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BTC Metaplanet adjusts its capital allocation policy to increase Bitcoin's share to 85%-90%
Tokyo-listed Metaplanet revised its capital allocation policy on Monday, setting Bitcoin (BTC) as a proportion of total assets at approximately 85%-90%, and establishing a new strategic investment level of 10%-15%. According to the company's disclosure documents, Metaplanet held 44,000 bitcoins as of September 30, compared with 30,823 bitcoins when the policy was adopted in October 2025.
This newly established investment level will be used to fund Metaplane's proposed acquisition of Nasdaq-listed Super League Enterprise, as well as a new net interest income strategy. Delivery of the transaction is expected to complete in the fourth quarter. 
This revision is the first time Metaplanet has set clear asset-side goals since adopting the Bitcoin treasury strategy in 2024, marking the company's transformation from a purely accumulation model to a broader financial platform.
According to the company, this level allows Metaplanet to use up to 15% of its total assets for acquisitions, revenue-producing investments and funding needs for its planned asset management business. Bitcoin is still regarded as a "core treasury reserve asset", and BTC Yield, a measure of bitcoin holdings per share, remains the primary performance criterion. "From the beginning, our strategy has been more than just accumulating Bitcoin," CEO Simon Gerovich wrote on Platform X. He added that the company's goal is to build a bitcoin-based financial platform.
Strategic-level funds help build Bitcoin financial platform
目前，这一战略层级已在资助Metaplanet于今年8月达成的一项对纳斯达克上市公司Super League Enterprise的投资提案。通过该交易，Metaplanet将出资2,100枚比特币及250万美元现金，以换取有权任命多数董事会成员的证券。待股东和监管机构批准后，Super League预计将更名为Superplanet，并启动其自身的比特币国库业务。
此外，Metaplanet还推出了一项净利息收入策略。该策略通过比特币抵押信贷额度、永久优先股和公司债券筹集资金，然后将所得款项投资于收益率高于其资本成本的资产。该融资额度依赖于抵押品支持，与比特币购买相关的借款保持在该公司比特币净资产值的约10%以下，但这一上限不适用于为新层级筹集的资金。
截至9月30日，Metaplanet的比特币持仓量已增长至44,000枚，较2025年10月原政策生效时的30,823枚有所增加。
mNAV规则仍主导股票发行与回购
公司保留了基于mNAV（企业价值与比特币净资产值之比）的普通股发行规则。当mNAV低于1.0倍时，Metaplanet不会发行普通股；当mNAV高于1.0倍时，则选择性发行。如果管理层判断股票被低估，即使mNAV高于1.0倍也可以进行回购；若低于1.0倍，也可进行回购。
Metaplanet said the policy aims to achieve four major goals, including maximizing BTC Yield, improving mNAV and enhancing credit quality. The company has begun preliminary consultations with the Tokyo Stock Exchange on the listing of preferred shares, but also warned that a listing does not guarantee success. 
As of press time, Bitcoin is trading at approximately US$86,400, up approximately 2% in the past 24 hours. Previously, Bitcoin failed to exceed an eight-month high of nearly $87,400 twice this week. The policy revision comes amid an overall reduction in the mNAV premium for the Bitcoin treasury industry this year, with some executives warning that companies lacking additional sources of value could lag behind exchange-traded funds (ETFs).
