The Tokyo-listed firm executed the loan on Oct. 31 using its 30,823 BTC as collateral, with funds earmarked for acquisitions and buybacks.
By Zoran Spirkovski
Editor Yana Khlebnikova
Updated
2 mins read
Metaplanet Inc. executed a $100 million loan secured by its Bitcoin holdings, the Tokyo-listed company disclosed Nov. 4. The loan was finalized on Oct. 31 under a credit facility agreement established Oct. 28.
The company holds 30,823 BTC BTC $104 126 24h volatility: 2.7% Market cap: $2.08 T Vol. 24h: $92.07 B as collateral for the transaction, according to a Nov. 4 notice. The holdings are valued at $3.13B at the time of writing. Bitcoin served as the primary security for the arrangement.
The lender remains undisclosed at the counterparty’s request. The loan features daily automatic renewal and can be repaid at Metaplanet’s discretion without a fixed maturity date. Interest accrues at a reference USD rate plus an undisclosed spread. The borrowing represents the first drawdown from a $500 million credit facility established in late October.
Metaplanet allocated the $100 million across three purposes:
The income business generates revenue through cash-collateralized Bitcoin options, allowing the firm to collect premiums while maintaining its holdings.
The options strategy delivered 24.4 billion yen ($160 million) in Q3 2025 revenue, representing 3.5x growth from 6.9 billion yen in Q3 2024, according to company disclosures. Metaplanet stated that the premium income can offset risk during market downturns
Metaplanet stated that its $3.5 billion Bitcoin position maintains “sufficient collateral coverage” against the loan amount, even during significant price declines. The borrowing represents approximately 3% of the company’s total Bitcoin holdings by value.
The company emphasized its “conservative financial management policy” and commitment to avoiding excessive leverage. Management stated that the collateral buffer allows the firm to withstand substantial Bitcoin price drops without triggering margin requirements.
The moves came after the company’s modified net asset value (mNAV) fell below 1.0x in mid-October, with shares declining 70% from their June peak. The mNAV metric divides enterprise value by the value of Bitcoin holdings.
Metaplanet maintains its Bitcoin Treasury Strategy targeting 210,000 BTC by December 2027. The approach mirrors Strategy Inc.’s continued Bitcoin purchases, which recently expanded holdings to 641,205 BTC through equity and debt offerings.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
