Metaplanet says it tested how quickly it could turn Bitcoin into cash. It plans to keep borrowing for Bitcoin purchases generally below roughly 10% of the net asset value of its BTC holdings. The company still plans to keep Bitcoin at the center of its balance sheet while building income-producing businesses around it.
- Bitcoin remains the core: Metaplanet targets 85% to 90% of total assets in BTC.
- Equity over debt: Most future BTC purchases are expected to rely on permanent equity capital.
- Income strategy: The company plans to invest in assets that generate recurring revenue.
- Key plans are pending: A proposed U.S. investment and a preferred-stock listing have not been completed or approved.
A Bitcoin-heavy balance sheet, with a borrowing guideline
In an Oct. 5 disclosure, Metaplanet outlined a revised capital allocation policy. It plans to hold approximately 85% to 90% of its total assets in Bitcoin. The remaining 10% to 15% is earmarked for acquisitions, income-producing investments and capital for its planned asset-management business.
For borrowing used to acquire and hold BTC, the company says it will generally stay below roughly 10% of the net asset value of its Bitcoin holdings, or BTC NAV. This is a general guideline, not an absolute cap. The disclosure does not say whether the figure is measured against gross or net borrowing.
Metaplanet may use Bitcoin-collateralized credit facilities when equity financing is difficult, but says it will generally treat that borrowing as temporary and move toward permanent capital. It expects most future Bitcoin purchases to be funded with permanent equity, including perpetual preferred stock. These shares have no stated maturity, but they are not cost-free. Their terms may include dividends or other obligations. Issuing common stock, meanwhile, can dilute existing shareholders. The company has also outlined plans to build a massive Bitcoin treasury.
Metaplanet reported holding 44, 000 BTC as of Sept. 30. CEO Simon Gerovich said that made it the world’s second-largest listed Bitcoin treasury company. The disclosure also says the company held 30, 823 BTC when it established its original capital allocation policy in October 2025. It reached 43, 000 BTC in July after buying 2, 823 BTC.
The dates do not provide a complete chronology. The year of the Oct. 5 disclosure and the Sept. 30 holdings figure is not specified, so the reported figures should not be read as a fully dated timeline.
What the Bitcoin sale-and-repurchase showed, and did not
Gerovich said Metaplanet sold and then repurchased Bitcoin during the third quarter to show that it could convert its reserves into cash. According to him, the transactions generated more cash than the outstanding principal of the company’s bonds, borrowings and other interest-bearing debt. Metaplanet then rebuilt its BTC position, ending with a net addition of 1, 000 BTC.
That comparison does not show that the company repaid its debt or kept enough cash to do so. The disclosure does not say whether the cash figure was gross or net of costs, and it provides no transaction dates, prices, fees or counterparties. Selling BTC shows it can be converted into cash, but a full assessment also requires those details. Creditors weigh leverage, collateral terms, cash flows and repayment capacity, too.
Metaplanet also said it cut potential dilution tied to its Series 10 stock acquisition rights by 41.1% in September, reducing the potential share pool from 319.46 million shares to 188.19 million.
Share issuance, buybacks and BTC per share
Metaplanet defines mNAV as enterprise value divided by the market value of its Bitcoin holdings. The company says it may issue common stock when mNAV is above 1.0x if management believes the move would improve value for existing shareholders.
It may consider buybacks when mNAV is below 1.0x. Metaplanet considered that option in June, when mNAV reached 0.92x. Under the revised policy, management may also consider buybacks above 1.0x if it believes the share price significantly undervalues the company’s intrinsic enterprise value.
BTC Yield, Metaplanet’s measure of growth in Bitcoin holdings per share, will remain a key performance indicator. It can show how BTC exposure per share changes, but it does not account for financing costs, investment performance or the share price.
Seeking recurring income beyond Bitcoin
Metaplanet’s Net Interest Income Strategy aims to generate recurring income by investing funds raised through sources such as Bitcoin-collateralized credit facilities, perpetual preferred stock and corporate bonds.
The company says it will invest only when expected returns, after accounting for credit risk, exceed its total cost of capital by an appropriate margin. It identifies net interest margin as the strategy’s main performance indicator, but has not explained how it calculates that measure or what margin would be enough. This is management’s stated investment test, not a guarantee of returns. Defaults, leverage or rising funding costs could erase the spread.
Gerovich said Metaplanet’s Bitcoin Income Generation business had produced revenue for eight consecutive quarters. The company expects recurring income to help cover preferred dividends and bond interest, support its financing capacity and potentially fund future Bitcoin purchases.
Metaplanet launched its BitBonds program in August with four private placements totaling around 200 million yen. The first unsecured senior bonds carry annual interest rates of 4% to 4.3% and mature in roughly three years. Metaplanet Securities distributes the securities to eligible investors under Japan’s private placement framework.
Project Nova and the proposed U.S. investment
Project Nova is Metaplanet’s framework for building financial businesses around its Bitcoin reserves. The company completed its 2.1 billion yen acquisition of Siiibo Securities in July and later created Metaplanet Securities.
A proposed investment in Nasdaq-listed Super League Enterprise is still pending. In August, Metaplanet agreed to commit 2, 100 BTC and $2.5 million in cash in exchange for common stock, Strategic Alliance Preferred Stock and other securities.
If the deal closes, Metaplanet would have the right to designate a majority of Super League’s board. Super League is expected to become a consolidated subsidiary, change its name to Superplanet and develop a U.S. Bitcoin treasury business.
The proposed deal still needs shareholder approval, procedures with the U.S. Securities and Exchange Commission and Nasdaq, and other closing conditions. Metaplanet expects it to close in the fourth quarter of 2026.
Metaplanet has also begun preliminary consultations with the Tokyo Stock Exchange about a proposed preferred-stock listing and plans to seek a credit rating. The listing is subject to examination and may not be approved. The company says it will manage financing for strategic investments separately from borrowing for Bitcoin purchases, matching funding against cash flows from the assets being financed.
Key questions and answers
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How much of its assets does Metaplanet plan to hold in Bitcoin?
Approximately 85% to 90%. The rest is allocated to acquisitions, income-producing investments and its planned asset-management business.
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Is the borrowing guideline a hard cap?
No. Metaplanet generally intends to keep Bitcoin-related borrowing below roughly 10% of BTC NAV, but describes this as a policy guideline.
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What did the third-quarter Bitcoin transactions demonstrate?
Gerovich said they generated cash exceeding the principal of the company’s interest-bearing debt and left Metaplanet with a net addition of 1, 000 BTC. The company did not disclose transaction-level details or say it used the cash to repay debt.
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What is the goal of the Net Interest Income Strategy?
To generate recurring income from investments funded through sources such as preferred stock, bonds and Bitcoin-collateralized credit. Metaplanet’s stated yield test does not guarantee returns.
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Has Metaplanet completed its Super League investment?
No. The deal still needs approvals and must meet other closing conditions. Metaplanet expects it to close in the fourth quarter of 2026.
Metaplanet’s revised policy draws a clearer line between borrowing to accumulate Bitcoin and financing ventures meant to produce income. That distinction may help investors assess the company’s risk, but the policy alone cannot show whether its investments will earn more than they cost, or whether the proposed businesses will strengthen the balance sheet rather than add complexity to it.
