Metaplanet Targets 85-90% of Total Assets in Bitcoin (BTC) Under Revised Policy

A Tighter Bitcoin Balance Sheet

Metaplanet has rewritten its capital allocation policy to direct 85 to 90 percent of its total assets into Bitcoin (BTC), leaving a 10 to 15 percent window for strategic investments. The Tokyo-listed firm disclosed the revised framework on October 5, and it is the company's clearest statement yet that the world's second-largest corporate Bitcoin holder intends to run a financial business on top of its balance sheet rather than hold coins the way a Strategic Bitcoin Reserve does. Under the new policy, the strategic window is reserved for mergers and acquisitions, assets with predictable income and the buildout of an asset management arm. Metaplanet has also introduced a net interest income strategy, which pairs its funding costs against the returns earned on deployed capital, effectively converting the treasury into a lending-and-spread operation. The framework sets a floor as well as a ceiling: at least 85 percent of assets must remain in Bitcoin, and no more than 15 percent may sit outside it, a tighter definition of the company's risk posture than any it has published before. In practice, that makes Bitcoin-collateralized lending, credit against the holding and settlement services candidate revenue lines rather than concepts on a slide. The company did not disclose a timeline for the first deployment of the strategic window. It also formalizes what the corporate Bitcoin treasury sector has drifted toward all year: balance sheets managed as portfolios. The wider market offers a steady backdrop, with the Bitcoin price at $85,595 at the time of writing, up 0.4 percent over 24 hours, and Bitcoin (BTC) commanding a 67.8 percent share of COINOTAG's tracked market cap of $2.54 trillion.

44,000 BTC and a Credit Argument

The quarter's flow numbers show a company actively managing a position most treasuries simply accumulate. Metaplanet sold 10,000 BTC during the third quarter while buying 11,000 BTC, a net addition of 1,000 coins that lifted holdings to 44,000 BTC as of September 30 and cemented its place as a whale among listed corporate holders. Management framed the sales as a credit exercise rather than a market call: the point was to demonstrate to rating agencies and credit investors that the company can convert Bitcoin into cash when it needs to, which is precisely what the net interest income strategy requires. The context is a sector in transition. For the past cycle, digital asset treasury companies were valued largely on their coin holdings, a static HODL model that critics worldwide dismissed as not a business at all, and index providers are weighing whether such firms should be treated as investment vehicles instead. Metaplanet's own pricing reflects the tension: the stock trades below the value of the Bitcoin (BTC) it owns, a reverse spread that discounts the entire new finance venture to zero before it launches. The planned products, Bitcoin-collateralized loans, lending and settlement, sit squarely in Bitcoin DeFi, territory where corporate treasuries have so far barely ventured. Where the strategic window lands first is undecided; candidates range from stable-income instruments to real-world assets, and no first deployment has been announced. On the flows side, this week brought the biggest weekly Binance Bitcoin outflow since June 2023, with 23,137 BTC leaving the exchange. Japan's own adoption curve lags other markets, with stablecoins penetrating first, and the company expects the domestic digital asset market to widen materially from 2028 onward, the period its leadership views as its proving ground. Until the finance layer produces audited revenue, the 44,000 BTC position remains the only asset the market is willing to price.

$87,400 Cap, $84,800 Floor

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $87,353 resistance at 81/100, driven by the confluence of Fibo 0.000, the Keltner Upper band and the prior daily high, while the $84,793 support scores 83/100 on the back of Ichimoku Tenkan and a five-touch low-volume node. Spot prints $85,595, pinned between the two. RSI at 63.66 alongside a bearish MACD signal within an uptrend frames a compressed market; funding of 0.0002%, open interest of $16.6 billion and a 1.07 long/short ratio show leverage near neutral, while the Fear & Greed Index reads 73, Greed. A daily close above $87,353 would open $88,692; losing $84,793 exposes $83,718 and invalidates the bullish thesis. Either way, 85 to 90 percent of Metaplanet's balance sheet now rides on that range, and the full ladder is tracked on our Bitcoin technical analysis page.