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Metaplanet has revised its capital allocation policy to hold 85% to 90% of total assets in Bitcoin and steer 10% to 15% into income-generating investments, according to Cointelegraph. The Japanese Bitcoin treasury company published the framework on Monday, October 5, 2026, saying net interest earned on those assets would fund further Bitcoin purchases and dividend payments.
The company framed the change as a way to improve its financing capacity and credit quality so it can grow its BTC holdings per share. Under the revised policy, strategic investments can include mergers and acquisitions as well as interest-bearing securities. Bitcoin remains the core treasury reserve asset.
Also read: Metaplanet Sells 10,000 Bitcoin, Buys 11,000, Ends Q3 With 44,000 BTC
Key facts
- Metaplanet’s revised policy sets Bitcoin at 85% to 90% of total assets and strategic investments at 10% to 15%, per its Monday notice.
- The company issued five corrected securities filings clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a shareholder in Metaplanet.
- At Monday’s close in Tokyo, Metaplanet traded at 0.80x its Bitcoin NAV, meaning investors pay $0.80 for every $1 of Bitcoin it owns, according to tracking website Mnav.com.
- The share price is up more than 5.6% over the past five trading days, trimming part of a 26% year-to-date decline, according to Yahoo Finance.
- Blockonomi reported that a third-quarter sale of 10,000 BTC and repurchase of 11,000 BTC brought total holdings to 44,000 BTC at quarter-end, a net gain of 1,000 coins.
Governance dispute follows the strategy shift
The allocation change landed days after the corrected filings, which responded to shareholder concerns about Metaplanet’s governance and its capital structure. Pseudonymous shareholder Bitcoin Pharaoh pressed the company to name who owns MMX Ventures and to explain a 23.8% stake listed as indirectly held by Gerovich, along with the identity of two unnamed executives who exercised 18.8 million shares from the Series 10 stock option pool. Bitcoin Pharaoh argued on X that either the indirect holding belongs to Gerovich, making the deleted sentence closer to the truth, or it does not, in which case the correction remains incomplete.
The filings followed a contested episode in September. Management expanded the Series 10 executive stock option pool almost sevenfold, from 46 million shares to 319.5 million, and faced criticism over potential dilution. Metaplanet said it fixed the pool at 319.5 million shares on Aug. 18. On Sept. 11, it moved to cut the pool by 41%, reducing potential underlying shares by 131.3 million, from 319.464 million to 188.19 million, by resetting the conversion ratio from 1:696 to 1:410 — the level before its September 2025 international share offering.
Also read: Japanese corporate pension fund plans 1% crypto allocation as regulatory shift looms
Gerovich said the reduction extinguished more than $220 million in warrant value and lifted Bitcoin per fully diluted share by about 8.8%. VanEck, however, argued in a Sept. 18 report that much of the dilution had already occurred, urging Metaplanet to reverse the 273 million additional shares and replace the remaining rights with a shareholder-approved compensation plan. Metaplanet disclosed on Aug. 31 that Gerovich had exercised rights to acquire 92,000 shares under the pool, and acknowledged on Aug. 18 that expanding it amplified dilution borne by existing shareholders.
Income strategy and the discount to Bitcoin
The income plan depends on preferred equity, corporate bonds marketed as “BitBonds,” and a credit line collateralized by Bitcoin, Blockonomi reported. Metaplanet intends to capture the spread between what those assets return and what the financing costs. Blockonomi reported that Bitcoin options trading revenue came to $5.4 million in the third quarter, down from $11.1 million in the prior quarter; management said performance fell short of internal expectations but left the full-year revenue outlook unchanged.
For the quarter’s Bitcoin activity, Blockonomi reported a 10,000 BTC sale for roughly $790 million followed by an 11,000 BTC repurchase costing about $950 million, a round trip management said was meant to demonstrate liquidity. Because the repurchase price exceeded the sale price, Metaplanet recorded a capital loss for U.S. tax reporting and projects a deferred tax asset of about $97 million that awaits formal auditor verification. Blockonomi put total holdings at 44,000 BTC, ranking the company second among publicly traded corporate Bitcoin holders behind Strategy, led by Michael Saylor.
Metaplanet’s market to Bitcoin NAV — the gap between the company’s value and the Bitcoin it owns — fell below 1 for the first time on record on Oct. 14, 2025, according to official data. It has stayed below that line since.
Why it matters
An mNAV below 1.0 limits how cheaply Metaplanet can raise equity: issuing stock while the market values the company at a discount to its Bitcoin dilutes existing holders more than it adds. Shifting part of the balance sheet into income-producing assets is an attempt to generate cash flow without selling the Bitcoin that anchors the treasury, which matters to the retail shareholders who have already pushed back on dilution and disclosure. The dispute over MMX Ventures ownership is a governance question rather than an accounting one, and it cuts at how much investors can verify about who controls the company’s voting blocs.
What to watch
Two items will settle open questions from the Content: formal auditor verification of the roughly $97 million deferred tax asset Blockonomi described, and whether Metaplanet responds to Bitcoin Pharaoh’s demand to identify the owner of MMX Ventures and the unnamed option holders. The company’s next filings will also show whether the income strategy produces the net interest it is counting on.
Reported by cointelegraph.com.
Sources: Cointelegraph, Blockonomi