Metaplanet stopped borrowing because its Bitcoin holdings reached 44,000

Metaplanet修订资本配置政策：85%至90%资产持有比特币，其余用于创收投资

Metaplanet已修订其资本配置政策，计划将总资产的85%至90%保留在比特币中，同时预留最多15%的资金用于能够产生经常性收入的投资或收购。根据最新披露，比特币相关的借贷规模通常将保持在比特币净资产价值（BTC NAV）的大约10%以下，未来购买比特币的主要资金将来自永久性股权资本。

截至9月30日，Metaplanet持有44,000枚比特币。经过第三季度的出售与回购操作后，其持仓量净增加了1,000枚。此前，该公司于2025年10月确立初始资本配置政策时，持有量为30,823枚比特币。

核心策略：以比特币为基石构建全球金融平台

首席执行官Simon Gerovich表示，公司的战略并非仅仅积累比特币，而是旨在打造一个根植于比特币的全球金融平台。在新的政策框架下，比特币将继续作为Metaplanet主要的国库储备资产，占总资产的85%至90%。衡量每股比特币持仓增长率的“BTC收益率”仍将是公司主要的绩效指标之一。

剩余的10%至15%资产将部署于支持其比特币金融平台的收购项目、产生收益的投资以及计划中的资产管理业务资本。符合条件的投资包括海外与比特币相关的证券，例如其他比特币国库公司发行的优先股。

Financing structure and dilution control

Under the latest capital allocation policy, permanent preferred shares will become the main source of permanent equity in the purchase of Bitcoin. Metaplanet can still issue common shares when its corporate value-to-Bitcoin market value ratio (mNAV) is higher than 1.0 times and management believes that issuing common shares will help enhance the value of existing shareholders. If the ratio is less than 1.0 times, management can increase BTC yields through share buybacks.

It is worth noting that the new policy gives management greater flexibility. Even if mNAV is higher than 1.0 times, management can consider repurchase if it believes that the stock price seriously understates the company's intrinsic corporate value. Repurchase funds can come from cash, preferred stock earnings, credit lines and income generated by Bitcoin's revenue-generating business.

To reduce potential dilutions, Metaplanet reduced the potential dilutions associated with its Series 10 stock options by 41.1% in September, shrinking the potential share pool from 319.46 million shares to 188.19 million shares.

Net interest income strategy: Creating recurring cash flow

In conjunction with asset allocation adjustments, Metaplanet has launched a new "net interest income strategy" that aims to generate recurring cash flow through diversified means. Companies can raise funds through Bitcoin mortgage credit lines, perpetual preferred shares and corporate bonds, and invest the proceeds in income-producing assets.

Metaplanet emphasizes that such investments are made only when the expected rate of return, after deducting credit risk, exceeds its total cost of capital and leaves an appropriate margin. Net interest margin will become the key performance indicator of the strategy. The resulting income can be used to pay preferred stock dividends and bond interest, providing more financing capabilities for future Bitcoin purchases.

Gerovich pointed out that the strategy aims to create a recurring income stream and reduce Metaplanet's effective capital cost. Currently, its bitcoin revenue-generating business has achieved revenue for eight consecutive quarters. In August this year, the company launched the BitBonds project and raised approximately 200 million yen through four private bond offerings. The first batch of unsecured senior bonds, which have an interest rate between 4% and 4.3% per annum and have a maturity of approximately three years, are distributed to qualified investors by Japanese licensed brokerage Metaplanet Securities.

Project Nova: Building a business ecosystem around Bitcoin

"Project Nova" is Metaplanet's framework for building financial operations around its Bitcoin treasury. Part of that strategy is its licensed brokerage firm Metaplanet Securities. In July this year, the company completed the acquisition of Siiibo Securities for 2.1 billion yen, thus having a platform for independently issuing and distributing corporate bonds, preferred shares and other financial products.

In addition, the company's plans extend to the U.S. market. In August, Metaplane agreed to invest 2,100 bitcoins and $2.5 million in cash in Nasdaq-listed Super League Enterprise in exchange for its common stock, strategic alliance preferred stock and other securities. After the transaction is completed, Metaplanet has the authority to appoint a majority of the company's board of directors. Super League is expected to become a consolidated subsidiary, change its name to Superplanet, and launch a Bitcoin treasury business in the United States.

The transaction still requires approval from Super League shareholders and completion of relevant U.S. Securities and Exchange Commission (SEC) and Nasdaq procedures and other delivery conditions. Metaplanet expects the transaction to close in the fourth quarter of 2026. The cash flow generated through these businesses will support Metaplanet's financing capabilities and ultimately provide capital for additional Bitcoin purchases.

Demonstrate liquidity to optimize credit ratings

Bitcoin trading in the third quarter is also another part of the new strategy: building and optimizing its credit history. Rating agencies and credit investors want to know whether Bitcoin Treasury can convert its positions into cash to meet its obligations. To this end, Metaplanet sold enough bitcoins to generate cash that exceeded the total outstanding principal amount of its corporate bonds, loans and other interest-bearing debt, and subsequently bought back bitcoins.

According to Gerovich, after a complete sale and repurchase operation, Metaplanet's Bitcoin holdings increased by a net 1,000. By generating recurring income outside of Bitcoin, the company aims to demonstrate its ability to generate revenue from assets other than its core BTC reserves. Metaplane plans to seek credit ratings and use balance sheet strategies to expand access to financing through corporate bonds and preferred stock. At present, the company has conducted preliminary consultations with the Tokyo Stock Exchange on the listing of preferred shares, but whether the listing can be finally approved still needs to be confirmed by the exchange's review process.