Bitcoin
Metaplanet Updates Asset Strategy and Reports 44,000 Bitcoin in Corporate Reserves
Japanese firm Metaplanet has revised its treasury framework to hold up to 90% in Bitcoin while setting strict debt limits.
On October 5, Japanese firm Metaplanet revised its corporate asset allocation policy, targeting 85% to 90% of its assets in Bitcoin and 10% to 15% in strategic investments. The company is also implementing a net interest income strategy to support ongoing operations and future acquisitions.
Under the updated rules, purchases will primarily rely on permanent capital via common and perpetual preferred shares. The company established that debt linked to Bitcoin must generally stay below roughly 10% of the market value of its holdings. For common share issuance, Metaplanet set a condition requiring an enterprise value to Bitcoin holdings ratio (mNAV) above 1.0x, alongside favorable value accretion for existing shareholders.
Metaplanet reported holding 44,000 BTC as of September 30, placing it second globally among publicly listed companies with Bitcoin treasuries. According to executive Simon Gerovich, the company traded Bitcoin during the third quarter for a net addition of 1,000 BTC, maintaining liquid reserves that exceeded its interest-bearing debt principal.
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