Metaplanet’s October 5, 2026 capital-policy revision proposes using financing to acquire income-generating assets, then directing the resulting net interest income toward financing costs and, potentially, future Bitcoin purchases. The company calls it the “Net Interest Income Strategy.” Despite the original headline wording, the announcement does not publish a forecast of accounting net income or guarantee that the plan will increase Bitcoin holdings per share.
What Metaplanet announced
Metaplanet Inc.’s October 5, 2026 policy notice describes Bitcoin as the company’s core reserve asset while allowing a strategic investment allocation for financial-platform acquisitions, income-generating assets, and investment capital for its asset-management business.
The new initiative, formally named the “Net Interest Income Strategy,” is a proposed spread approach: raise capital, invest it in assets, and seek a yield above the all-in cost of that capital. Metaplanet identifies net interest margin as the strategy’s key performance indicator. It says it will pursue investments only when expected yield, after accounting for credit risk, exceeds capital cost by an appropriate margin.
The notice does not name specific investments or provide a numerical net interest margin target, target yield, or guaranteed return. “Net interest income” here describes the financing-and-investment strategy; it should not be read as a published projection of the company’s overall accounting net income.
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How the allocations fit together
The revised policy sets out general allocation principles, not fixed promises about how the company’s assets will be distributed:
| Policy allocation | Guideline stated by Metaplanet | What it covers |
|---|---|---|
| Bitcoin | Approximately 85%–90% of total assets | Core reserve asset; the range is a general principle, not a guaranteed allocation. |
| Strategic investment | Approximately 10%–15% of total assets | Examples include financial-platform M&A, income-generating assets, and investment capital for the asset-management business. |
Metaplanet says these ranges are guidelines that may vary with market conditions and individual investment decisions. Its reported Bitcoin holdings increased from 30,823 BTC on October 28, 2025, to 44,000 BTC on September 30, 2026. Those are company-reported figures for the stated dates; they do not show that the newly announced strategy caused the increase.
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How the company says it would fund the strategy
The notice lists Bitcoin-collateralized credit facilities, perpetual preferred stock, and corporate bonds—which it calls “BitBonds”—as potential sources of capital. Metaplanet says it generally intends to use financing that does not dilute common shareholders for strategic allocation. Any preferred-stock listing remains subject to exchange review and is not assured.
The policy distinguishes Bitcoin-related borrowing from borrowing for strategic investments:
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- Bitcoin-related borrowing: Borrowing used to acquire and hold Bitcoin should remain below approximately 10% of Bitcoin NAV, according to a guideline in the policy. This applies to Bitcoin-related borrowing, not all company debt.
- Strategic-investment debt: Debt for strategic investments is managed separately and, the company says, should be matched to the cash flows of the relevant investments through asset-liability management.
Keeping those categories separate matters: the Bitcoin borrowing guideline is not a stated ceiling for financing strategic investments.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How income could support Bitcoin purchases—and what remains uncertain
Metaplanet says income from the strategy is intended to cover related liabilities, including preferred dividends and bond interest, and strengthen its financing capacity. The company’s stated aim is that this could support additional Bitcoin acquisitions and growth in Bitcoin holdings per share. These are intended effects, not confirmed results.
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The plan depends on the assets earning enough to cover their funding costs and associated risks. If realized yields fall short, financing costs rise, or investments perform poorly, the expected margin and cash flow may not materialize. The October 5 notice does not establish the investments, returns, or financing terms that would determine the outcome. Metaplanet states: “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.”
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