Metaplanet Unveils Net Interest Income Strategy to Boost Bitcoin Accumulation
Japanese investment firm Metaplanet introduced a revised capital allocation policy focused on generating net interest income to support Bitcoin accumulation and dividend payments. The company plans to allocate 10-15% of its assets into strategic investments such as mergers, acquisitions, and interest-yielding assets. This approach aims to enhance financing capacity and credit quality, allowing Metaplanet to grow its Bitcoin holdings per share amid shareholder concerns over governance and complex capital structure.
Capital Strategy and Bitcoin’s Central Role
Metaplanet revealed that Bitcoin remains its primary treasury reserve asset, constituting between 85% and 90% of total assets. The company’s newly introduced net interest income model intends to channel generated income toward further Bitcoin accumulation, dividend payments, and growth through mergers, acquisitions, and strategic investments.
This shift aims to improve the company’s financing ability and credit quality, ultimately increasing its Bitcoin holdings per share.
Governance and Capital Structure Clarifications
Following shareholder concerns over complex ownership dynamics, Metaplanet issued five corrected securities filings, clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a Metaplanet shareholder.
A pseudonymous shareholder ‘Bitcoin Pharaoh’ demanded explicit identification of MMX Ventures’ ownership, clarification over the 23.8% stake indirectly held by Gerovich, and disclosure of two unnamed executives who exercised 18.8 million shares from the Series 10 stock option pool.
Series 10 Stock Option Pool Adjustments and Shareholder Feedback
Early September saw controversy when Metaplanet expanded its Series 10 executive stock option pool nearly sevenfold, raising concerns over potential shareholder dilution.
On September 11, the company announced a 41% reduction of the pool by lowering the number of potential shares by 131.3 million, diminishing warrant value by over $220 million and increasing Bitcoin per fully diluted share by about 8.8%.
However, asset manager VanEck argued that dilution mostly occurred already and recommended reversing the additional shares, advocating for a shareholder-approved compensation plan.
Company Valuation Relative to Bitcoin Holdings
In October 2025, Metaplanet’s enterprise value dropped below that of its Bitcoin holdings with its market to Bitcoin NAV (mNAV) ratio falling under 1 for the first time on record.
Currently, the stock trades at approximately 0.80x its Bitcoin NAV, implying investors pay 80 cents for every $1 of Bitcoin owned. This discount may reflect market apprehensions regarding capital structure, corporate governance, or future outlook.
Why it matters
Metaplanet’s introduction of a net interest income strategy marks a crucial step to sustainably grow its Bitcoin treasury through income-generating investments, thereby enhancing financial resilience and dividend payouts. Addressing shareholder concerns over governance and the complex capital structure through transparency measures and option pool reductions aims to mitigate dilution risks and improve investor confidence. Given the current discounted market valuation relative to Bitcoin holdings, these measures could prove pivotal in stabilizing and potentially increasing company value amid market uncertainties.
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