Metaplanet Inc. (3350.T) closed at ¥297.00, gaining 2.06% after recovering from early-session weakness. The advance followed a revised capital allocation policy that keeps Bitcoin at the center of the Tokyo-listed company's balance sheet. Under the updated framework, Metaplanet plans to hold roughly 85% to 90% of total assets in Bitcoin, keep Bitcoin-backed borrowings below 10% of its Bitcoin net asset value, and allocate a further 10% to 15% of assets to strategic investments.

Bitcoin Remains Core Treasury Asset

The revised policy arrives as Metaplanet's 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 cover both capital raising and asset allocation across the group.

Metaplanet is among a growing number of publicly listed companies that have adopted Bitcoin as their primary treasury reserve asset, and the updated structure keeps that positioning intact. The company plans to allocate approximately 85% to 90% of total assets to Bitcoin and will continue using BTC Yield, its measure of growth in Bitcoin holdings per share, to track accumulation. Per-share accounting of this kind shows whether Bitcoin holdings are growing faster than the share count — a distinction that matters when a treasury company funds purchases through ongoing securities issuance.

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

For future Bitcoin purchases, Metaplanet plans to rely mainly on perpetual preferred stock and selected common stock issuance. The company generally will avoid issuing common shares when its mNAV — a measure of market value relative to net asset value — falls below 1.0 times, though it may turn to rights offerings when large Bitcoin purchases support longer-term shareholder interests. The threshold gives investors a visible guide to when dilution is more or less likely as the accumulation strategy continues.

The company also set a guideline limiting Bitcoin-related credit facility borrowings to roughly 10% of Bitcoin net asset value. The ceiling caps the leverage secured against the company's Bitcoin holdings, keeping creditor claims small relative to the asset base. Metaplanet views its Bitcoin-backed credit facility as temporary financing rather than a permanent funding source, and plans to shift longer-term financing toward preferred stock and other forms of permanent equity capital.

Share buybacks also form part of the framework. Metaplanet may conduct repurchases when mNAV drops below 1.0 times, and management can authorize buybacks above that level when it considers the shares materially undervalued. Funding for such programs could come from cash, preferred stock proceeds, credit facilities, or income from Bitcoin-related activities.

Project Nova Targets Recurring Cash Flow

Metaplanet will allocate roughly 10% to 15% of total assets toward strategic investments. These may include acquisitions, income-producing securities, and capital for its planned asset management business, which the company expects to generate recurring cash flow and strengthen future financing capacity. For a group concentrating most of its assets in a single reserve asset, internally generated income offers a funding channel that does not depend on issuing new equity or debt.

Project Nova already encompasses Metaplanet Securities and a planned investment in Nasdaq-listed Super League Enterprise. Under the proposed transaction, Metaplanet plans to contribute 2,100 BTC and $2.5 million for securities issued by SLE. The deal could give Metaplanet control of the company following regulatory and shareholder approvals — conditions that will determine whether the transaction advances as outlined.

The group will also introduce a Net Interest Income Strategy to generate recurring returns from income-producing assets. The strategy targets yields above the company's financing costs while matching liabilities with the cash flows of related assets. Management plans to use the resulting income to support obligations, financing capacity, and additional Bitcoin purchases.

Source: Blockonomi