TLDR
Metaplanet stock gains 2.06% as Bitcoin stays central to its treasury strategy.
Metaplanet plans to keep 85% to 90% of its total assets allocated to Bitcoin.
Bitcoin-related credit facility borrowings will stay below about 10% of BTC NAV.
Strategic investments will account for about 10% to 15% of total company assets.
Project Nova targets recurring cash flow to support further Bitcoin purchases.
Metaplanet Inc. (3350.T) stock closed at ¥297.00, gaining 2.06% after recovering from early session weakness. The gain followed a revised capital allocation policy that keeps Bitcoin at the center of the company’s balance sheet. Metaplanet plans to hold roughly 85% to 90% of total assets in Bitcoin under the updated framework.
Metaplanet Inc., 3350.T
Metaplanet Stock Gains as Bitcoin Remains Core Asset
Metaplanet revised its capital allocation policy as its Bitcoin treasury strategy expands into a broader financial platform. The company originally established the policy in October 2025 and revised several provisions in March 2026. The latest changes now cover both capital raising and asset allocation across the group.
Bitcoin will remain Metaplanet’s primary treasury reserve asset under the updated structure. The company plans to allocate approximately 85% to 90% of total assets to Bitcoin. It will also continue using BTC Yield to measure growth in Bitcoin holdings per share.
Metaplanet held 44,000 BTC as of September 30, up from 30,823 BTC in October 2025. The increase reflects continued Bitcoin purchases funded through equity, bonds, and credit facilities. Management now plans to support further accumulation through permanent capital and recurring cash flows.
Capital Policy Limits Dilution and Bitcoin Leverage
Metaplanet plans to rely mainly on perpetual preferred stock and selected common stock issuance for Bitcoin purchases. The company generally will avoid issuing common shares when its mNAV falls below 1.0 times. However, it may use rights offerings when large Bitcoin purchases support longer-term shareholder interests.
The company also set a guideline limiting Bitcoin-related credit facility borrowings to about 10% of BTC net asset value. Metaplanet views its Bitcoin-backed credit facility as temporary financing rather than a permanent funding source. Therefore, it plans to shift longer-term financing toward preferred stock and other permanent equity capital.
Metaplanet may also conduct share buybacks when mNAV drops below 1.0 times. Management can authorize buybacks above that level when it considers the shares materially undervalued. Funding could come from cash, preferred stock proceeds, credit facilities, or Bitcoin income activities.
Project Nova Expands Cash Flow Strategy
Metaplanet will allocate roughly 10% to 15% of total assets toward strategic investments. These assets may include acquisitions, income-producing securities, and capital for its planned asset management business. The company expects these investments to support recurring cash flow and strengthen future financing capacity.
Project Nova already includes Metaplanet Securities and a planned investment in Nasdaq-listed Super League Enterprise. Metaplanet plans to contribute 2,100 BTC and $2.5 million for securities issued by SLE. The transaction could give Metaplanet control of SLE after regulatory and shareholder approvals.
Metaplanet will also introduce a Net Interest Income Strategy to generate recurring returns from income-producing assets. The strategy will target yields above the company’s financing costs while matching liabilities with related asset cash flows. Management plans to use resulting income to support obligations, financing capacity, and additional Bitcoin purchases.
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