Metaplanet Secures $130M Loan to Expand Its Corporate Bitcoin Reserves
- Metaplanet’s new $130M Bitcoin-backed loan lifts its total credit draw to $230M.
- The company will use the funds to acquire more Bitcoin and expand BTC income operations.
- Metaplanet plans to raise $135M through the issuance of new Class B perpetual preferred shares.
Metaplanet has raised new Bitcoin-backed debt as it deepens its treasury strategy. The Tokyo-listed firm drew another $130 million in credit to buy more Bitcoin, expand income operations, and fund potential share buybacks.
Metaplanet reported that it executed the latest borrowing on November 21 under a previously disclosed Bitcoin-backed credit facility. The structure gives the company access to short-term liquidity while it keeps custody of its BTC reserves.
Metaplanet Bitcoin Credit Facility and New $130M Loan Draw
The facility carries a maximum limit of $500 million. With the new transaction, Metaplanet has now drawn $230 million in cumulative loans, up from the $100 million it reported after an earlier draw on October 31. The company backed the entire credit line with its Bitcoin reserves, which serve as collateral for all borrowings.
In its filing, Metaplanet said it intends to deploy the fresh capital in three areas. It plans to acquire additional Bitcoin, expand revenue activities tied to its BTC stack, and repurchase shares when market conditions permit. The firm describes Bitcoin as a core balance sheet asset and continues to build a BTC-heavy profile.
The company also addressed the risk that comes with borrowing against a volatile asset. It noted that a drop in the Bitcoin price could increase pressure on collateral coverage and trigger margin requirements. “Given the substantial scale of Bitcoin holdings relative to the loan amount, the Company expects to maintain sufficient collateral headroom,” Metaplanet wrote.
Preferred Share Plan and Long-Term Bitcoin Treasury Funding
Metaplanet pairs its credit facility with an equity-based capital plan. The firm aims to raise about $135 million by issuing new Class B perpetual preferred shares under its Mercury programme.
These preferred securities carry fixed yearly distributions. Investors can convert them into ordinary shares under specified terms, and in some cases, Metaplanet can redeem the instruments if conditions are met. The structure provides long-term funding that complements the short-term nature of the credit facility.
By running both channels at the same time, Metaplanet uses debt and equity tools to maintain and expand its Bitcoin holdings. The credit line enables the company to react quickly to market moves, while the preferred shares provide a more stable capital base. Management has stated that this two-track framework supports continuous BTC accumulation without regular common equity issuance.
Related: Metaplanet CEO Rejects ETF Fears and Defends Bitcoin Strategy
Unrealized Losses and Metaplanet Bitcoin Reserve Strategy
Data from BitcoinTreasuries.NET shows that Metaplanet currently holds an unrealized loss on its Bitcoin pile. The firm acquired its coins at an average cost of $108,036 per BTC, while the market recently traded near $87,000.
Despite that gap, Metaplanet has not reduced its exposure and continues to add BTC. Bitcoin strategy director Dylan LeClair wrote on X that the firm is “HODLing,” and community commentators linked the timing of the latest loan to a recent dip in the BTC price.
The credit facility also includes conditions regarding collateral levels. The company acknowledged that sharp price moves may narrow its headroom under the agreement. However, it pointed to the size of its reserve relative to the $230 million in outstanding loans as a buffer against near-term stress.
Japan’s equity market continues to track developments at Metaplanet as regulators watch how listed firms treat large Bitcoin positions. A recent move by the Tokyo exchange operator to review Bitcoin-heavy balance sheets has drawn extra attention to companies that follow this model, with Metaplanet among the most closely watched names.
