TLDR
- Metaplanet sold 10,000 BTC then bought back 11,000 BTC in Q3 to show liquidity, ending with 44,000 BTC total.
- The firm unveiled a net interest income strategy, putting 10% to 15% of assets into income-generating investments.
- Metaplanet stock is up roughly 6% over the past five trading days but still down about 26% year-to-date.
- Shareholders pushed back after the company corrected filings about CEO Simon Gerovich’s voting rights in MMX Ventures.
- Metaplanet trades at 0.80x its Bitcoin NAV, meaning investors pay $0.80 for every $1 of Bitcoin it holds.
Metaplanet (MMTPLF) stock climbed about 6% over the past five trading days, though it remains down around 26% for the year. The Japanese Bitcoin treasury company has been busy lately, juggling a new income strategy with ongoing shareholder pushback over its governance.
On Monday, Metaplanet confirmed it sold 10,000 BTC in the third quarter for roughly $790 million. It then turned around and bought back 11,000 BTC for about $950 million.
The company said this was done to “demonstrate liquidity.” Translation: it wanted to prove it can sell Bitcoin for cash when needed, not just stack it forever.
The net result pushed Metaplanet’s total holdings to 44,000 BTC, up by 1,000 coins for the quarter. That keeps it as the second-largest public Bitcoin treasury company, trailing only Michael Saylor’s Strategy.
Selling below its purchase price created a capital loss for U.S. tax purposes. Metaplanet estimates a deferred tax asset of around $97 million from this, though its auditor hasn’t confirmed the number yet.
A New Income Strategy Takes Shape
Metaplanet also rolled out a net interest income strategy this week. The plan uses money raised from preferred stock, corporate bonds nicknamed “BitBonds,” and a Bitcoin-collateralized credit facility.
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
That capital will go into assets expected to produce steady income. The company wants to pocket the spread between what those assets yield and what it costs to fund them.
Under the revised policy, 85% to 90% of total assets stay in Bitcoin. The remaining 10% to 15% is set aside for strategic investments, including this new income play, mergers, and the firm’s asset management arm.
Metaplanet’s Bitcoin options business, which generates recurring revenue, brought in $5.4 million in Q3. That’s down from $11.1 million in Q2, and the company admitted results have “fallen short” of its own targets. Still, its full-year forecast hasn’t changed.
Shareholders Want More Answers
Not everyone is cheering the strategy shift. On Friday, Metaplanet issued five corrected filings clarifying that CEO Simon Gerovich does not hold majority voting rights in MMX Ventures, a shareholder in the company.
That correction didn’t sit well with some investors. Pseudonymous shareholder Bitcoin Pharaoh called on Metaplanet to name who actually owns MMX Ventures and clarify a 23.8% stake tied 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 wrote on X.
This comes after a rocky September. Management had expanded its Series 10 executive stock option pool nearly sevenfold, drawing criticism over dilution.
The company later cut that pool by 41%, wiping out more than $220 million in warrant value. Asset manager VanEck still argued the damage from dilution had already been done and pushed Metaplanet to go further.
Metaplanet’s mNAV, which compares the company’s market value to its Bitcoin holdings, has stayed below 1 since October 2025. At Monday’s close in Tokyo, that ratio sat at 0.80x.
A reading under 1 means the stock trades at a discount to the Bitcoin it holds. That makes it tougher for the firm to raise fresh capital by issuing new shares.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
