Metaplanet Secures $100M Bitcoin-Backed Loan to Expand BTC Holdings and Fund Share Buyback

Tokyo-listed Bitcoin treasury firm deepens its BTC exposure with a $100 million loan, following its $500 million Bitcoin-backed share repurchase program.

Metaplanet Expands Bitcoin-Backed Financing Strategy

Metaplanet, the Tokyo-listed Bitcoin treasury company, has secured a $100 million Bitcoin-backed loan to finance further Bitcoin purchases and fund a share buyback program, reinforcing its position as one of the most aggressive corporate adopters of BTC.

According to a company filing, the loan was issued on Oct. 31 under a credit agreement secured by Metaplanet’s Bitcoin holdings, allowing for flexible repayment at any time. While the lender’s name was not disclosed, the company stated the facility carries a benchmark U.S. dollar rate plus a spread, and is designed for short-term financing.

“Our capital structure is intentionally conservative,” the company noted, highlighting its 30,823 BTC reserves, valued at roughly $3.5 billion at the end of October. “This provides robust collateral coverage, even amid potential Bitcoin price volatility.”

Proceeds to Support Bitcoin Accumulation and Share Repurchases

The company said proceeds from the credit line will fund additional Bitcoin purchases, its Bitcoin income business—which generates yield from option premiums—and share repurchases under favorable market conditions.

The announcement comes just days after Metaplanet unveiled a 75 billion yen ($500 million) share buyback program, also backed by Bitcoin-collateralized financing. The move follows a temporary dip in the firm’s market-based net asset value (mNAV), which fell to 0.88 last month before recovering above parity.

Metaplanet emphasized its long-term commitment to Bitcoin accumulation, maintaining its goal of holding 210,000 BTC by 2027.

Following the loan announcement, Metaplanet’s shares fell 2%, reflecting cautious investor sentiment amid broader crypto market weakness. Analysts say the company’s strategic focus on Bitcoin-backed financing signals institutional confidence in crypto-collateralized lending models, even during market corrections.

“Bitcoin-backed credit allows treasury firms to unlock liquidity without selling core holdings,” noted a Tokyo-based digital asset strategist. “It’s a playbook we’re likely to see more often as corporate Bitcoin adoption matures.”

The move mirrors the leveraged strategies of firms like MicroStrategy, recently rated “B-” by S&P Global, which cited high Bitcoin concentration and liquidity risks.

Despite short-term volatility, Metaplanet’s continued accumulation strategy underscores growing corporate conviction that Bitcoin is both a balance-sheet asset and a long-term strategic hedge.

Disclaimer

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