the correction is incomplete," Bitcoin Pharaoh wrote in a post on X on Friday.
Despite the ongoing governance debates and questions surrounding executive compensation, market reaction has shown signs of stabilization. According to data from Yahoo Finance, Metaplanet’s share price rose by more than 5.6% over the course of five consecutive trading days. This modest recovery has helped trim some of the losses from a year-to-date decline that currently sits at approximately 26%.
Metaplanet Cuts $220 Million From Series 10 Stock Pool Following Shareholder Concerns
The recent adjustments to the company’s financial disclosures and capital policies come on the heels of intense pushback from investors regarding executive compensation structures. In early September, corporate leadership drew sharp criticism from the shareholder base after expanding Metaplanet’s Series 10 executive stock option pool nearly sevenfold, ballooning the potential share count from 46 million shares to 319.5 million shares.
While Metaplanet maintained that it had formally fixed the pool at 319.5 million shares on August 18, a vocal faction of shareholders demanded that management cancel the 273 million additional potential shares created by the massive expansion.
Yielding to the pressure, Metaplanet announced plans on September 11 to slash the executive stock pool by 41%. The company accomplished this by reducing the number of potential shares underlying the rights by 131.3 million—lowering the total from 319.464 million down to 188.19 million. This was achieved by resetting the conversion ratio from 1:696 back to 1:410, returning it to the exact level where it stood prior to the company’s international share offering in September 2025.
According to CEO Simon Gerovich, this structural rollback successfully extinguished over $220 million in warrant value. Furthermore, the maneuver increased the company’s Bitcoin per fully diluted share metric by approximately 8.8%, providing a tangible benefit to existing investors who had voiced concerns over potential equity dilution.
Nevertheless, skepticism remains within the broader financial community. Prominent asset manager VanEck argued in a mid-September report authored by Matthew Sigel that a significant portion of the shareholder dilution had already taken place despite the subsequent reduction in the stock pool. VanEck urged Metaplanet to take further corrective action by completely reversing the 273 million additional shares and replacing the remaining rights package with a transparent, shareholder-approved compensation plan.
The tensions surrounding executive incentives were further highlighted on August 31, when Metaplanet disclosed that CEO Simon Gerovich had exercised rights to acquire 92,000 shares under the contested Series 10 pool. Earlier in the month, on August 18, the company openly acknowledged in a regulatory filing that expanding the pool "amplifies the dilution borne by existing shareholders."
Critical mNAV Ratio Remains at Discount
Compounding the governance and dilution discussions is the company’s valuation relative to its crypto holdings. Nearly a year ago, Metaplanet crossed a notable milestone when its overall enterprise value fell below the aggregate market value of its underlying Bitcoin treasury.
The company’s market-to-Bitcoin net asset value ratio—commonly referred to as mNAV, which measures the relationship between the company’s overall market valuation and the exact value of its Bitcoin reserves—dropped below 1 on October 14, 2025, marking the first time the metric had fallen below parity in the firm’s history as a crypto treasury company.
According to tracking data from Mnav.com, Metaplanet has continued to trade below this threshold. At Monday’s market close in Tokyo, the company was trading at 0.80 times its Bitcoin NAV. This valuation indicates that public market investors are effectively paying only $0.80 for every $1.00 worth of Bitcoin held directly on the company’s balance sheet.
An mNAV reading persistently below 1 signifies that a company is trading at a distinct discount to its underlying assets. In the corporate treasury sector, such a discount can complicate capital-raising efforts, making it more challenging to issue new shares on favorable terms to fund further cryptocurrency acquisitions without causing undue friction among current shareholders. As Metaplanet rolls out its new net interest income strategy and navigates ongoing dialogues with its investor base, the evolution of its mNAV ratio and its ability to balance aggressive Bitcoin accumulation with transparent corporate governance will remain key focal points for the market.
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