Metaplanet Secures $100M Bitcoin-backed Loan to Expand Treasury
- Metaplanet uses a $100M Bitcoin-backed loan to access capital while retaining BTC exposure.
- Loan funds BTC purchases, growth of options income business, and targeted share buybacks.
- Competitive conditions push Bitcoin treasury firms to use conservative collateral safeguards.
Metaplanet Inc., a Tokyo-listed investment company, secured a $100 million loan using a portion of its Bitcoin reserves as collateral. The firm drew the funds on October 31 from a previously announced $500 million credit facility. Management continues to frame Bitcoin as a core strategic asset on the balance sheet.
The company used roughly 3% of its holdings, which stand at about 30,823 BTC, to secure the borrowing. This structure lets Metaplanet unlock liquidity without selling Bitcoin, so the balance sheet keeps full exposure to potential long-term price appreciation.
Metaplanet’s leadership aims to grow its reserves to 210,000 BTC by the end of 2027. The new facility supports that target because it provides capital while the company continues to accumulate coins. The firm also retains the option to repay the loan at any time, which gives flexibility in fast-changing markets.
The transaction strengthens Metaplanet’s position as one of the largest corporate Bitcoin treasuries worldwide. It also highlights how listed companies now use Bitcoin-backed loans as a standard corporate finance tool rather than a niche experiment.
Capital Allocation Targets Bitcoin Purchases
Metaplanet will use the $100 million in three key sectors, including additional Bitcoin purchases, growth of its income business, and share buybacks. This combination indicates a larger strategy to contribute to both assets and shareholder returns.
A portion of the loan will fund renewed Bitcoin purchases after a pause of more than one month. The firm last bought Bitcoin on October 1, when it acquired 5,268 BTC. Management continues to treat additional purchases as a core use of capital, while staying within conservative collateral margins.
Another significant share of the funds will support Metaplanet’s Income Business. This unit creates and sells cash-secured Bitcoin options to generate premium income. The company states that this model provides steady revenue while it keeps exposure to the underlying asset.
Internal projections indicate strong growth in the options-based income segment. According to company guidance, sales for this division could reach 2.44 billion yen in the third quarter of 2025, compared with 690 million yen a year earlier. The new loan will serve as margin to support that expansion.
Metaplanet’s board also approved a share repurchase program with a cap of 75 billion yen. Management may buy back shares when the enterprise value trades near or below the value of its Bitcoin holdings. This policy seeks to raise Bitcoin per share and improve capital efficiency when the market applies low valuation multiples.
Related: Bitcoin Slips Below $100K, Triggering Billions in Liquidations
Bitcoin Treasuries Face Competition
Metaplanet’s move comes during a period of sharp volatility across the digital asset market. Bitcoin recently dropped back below $100,000, more than 20% below its October peak. That decline erased over $1 trillion from the broader cryptocurrency market capitalization and triggered record liquidations.
Many Bitcoin treasury companies now operate in what some analysts describe as a more competitive “player-versus-player” phase. Easy premiums and simple arbitrage opportunities have faded.
According to industry statistics, adoption of new Bitcoin treasury strategies by corporations has stagnated, although some large players have continued with aggressive accumulation strategies. The decision of Metaplanet to collateralize with Bitcoin instead of selling it highlights a long-term conviction approach.
