Metaplanet Secures $500 Million Bitcoin Credit Facility
- Metaplanet secured a $500M Bitcoin-backed credit line to boost treasury flexibility.
- The ¥75B buyback plan covers 13% of shares, aiming to raise BTC yield per share.
- Metaplanet holds 30,823 Bitcoin worth $3.5 billion, targeting 210,000 Bitcoin by 2027.
Metaplanet, a Tokyo-listed Bitcoin treasury company, announced on October 28 that it had secured a $500 million credit facility backed by Bitcoin. The funding will support long-term BTC acquisitions, finance a ¥75 billion ($500 million) share repurchase program, and enhance overall capital efficiency. The decision follows the company’s recent drop below a 1.0x multiple-to-net-asset-value ratio tied to its Bitcoin holdings.
Bitcoin-Backed Facility to Fund Repurchases and BTC Growth
According to the board resolution, the facility will allow Metaplanet to borrow against its Bitcoin reserves, giving the company flexibility to buy back shares or accumulate additional BTC. The company confirmed that the borrowing capacity can also serve as bridge financing ahead of a planned preferred share issuance.
President Simon Gerovich said the program was approved to “enhance capital efficiency and maximize BTC yield.” The funding will be available under a discretionary trading agreement, providing liquidity. The move indicates a structured change toward using Bitcoin as a balance sheet asset rather than a speculative investment.
The company’s board also approved a ¥75.4 billion (approximately $500 million) repurchase plan, allowing it to buy back up to 150 million shares, about 13 percent of total issued stock. Purchases will take place on the Tokyo Stock Exchange between October 29, 2025, and October 28, 2026. Metaplanet said the plan aims to strengthen its BTC yield, measured as Bitcoin per share, while restoring shareholder confidence.
Addressing Market Value and Treasury Efficiency
The initiative follows a decline in Metaplanet’s market-based net asset value (mNAV), which dropped to 0.88 last week before rebounding to 1.03. The company temporarily stopped new Bitcoin purchases during the drop, citing a need to preserve balance sheet strength.
However, executives reiterated their goal of reaching 210,000 BTC by 2027, representing 1 percent of the total Bitcoin supply. Currently, Metaplanet holds 30,823 BTC worth about $3.5 billion, making it the largest public Bitcoin holder in Asia and the fourth-largest globally.
The firm’s previous purchase of 5,268 BTC on September 30 pushed its holdings past its 2025 accumulation target. Analysts noted that the buyback program could reduce short-selling pressure while lifting the BTC-per-share ratio.
The company sees buybacks as a smart way to keep its real value steady, especially when its market price drops below the Bitcoin-backed asset level. By using borrowed funds along with share repurchases, Metaplanet aims to make the best use of its cash flow and strengthen its treasury.
Related: Metaplanet Hits Record Volume Ahead of $1.45B Bitcoin Raise
Long-Term Capital Strategy and Market Impact
The combined approach of using credit financing and buybacks is part of a wider capital plan approved by the board. This plan also allows the use of perpetual preferred shares to boost Bitcoin investment returns and limits issuing new shares when the market value falls below the net asset value.
The credit facility, backed by Bitcoin collateral, will enable flexible execution across several initiatives, including future BTC purchases, share repurchases, or income-generating ventures. According to the company’s filing, the approach aims to “utilize BTC reserves efficiently while maintaining funding stability.”
Following the announcement, Metaplanet’s stock closed at JPY 499 on October 28, up 2.25 percent from the previous session. The rise shows market optimism about the company’s combined approach to managing Bitcoin assets and shareholder capital. However, market observers are cautious about potential volatility risks tied to BTC prices, which could affect loan collateralization and liquidity terms.
Metaplanet said it is committed to its Bitcoin-focused strategy, emphasizing its intent to grow its treasury while preserving balance sheet flexibility. The facility will allow the firm to adjust between debt, buybacks, and BTC accumulation.
Metaplanet’s strengthened capital policy strengthens its position in Japan’s emerging Bitcoin corporate sector. By integrating Bitcoin into its credit structure, the company continues to align financial management with its long-term digital asset strategy.
