Key Notes
- The undisclosed lender provided flexible terms with daily renewal and the ability to repay at any time.
- Metaplanet's Bitcoin holdings are valued at approximately $3.5 billion.
- The company plans additional Bitcoin purchases. .
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 $103 153 24h volatility: 1.3% Market cap: $2.06 T Vol. 24h: $110.93 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.
Intended Use of Funds
Metaplanet allocated the $100 million across three purposes:
- Additional Bitcoin acquisitions,
- Expansion of its Bitcoin Income Generation business,
- Potential share repurchases under its program announced Oct. 28 .
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.
Strategic Context
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.
