Metaplanet sets 10‑15% strategic investment range under capital policy
The Oct. 5 guidelines set bitcoin at about 85 to 90 per cent of assets, while equity remains the main source of new coin funding.
Julian Okafor
An income spread is being asked to support a larger bitcoin treasury, while new coin purchases remain chiefly financed through equity. Metaplanet Inc. TYO3350, the Tokyo-listed bitcoin treasury company, set strategic investments at approximately 10 to 15 per cent of total assets in an Oct. 5 capital policy revision. Bitcoin remains its core holding, with a guideline of approximately 85 to 90 per cent of assets.
Metaplanet held 44,000 bitcoin at Sept. 30, 2026. Its balance was 30,823 bitcoin on Oct. 28, 2025. Its separate Oct. 5 net interest income notice says the new strategy will principally target preferred securities issued by bitcoin treasury companies and similar issuers. The proposed margin is the yield on those assets less the related funding costs, including preferred dividends, bond interest, borrowing, hedging and transaction costs.
Preferred and common shares remain the principal sources of bitcoin acquisition funding under the revised policy. The company describes its bitcoin-backed credit facility as supplementary bridge funding that it plans to shift progressively into permanent equity capital. Metaplanet says income from strategic assets should improve its financing capacity and credit quality, creating a route to additional bitcoin purchases rather than a committed amount of coin buying.
The financing question extends beyond Tokyo. Strive, Inc. NASDAQASST NASDAQSATA, a Dallas bitcoin treasury and structured-finance company, reported in an Oct. 5 filing that it bought 2,000 bitcoin from Sept. 28 through Oct. 2. Its average cost was US$84,422 per coin, including fees, over that purchase period. That is a transaction cost, not a current bitcoin market quote.
Strategic Allocation Covers Three Uses
The 10 to 15 per cent guideline covers investments that earn income, acquisitions to build a financial platform and capital for an asset-management business. It therefore describes the whole strategic investment allocation, not a budget reserved for net interest income. Metaplanet says the ranges are guidelines that can vary with market conditions and individual investment decisions.
The capital policy includes overseas bitcoin-related securities among possible income assets. Metaplanet's separate income notice says recurring earnings are intended to help service preferred dividends and bond interest, lower its effective cost of capital and secure funding for more bitcoin. It also says the company will seek investments whose expected returns exceed related funding costs by a sufficient margin after credit and other risks.
The policy sets a guideline for borrowing under the bitcoin-backed facility used to acquire and hold coins: outstanding borrowing should remain below approximately 10 per cent of the net asset value of its bitcoin holdings. Debt used for strategic investments is instead to be managed against the cash flows of those investments. The income notice says leverage for such assets may differ from the guideline on bitcoin acquisition borrowing.
Metaplanet, whose Oct. 5 policy names chief executive Simon Gerovich as its representative, qualifies the projected effect:
"The generation of cash flow referred to above, and the effects expected from each of the strategies described above, represent the Company's objectives and assumptions only, and their realization is not guaranteed," Metaplanet said in the policy.
Common Shares Remain In The Funding Mix
Metaplanet defines mNAV as enterprise value divided by the market value of its bitcoin holdings. As a matter of principle, it says it will avoid common-share financing below 1.0 times mNAV. Above that level, the policy allows selective issuance when management judges it beneficial to existing holders. Perpetual preferred shares are another form of permanent capital in the policy.
Strive's Oct. 5 filing shows why both the coins and the share denominator need tracking. Its effective common share count increased by 3,287,265 between Sept. 25 and Oct. 2 while its bitcoin holdings grew by 2,000. Its preferred-share count also rose. An earlier Mugglehead report on Strive's purchase tracked the same change in a common holder's claim.
Read more: Strive Inc adds US$169M in bitcoin as common and preferred share counts grow
Matador Technologies Inc. CVEMATA OTCMKTSMATAF, a Toronto bitcoin treasury company that develops bitcoin-native products, said on Oct. 2 that roughly 138 of its approximately 168 bitcoin were pledged against secured notes. Shareholders are scheduled to vote Oct. 14 on creating a preferred-share class. An earlier Mugglehead account of Matador's collateral described that borrowing against its coins.
Read more: Matador Technologies reports about 168 bitcoin, roughly 138 pledged
A U.S. Investment Has A Fourth-Quarter Window
Metaplanet's Oct. 5 policy expects its proposed U.S. financial-platform investment to close in the fourth quarter of 2026, subject to the target's shareholder approval, SEC and Nasdaq procedures and other conditions. Its income notice says that closing is expected to give Metaplanet access to U.S. capital markets. Completion during that window is the next dated test of one proposed funding channel for the income strategy.
