Metaplanet unveils net interest income strategy to fund Bitcoin buying
In brief
- Metaplanet introduced a net interest income strategy on Monday, according to a company notice.
- Strategic investments, including M&A and interest-generating assets, can take 10% to 15% of assets.
- Bitcoin remains the core treasury reserve asset, at 85% to 90% of total assets.
- Shareholder concerns over governance and Series 10 stock option pool dilution preceded the plan.
How the allocation works
Under Metaplanet's revised capital allocation policy, 10% to 15% of assets can move into strategic investments (mergers and acquisitions as well as interest-generating assets). Bitcoin isn't being pushed aside. The company said in its Monday notice that BTC remains its core treasury reserve asset, at 85% to 90% of total assets.
The stated goal is to improve Metaplanet's financing capacity and credit quality so it can grow its BTC holdings per share through more acquisitions.
The timing is worth noting.
Governance questions in the background
Metaplanet revealed the model after shareholders raised concerns about its governance and complex capital structure. On Friday, the company issued five corrected securities filings clarifying that CEO Simon Gerovich didn't hold majority voting rights in MMX Ventures, a Metaplanet shareholder.
That hasn't ended the questions. Pseudonymous shareholder Bitcoin Pharaoh urged the company to name who owns MMX Ventures, clarify the 23.8% stake listed as indirectly held by Gerovich, and name two unnamed executives who exercised 18.8 million Series 10 shares.
The Series 10 dilution dispute
Management drew shareholder criticism for expanding the Series 10 executive stock option pool almost sevenfold, from 46 million shares to 319.5 million. Some shareholders called on Metaplanet to cancel the 273 million additional potential shares the expansion created.
On Aug. 18, the company acknowledged that expanding the pool “amplifies the dilution borne by existing shareholders.”
On Sept. 11, Metaplanet said it would cut the pool by 41% (from 319.464 million potential shares to 188.19 million). Gerovich said the change eliminated over $220 million in warrant value and raised Bitcoin per fully diluted share by about 8.8%. VanEck wasn't satisfied. The asset manager argued that much of the dilution had already occurred despite the cut, and urged Metaplanet to reverse the 273 million additional shares. Separately, Metaplanet disclosed on Aug. 31 that Gerovich had exercised rights to acquire 92,000 shares under the Series 10 pool.
The stock has been under pressure. According to Yahoo Finance, shares rose more than 5.6% over the previous five trading days but were still down 26% year to date. Metaplanet's market to Bitcoin NAV (mNAV, the ratio between the company's value and its Bitcoin holdings) fell below 1 on Oct. 14, 2025, for the first time on record, Cointelegraph reported.
Frequently asked questions
What is Metaplanet's net interest income strategy?
Metaplanet introduced the strategy on Monday. It invests capital in income-generating assets and uses the net interest to fund Bitcoin accumulation and dividend payments. Under the revised capital allocation policy, 10% to 15% of assets can move into strategic investments, including mergers and acquisitions and interest-generating assets.
How much of Metaplanet's assets will stay in Bitcoin?
Metaplanet said in its Monday notice that Bitcoin remains its core treasury reserve asset, at 85% to 90% of total assets. The company said the plan is meant to improve its financing capacity and credit quality so it can grow BTC holdings per share.
Why are Metaplanet shareholders concerned about the Series 10 stock option pool?
Management expanded the Series 10 executive stock option pool from 46 million shares to 319.5 million, and some shareholders called for the 273 million added shares to be cancelled. Metaplanet later said it would cut the pool by 41%, but VanEck argued that much of the dilution had already occurred.
