Metaplanet (MMTPLF) Unveils Income Strategy While Holding 44,000 BTC Amid Governance Scrutiny

TLDR

Table of Contents

During Q3, Metaplanet executed a 10,000 BTC sale followed by an 11,000 BTC purchase to demonstrate liquidity, bringing total holdings to 44,000 BTC.
The company introduced a net interest income approach, allocating 10% to 15% of its portfolio to revenue-generating assets.
Shares of Metaplanet have risen approximately 6% in the last five sessions but remain down roughly 26% since the start of the year.
Investor concerns intensified after the firm amended regulatory documents regarding CEO Simon Gerovich’s control in MMX Ventures.
The stock currently trades at 0.80x Bitcoin NAV, implying a 20% discount to the underlying cryptocurrency value.

Shares of Metaplanet (MMTPLF) have gained around 6% across the last five trading sessions, even as the Japanese Bitcoin treasury company remains down approximately 26% year-to-date. Recent weeks have seen the firm navigate a fresh income-generation plan while addressing growing shareholder concerns about corporate governance and transparency.

Metaplanet Inc., 3350.T

Earlier this week, Metaplanet disclosed that it sold 10,000 BTC during the third quarter for approximately $790 million. Shortly after, the company repurchased 11,000 BTC at a cost of around $950 million.

Management stated the move was intended to “demonstrate liquidity,” signaling to the market that the firm can convert Bitcoin holdings into cash when necessary rather than simply accumulating the asset indefinitely.

This round-trip transaction increased Metaplanet’s Bitcoin treasury to 44,000 BTC by quarter-end, representing a net gain of 1,000 coins. The company now ranks as the second-largest publicly traded corporate Bitcoin holder, behind only Strategy, led by Michael Saylor.
Because the sale occurred at a price below the repurchase cost, Metaplanet recorded a capital loss for U.S. tax reporting. The firm projects a deferred tax asset of approximately $97 million stemming from this loss, though the figure awaits formal auditor verification.

New Focus on Generating Net Interest Income

Alongside the Bitcoin transactions, Metaplanet introduced a net interest income initiative. This strategy leverages proceeds from preferred equity, corporate bonds marketed as “BitBonds,” and a credit line collateralized by Bitcoin.

Metaplanet Sets 85%–90% Bitcoin Allocation, Adds 10%–15% for Strategic Investments

Metaplanet revised its capital allocation policy, targeting roughly 85%–90% of total assets in Bitcoin and 10%–15% in strategic investments including M&A, income-generating securities and… pic.twitter.com/1lIe76fmpa

— Wu Blockchain (@WuBlockchain) October 5, 2026

The raised funds will be deployed into assets designed to produce regular cash flow. Metaplanet aims to capture the difference between the return on these investments and the cost of the capital used to finance them.

According to the updated asset allocation framework, 85% to 90% of the company’s balance sheet remains dedicated to Bitcoin. The remaining 10% to 15% will support strategic initiatives, including the income strategy, potential acquisitions, and operations within its asset management division.

Revenue from Metaplanet’s Bitcoin options trading activity totaled $5.4 million in Q3, down from $11.1 million in the prior quarter. Company leadership acknowledged performance has not met internal expectations, though the full-year revenue outlook remains unchanged.

Governance Questions Spark Investor Concerns

The strategic pivot has not been without controversy. Late last week, Metaplanet filed five amended disclosures to clarify that CEO Simon Gerovich does not possess majority voting control over MMX Ventures, a notable shareholder in the company.

The revision prompted criticism from certain investors. A pseudonymous shareholder known as Bitcoin Pharaoh publicly demanded that Metaplanet disclose the true beneficial owner of MMX Ventures and provide additional clarity on a 23.8% equity position connected to Gerovich.

“Either the indirect holding is his, in which case the deleted sentence was closer to the truth, or it is not, in which case the correction is incomplete,” the shareholder posted on X.

These governance issues follow a contentious episode in September, when management expanded its Series 10 executive stock option plan by nearly seven times, triggering widespread criticism over potential shareholder dilution.

The company subsequently reduced the option pool by 41%, eliminating over $220 million in warrant obligations. Despite this reversal, investment firm VanEck maintained that the dilutive impact had already materialized and urged Metaplanet to implement additional shareholder-friendly reforms.

Metaplanet’s mNAV ratio, which measures its market capitalization relative to the market value of its Bitcoin holdings, has remained below 1.0 since October 2025. As of Monday’s close in Tokyo, the metric stood at 0.80x.

An mNAV below 1.0 indicates the stock is trading at a discount to its underlying Bitcoin assets. This discount complicates the company’s ability to raise additional capital through equity issuance without diluting existing shareholders further.

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