Metaplanet Adjusts Strategy to Maintain 85% Bitcoin Holdings

Metaplanet has adjusted its capital allocation strategy to maintain 85% to 90% of its assets in Bitcoin (BTC), while dedicating the remaining 10% to 15% for acquisitions and income-generating investments. The company held 44,000 BTC as of September 30, 2026, following a third-quarter sale and repurchase exercise that increased its holdings by 1,000 BTC. CEO Simon Gerovich explained that the exercise demonstrated the liquidity of its reserves by converting enough Bitcoin into cash to cover outstanding debt before rebuilding the position.

Under the revised policy, most Bitcoin purchases will be funded with permanent equity capital, with borrowing kept below 10% of BTC net asset value. The company introduced a new Net Interest Income Strategy, which involves raising capital through Bitcoin-backed credit facilities, preferred stock, and bonds to invest in assets that generate recurring cash flow. This strategy aims to create income streams and lower the company’s effective cost of capital.

Metaplanet is also expanding its business initiatives through Project Nova, which includes Metaplanet Securities and a proposed investment in U.S.-based Super League Enterprise. The company plans to invest 2,100 BTC and $2.5 million in cash in Super League, subject to regulatory approvals and shareholder consent. Once completed, Super League is expected to become a consolidated subsidiary and develop a Bitcoin treasury business in the U.S.

The revised capital allocation policy provides management with more flexibility, including the ability to consider share buybacks when the company’s mNAV (modified net asset value) is undervalued. The policy also allows for the issuance of common stock when mNAV is above 1.0x to improve value for existing shareholders.