TLDR
- Metaplanet obtained a $100 million Bitcoin-backed loan to fund Bitcoin purchases and a share repurchase program.
- The company borrowed the funds on October 31 under a credit agreement secured by its Bitcoin holdings.
- Metaplanet said the lender’s identity remains undisclosed while the loan carries a U.S. dollar benchmark rate plus a spread.
- The company holds 30,823 Bitcoin worth about $3.5 billion as of the end of October.
- Metaplanet confirmed that the financing supports its Bitcoin acquisition plans and Bitcoin income business.
Metaplanet secured a $100 million Bitcoin-backed loan to expand its BTC holdings and fund a share repurchase. The Tokyo-listed company said the facility allows short-term financing while maintaining full flexibility for repayment.
The funds were borrowed on October 31 under a new credit agreement secured by its Bitcoin reserves. Metaplanet confirmed that the lender’s name remains undisclosed but the loan carries a U.S. dollar benchmark rate plus a spread.
The company stated that the financing supports its Bitcoin acquisition and share repurchase plans. It added that the facility also strengthens liquidity for its Bitcoin income business operations.
Bitcoin-Backed Financing and Collateral Structure
Metaplanet described the loan as a conservative structure supported by its large Bitcoin reserves. It said it holds 30,823 BTC worth about $3.5 billion as of the end of October.
The company noted that this position ensures strong collateral coverage even if Bitcoin’s price drops. “Metaplanet continues to manage leverage responsibly while maintaining healthy balance sheet flexibility,” the filing said.
The firm also said the proceeds may fund additional Bitcoin purchases depending on market conditions. Its management emphasized that each financing decision aligns with long-term treasury growth goals. Metaplanet’s filing confirmed that the loan can be repaid anytime without penalty. It said such flexibility allows better risk management in volatile cryptocurrency markets.
Metaplanet Plans Major Bitcoin-Fueled Share Buyback
Metaplanet recently unveiled a 75 billion yen ($500 million) share buyback program. The company said the program also uses Bitcoin-collateralized financing to enhance shareholder value.
The repurchase aims to restore confidence after its market-based net asset value (mNAV) slipped below 1.0. Metaplanet reported that its mNAV dropped to 0.88 before recovering above parity in recent weeks.
The firm paused new Bitcoin purchases during the mNAV decline but kept its long-term target intact. It reaffirmed its goal to acquire 210,000 BTC by 2027 through disciplined accumulation. Metaplanet expects the $100 million loan to have a minor impact on its 2025 fiscal results. However, it said it will disclose any material financial changes as required by regulations.
Bitcoin Treasury Firms Face NAV Declines
S&P Global Ratings recently issued a “B-” speculative-grade rating to Strategy, a Bitcoin treasury peer. The agency cited heavy Bitcoin concentration and limited liquidity as weaknesses in similar models.
Metaplanet did not comment on Strategy’s rating but reiterated confidence in its balance sheet position. The company said its risk controls remain robust and funding terms are transparent.
Research firm 10x Research recently reported NAV declines across Bitcoin treasury firms. It said some companies lost billions in paper value as market prices normalized.
Analysts observed that several treasury firms issued shares above their actual Bitcoin value. They said many investors faced losses while companies accumulated more Bitcoin assets.
Metaplanet stated that its operations remain stable under current financing conditions. It reaffirmed that proceeds from the new credit line will support its growth and share repurchase plans.
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