Metaplanet introduced a net interest income strategy Monday, aiming to invest a portion of its capital into income-generating assets and use the resulting interest to fund further Bitcoin (CRYPTO: $BTC) purchases and dividend payments.
The Japanese investment and bitcoin treasury company unveiled the approach as part of a revised capital allocation policy allowing 10% to 15% of total assets to move into strategic investments, including mergers, acquisitions and interest-generating holdings. Bitcoin remains the company's core treasury asset, accounting for 85% to 90% of total assets, Metaplanet disclosed in a Monday regulatory notice. The company frames the shift as a way to strengthen its financing capacity and credit quality, supporting further growth in bitcoin held per share.
The new framework arrives amid ongoing shareholder scrutiny of Metaplanet's governance. On Friday, the company filed five corrected securities disclosures clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a Metaplanet shareholder. Pseudonymous shareholder Bitcoin Pharaoh pushed back on X, calling on Metaplanet to name MMX Ventures' owner, detail the 23.8% stake reportedly held indirectly by Gerovich, and identify two unnamed executives who exercised 18.8 million stock options, arguing the correction is incomplete as issued.
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The governance questions follow an earlier controversy over executive compensation. In early September, Metaplanet drew criticism for expanding its Series 10 stock option pool nearly sevenfold, from 46 million to 319.5 million shares. The company later agreed to cut the pool by 41%, reducing potential shares by 131.3 million and resetting the conversion ratio to pre-expansion levels, a move Gerovich said increased bitcoin held per fully diluted share by about 8.8%. Asset manager VanEck argued the reduction didn't undo the dilution already caused, urging the company to reverse the additional shares entirely and adopt a shareholder-approved compensation plan instead.
Metaplanet's market-to-bitcoin NAV ratio, which measures the company's value against its bitcoin holdings, stood at 0.80x as of Monday's close in Tokyo, meaning investors pay roughly 80 cents for every dollar of bitcoin the company holds. The ratio first fell below 1 in October 2025 and has stayed there since, a discount that makes it harder for the company to raise capital and issue new shares to buy more bitcoin.
Metaplanet shares have risen more than 5.6% over the past five trading sessions, trimming a year-to-date decline that still stands near 26%.
