Metaplanet Tightens Bitcoin Treasury Strategy as Holdings Hit 44,000 BTC

The company’s updated framework restricts Bitcoin-related borrowing to less than 10% of its net asset value, prioritizing permanent capital—such as preferred stock—to fuel ongoing accumulation. CEO Simon Gerovich confirmed the strategy shift following a third-quarter liquidity exercise where the firm sold and subsequently repurchased Bitcoin, resulting in a net increase of 1,000 coins. This move served as a stress test to prove to creditors that the firm’s massive reserves can be liquidated to cover outstanding debt obligations.

Beyond treasury management, the firm is deploying 10% to 15% of its assets into income-generating investments under its new Net Interest Income Strategy. This initiative, dubbed Project Nova, leverages the firm’s regulated brokerage, Metaplanet Securities, to distribute financial products and build out a global infrastructure. The expansion includes a pending deal to acquire a controlling stake in the U.S.-based Super League Enterprise, which the firm plans to transform into a Bitcoin-focused subsidiary. By pairing its core BTC holdings with these revenue-producing businesses, Metaplanet intends to lower its cost of capital and secure a formal credit rating.