Metaplanet reveals net income strategy to fuel Bitcoin accumulation

Metaplanet on Monday unveiled a revised capital allocation framework that introduces a net interest income strategy: the company will invest capital into income-generating assets and channel net interest toward buying Bitcoin and paying dividends. The policy permits 10% to 15% of total assets to be moved into strategic investments, which the firm said may include mergers and acquisitions as well as interest-bearing instruments. The company reiterated that Bitcoin remains its core treasury reserve, representing roughly 85% to 90% of total assets. Metaplanet framed the change as a way to strengthen its financing capacity and credit quality, with the stated objective of raising Bitcoin holdings per share through additional acquisitions funded in part by income from the new investments. The announcement follows a period of shareholder scrutiny over governance and the firm’s capital structure. Late last week Metaplanet filed five corrections to securities disclosures clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a named shareholder. A prominent anonymous investor, posting as Bitcoin Pharaoh, pressed the company to disclose the ownership of MMX Ventures, clarify an indirectly held 23.8% stake attributed to Gerovich, and name two executives tied to exercise of Series 10 options. The capital-policy revision occurs amid prior controversy over Metaplanet’s Series 10 executive option pool, which management had expanded from 46 million shares to 319.5 million and then later cut to 188.19 million by resetting the conversion ratio. Management said that change removed roughly $220 million of warrant value and raised the company’s Bitcoin per fully diluted share by about 8.8%. Asset manager VanEck has argued that much dilution had already occurred and urged reversal of the earlier expansion and use of a shareholder-approved compensation plan. Market pricing reflects these tensions: Metaplanet’s shares have recovered slightly in the past five trading days but remain down about 26% year-to-date, and the company trades at roughly 0.80 times its Bitcoin NAV, implying it is valued below the market value of its reported BTC holdings.