Overview
- Metaplanet, which disclosed the revised capital policy Monday, now targets roughly 85%–90% of group assets in Bitcoin and reserves 10%–15% for income‑producing strategic investments.
- The company sold 10,000 BTC and later repurchased 11,000 BTC in the third quarter as a deliberate liquidity demonstration that left it with 44,000 BTC, a net gain of 1,000 coins.
- Metaplanet said the sale proceeds exceeded the principal of its bonds and borrowings and that it held the cash before repurchasing Bitcoin to show creditors it can convert reserves without repaying those liabilities.
- The round trip widened Metaplanet’s cost to rebuild the position because repurchases came at higher prices and produced a preliminary, unaudited US capital‑loss estimate and a tentative $97 million deferred tax asset.
- As next steps the company capped Bitcoin‑collateralized borrowing at about 10% of BTC net asset value, launched Project Nova and a Net Interest Income Strategy to create recurring cash flow, and is pursuing a credit rating plus preferred‑stock and bond funding to support future Bitcoin buys and its conditional Super League investment.