Metaplanet has formalized a revised capital allocation framework that cements Bitcoin as its primary treasury asset. In an Oct. 5 disclosure, the Tokyo-listed company said it plans to keep approximately 85% to 90% of total assets in Bitcoin, with the remaining 10% to 15% reserved for acquisitions, income-producing investments, and capital for its planned asset management business. The company held 44,000 BTC as of Sept. 30, up from 30,823 BTC when it introduced its original capital allocation policy in October 2025.
The company said most future Bitcoin purchases will be funded with permanent equity capital, while Bitcoin-related borrowing through collateralized credit facilities will generally remain below roughly 10% of the net asset value of its BTC holdings. Perpetual preferred stock will be a principal source of permanent equity. Common stock issuance will be allowed only when Metaplanet's mNAV is above 1.0x and management determines the issuance would improve shareholder value. Buybacks can now be considered even above 1.0x when the share price appears to significantly undervalue the company's intrinsic enterprise value.
Metaplanet also introduced a Net Interest Income Strategy designed to generate recurring cash flow. The company may raise capital through Bitcoin-collateralized credit facilities, perpetual preferred stock, and corporate bonds, then invest the proceeds in income-producing assets only when the expected yield after credit risk exceeds its total cost of capital. CEO Simon Gerovich said the strategy is intended to create recurring income streams and lower Metaplanet's effective cost of capital. He added that the company's Bitcoin Income Generation business has now generated revenue for eight consecutive quarters.
During the third quarter, Metaplanet sold enough Bitcoin to hold cash exceeding the total outstanding principal of its corporate bonds, borrowings, and other interest-bearing debt, then repurchased more Bitcoin than it sold. The exercise left the company with a net addition of 1,000 BTC. Gerovich described the transaction as a way to demonstrate the liquidity of its reserves to rating agencies and credit investors. The company also highlighted Project Nova, including Metaplanet Securities and its proposed investment in Nasdaq-listed Super League Enterprise, which is expected to become a consolidated subsidiary, change its name to Superplanet, and develop a Bitcoin treasury business in the U.S. The transaction remains subject to shareholder, SEC, and Nasdaq approvals, with closing expected during the fourth quarter of 2026.
