Metaplanet plans to put up to 15% of assets into income-generating investments to fund Bitcoin buys
Metaplanet, a Japanese company that keeps Bitcoin on its balance sheet, said it will put up to 15% of its total assets into investments designed to produce income. The money earned from those investments will be used to buy more Bitcoin and to pay dividends, the company said.
The plan was set out on Monday, October 5, in a company notice. It is a revision of Metaplanet's capital allocation policy, which allows 10% to 15% of assets to move into strategic investments. The company listed mergers and acquisitions and interest-generating assets as examples of what it may buy.
Bitcoin remains the main holding. The company says Bitcoin will make up 85% to 90% of total assets. Metaplanet says the goal is to improve its ability to raise money and its credit standing, so it can add Bitcoin and raise Bitcoin held per share.
Key points of the new policy
- 10% to 15% of assets may go into strategic investments, including deals and income-producing assets.
- Bitcoin stays the core reserve asset at 85% to 90% of total assets.
- Net interest income from investments is meant to fund further Bitcoin purchases and dividends.
- The stated aim is stronger financing capacity and better credit quality.
- Metaplanet says the policy should help grow Bitcoin holdings per share.
What the company notice says
The details come from Metaplanet's own notice, published Monday and titled a notice regarding further revision of its capital allocation policy. The percentages of 10% to 15% for strategic investments and 85% to 90% for Bitcoin are both set out there.
Announcing the model follows weeks of shareholder complaints about how Metaplanet is run and how its capital is structured.
Shareholders question filings over CEO's stake
On Friday, October 2, Metaplanet submitted five corrected securities filings. In them, the company said its chief executive, Simon Gerovich, does not hold majority voting rights in MMX Ventures, which is a Metaplanet shareholder.
A pseudonymous Metaplanet shareholder who goes by Bitcoin Pharaoh responded on X, asking the company to name who owns MMX Ventures, to clarify the 23.8% stake that filings list as being held indirectly by Gerovich, and to name two unnamed executives who exercised 18.8 million shares from the Series 10 stock option pool.
In the post, Bitcoin Pharaoh wrote that either the indirect holding belongs to Gerovich, in which case a deleted sentence was closer to the truth, or it does not, in which case the correction is incomplete. This is that person's view, not a company statement.
Stock option pool was expanded, then trimmed
In early September, shareholders criticized management for enlarging Metaplanet's Series 10 executive stock option pool almost sevenfold, from 46 million shares to 319.5 million shares. Metaplanet said it fixed the pool at 319.5 million shares on August 18. Some shareholders asked the company to cancel the 273 million extra potential shares the expansion created.
On September 11, Metaplanet said it would cut the pool by 41%, reducing the number of potential shares by 131.3 million, from 319.464 million to 188.19 million. The company did this by resetting the conversion ratio from 1:696 to 1:410, the level it had before its September 2025 international share offering. According to Gerovich, that change erased more than $220 million in warrant value and raised Bitcoin per fully diluted share by about 8.8%.
Asset manager VanEck disagreed, arguing in a September 18 report that most of the dilution to shareholders had already occurred despite the cut. It urged Metaplanet to reverse the 273 million additional shares and to replace the remaining rights with a compensation plan approved by shareholders.
Metaplanet disclosed on August 31 that Gerovich had exercised rights to acquire 92,000 shares under the Series 10 pool. The company said on August 18 that expanding the pool increases the dilution borne by existing shareholders.
Metaplanet trades below the value of its Bitcoin
Metaplanet's stock trades at a discount to the Bitcoin it owns. The measure used here is called mNAV, which compares a company's market value with the value of its Bitcoin holdings. If the reading is above 1, the company is valued at more than its Bitcoin; if it is below 1, investors are paying less.
The ratio dropped below 1 on October 14, 2025, for the first time on record, according to official data. At Monday's close in Tokyo, Metaplanet traded at 0.80 times its Bitcoin NAV, meaning investors paid $0.80 for every $1 of Bitcoin on the balance sheet, according to the tracking site Mnav.com.
Metaplanet's share price rose more than 5.6% over the past five trading days, according to Yahoo Finance. That trimmed part of a year-to-date decline that now stands at 26%.
What is confirmed
Metaplanet confirmed in a Monday notice that it revised its capital allocation policy to allow 10% to 15% of assets into strategic investments, that Bitcoin will stay at 85% to 90% of assets, and that net interest income will be directed to Bitcoin purchases and dividends.
The company also confirmed the five corrected filings on Friday, stating in them that Gerovich does not hold majority voting rights in MMX Ventures. The September 11 reduction of the Series 10 pool to 188.19 million shares and the August disclosures about the pool are company statements.
What is still unclear
It is not clear who owns MMX Ventures. The corrected filings list a 23.8% indirect stake for Gerovich but do not explain it, and shareholder Bitcoin Pharaoh says the correction does not resolve the question.
The company has also not named the two executives said to have exercised 18.8 million shares from the Series 10 pool, according to the shareholder's post.
VanEck's claim that most dilution has already occurred is an outside opinion and has not been addressed by the company in the supplied material.
Why the shift in strategy matters
Metaplanet is trying to build Bitcoin holdings while also answering shareholder complaints about dilution and complexity. The new policy gives the company a second way to support Bitcoin purchases: income from other investments rather than only issuing shares or taking on debt.
The discount to the value of its Bitcoin, at 0.80 times Bitcoin NAV, is relevant here. A company valued below its Bitcoin holdings has more difficulty raising money and issuing new shares to buy more cryptocurrency, which is one of the reasons the company said it wants to improve financing capacity and credit quality.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.