The company’s updated framework restricts Bitcoin-related borrowing to less than 10% of its net asset value, prioritizing permanent capital—such as preferred stock—to fuel ongoing accumulation. CEO Simon Gerovich confirmed the strategy shift following a third-quarter liquidity exercise where the firm sold and subsequently repurchased Bitcoin, resulting in a net increase of 1,000 coins. This move served as a stress test to prove to creditors that the firm’s massive reserves can be liquidated to cover outstanding debt obligations.
In section Cryptocurrency
Metaplanet Tightens Bitcoin Treasury Strategy as Holdings Hit 44,000 BTC
With 44,000 BTC now under management, Tokyo-listed Metaplanet is shifting its capital allocation to emphasize permanent equity over debt. The firm’s revised policy mandates that 85% to 90% of assets remain in Bitcoin, while a new income-focused strategy aims to generate recurring cash flow to fund future acquisitions.
Beyond treasury management, the firm is deploying 10% to 15% of its assets into income-generating investments under its new Net Interest Income Strategy. This initiative, dubbed Project Nova, leverages the firm’s regulated brokerage, Metaplanet Securities, to distribute financial products and build out a global infrastructure. The expansion includes a pending deal to acquire a controlling stake in the U.S.-based Super League Enterprise, which the firm plans to transform into a Bitcoin-focused subsidiary. By pairing its core BTC holdings with these revenue-producing businesses, Metaplanet intends to lower its cost of capital and secure a formal credit rating.
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