Metaplanet has borrowed $130 million against its bitcoin holdings as part of an ongoing strategy to expand its crypto exposure, support revenue-focused activities, and allow for potential share repurchases. The loan was made under an existing $500 million credit facility, with a total of $230 million now drawn.
New Loan Backed by Bitcoin Reserves
The company confirmed that the $130 million transaction was completed on November 21. It follows an earlier $100 million loan taken earlier this year under the same credit arrangement. The lender’s identity was not disclosed, as requested by the other party.
The loan carries a floating interest rate linked to U.S. dollar benchmarks and renews daily. It can be repaid at any time. All amounts borrowed are backed by bitcoin held directly by Metaplanet. The firm currently holds 30,823 BTC, valued at around $2.7 billion at current market prices.
Metaplanet stated that its financial approach limits borrowing to levels where it can maintain “collateral buffers even during price volatility.” The company said it expects to continue operating with “sufficient collateral headroom.”
Bitcoin Acquisition and Revenue Plans
Metaplanet plans to use the funds to buy more bitcoin, grow its revenue-generating bitcoin business, and carry out share buybacks when appropriate. A portion of the funds will support options-selling strategies that use bitcoin as collateral, generating income from premiums collected.
The firm emphasized that bitcoin used in income activities will also back the loans. It also said that the financial impact of the loan on the full-year results ending December 2025 is expected to be limited. It will release further updates if any major changes occur.
The company acknowledged that falling bitcoin prices could lead to extra collateral being required. However, with a large reserve in place, it says it has enough margin to manage such risks. The $500 million credit facility still has $270 million available.
The firm stated that it will not exceed borrowing levels where added collateral cannot be provided in a timely way. The company continues to adjust its position based on the size of its holdings and market conditions.
Bitcoin Holdings and Stock Performance
Metaplanet is currently the fourth-largest public holder of bitcoin, behind Strategy, MARA, and Twenty One. Despite this position, its share price has dropped sharply in recent months.
As of now, Metaplanet’s BTC reserve—acquired at a total cost of about $3.3 billion—is sitting on an unrealized loss of $600 million. The company’s stock is down 81% since June, and its market value is trading below net asset value, with an mNAV ratio of 0.81.
