On Monday, Metaplanet introduced a yield strategy and updated its capital allocation policy, allowing 10–15% of assets to be directed toward strategic investments to finance bitcoin (BTC) accumulation and dividend payments.

BTC to Remain 85–90% of Assets, Yield Instruments and M&A Up to 15%

The company confirmed that bitcoin remains its core treasury asset and will account for 85–90% of total assets. The new model provides for investing part of the capital in interest-bearing instruments, with net interest income used for further BTC purchases and dividend distributions. The decision aims to improve funding capacity and credit quality, with the goal of increasing BTC per share through additional acquisitions.

Disclosure Adjustments Following Shareholder Questions

Amid shareholder concerns about management and Metaplanet's complex capital structure, the company filed five amended disclosures on Friday, stating that CEO Simon Gerovich does not hold a majority of voting rights in MMX Ventures, a Metaplanet shareholder. The pseudonymous shareholder Bitcoin Pharaoh called on the company to name the owner of MMX Ventures, clarify the reported 23.8% indirect ownership attributed to Gerovich, and identify the two executives who exercised 18.8 million shares from the Series 10 option pool.

Series 10 Option Pool Reduced by 131.3 Million Rights

Previously, management faced criticism for expanding the Series 10 executive option pool nearly sevenfold—from 46 million to 319.5 million shares. On September 11, Metaplanet announced plans to reduce the pool by 41%, cutting the number of potential shares by 131.3 million—from 319.464 million to 188.19 million—by adjusting the conversion ratio from 1:696 to 1:410, returning to the level before the international offering in September 2025. According to Gerovich, this eliminated over $220 million in warrant value and increased the fully diluted Bitcoin per share metric by approximately 8.8%. Asset manager VanEck stated that a significant portion of dilution had already occurred and urged the cancellation of 273 million additional shares and the replacement of remaining rights with a shareholder-approved compensation plan. On August 31, Gerovich exercised rights to acquire 92,000 shares; on August 18, the company acknowledged that expanding the pool increased dilution for existing shareholders.

Shares Up 5.6% in 5 Days, Down 26% Year-to-Date

Metaplanet shares have risen more than 5.6% over the past five trading days, partially offsetting a year-to-date decline of about 26%. Nearly a year ago, on October 14, 2025, the company's market value to its bitcoin reserves (mNAV) ratio fell below 1 for the first time.