Japanese investment and Bitcoin treasury company Metaplanet introduced a net interest income strategy, seeking to invest capital in income-generating assets and use the net interest to fuel its Bitcoin accumulation and dividend payments.
The move is part of the company's revised capital allocation policy under which 10% to 15% of assets can move into strategic investments, including mergers and acquisitions and interest-generating assets. Bitcoin remains Metaplanet's core treasury reserve asset, accounting for 85% to 90% of total assets.
The decision aims to enhance the company's financing capacity and credit quality to grow its Bitcoin holdings per share through additional acquisitions.
Governance Clarifications and Shareholder Concerns
The fundraising model announcement followed shareholder concerns about Metaplanet's governance and capital structure. On Friday, Metaplanet issued five corrected securities filings clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a shareholder in Metaplanet.
Pseudonymous shareholder Bitcoin Pharaoh urged the company to explicitly name who owns MMX Ventures, clarify a 23.8% stake listed to be indirectly held by Gerovich, and name two unnamed executives who exercised 18.8 million shares from the Series 10 stock option pool.
Stock Pool Adjustments
In early September, shareholders criticized management for expanding the Series 10 executive stock option pool almost sevenfold, from 46 million shares to 319.5 million. On September 11, Metaplanet announced plans to cut the stock pool by 41%, reducing potential shares by 131.3 million through a conversion ratio reset. The change extinguished over $220 million in warrant value and increased the company's Bitcoin per fully diluted share by approximately 8.8%, according to Gerovich.
Asset manager VanEck argued that much shareholder dilution had already occurred despite the stock pool cut, urging Metaplanet to reverse the 273 million additional shares and replace remaining rights with a shareholder-approved compensation plan.
Market Valuation Discount
Metaplanet's market to Bitcoin NAV (mNAV)—the ratio between the company's value and its Bitcoin holdings—dropped below 1 on October 14, 2025, for the first time on record. At Monday's close in Tokyo, Metaplanet trades at 0.80x its Bitcoin NAV, meaning investors pay $0.80 for every $1 of Bitcoin it owns.
An mNAV reading below 1 indicates the company trades at a discount, making it more difficult to raise capital and issue new shares to purchase more cryptocurrency. Metaplanet's share price is up more than 5.6% over the past five trading days, trimming some of the now-26% year-to-date decline.
