Metaplanet Secures $100 Million Loan Using Bitcoin Collateral for Strategic Growth
Tokyo-based Bitcoin treasury firm Metaplanet is strategically leveraging its substantial cryptocurrency assets to secure a significant loan, aiming to expand its holdings and enhance shareholder value.
Furedata - Metaplanet, a Tokyo-listed corporation, has obtained a $100 million loan backed by its Bitcoin assets. The capital is designated for acquiring additional BTC and for initiating a share repurchase program, reinforcing the company's balance sheet and strategic Bitcoin focus.
The credit agreement, finalized on October 31, uses the company’s digital currency holdings as security. While the lender’s identity was not revealed, the loan features a variable interest rate and permits repayment at any time, offering significant financial flexibility.
The firm describes its loan structure as conservative, citing its holdings of 30,823 BTC, valued at approximately $3.5 billion. This substantial position provides robust collateral coverage, even in the event of a significant downturn in Bitcoin's market price.
A Cointelegraph report on November 5, 2025, details that the proceeds may fund more Bitcoin acquisitions or its income generation business, which earns option premiums. The funds could also be used for share buybacks, contingent on prevailing market conditions and strategic timing.
This financing follows the recent launch of a $500 million share buyback initiative. That program, also supported by Bitcoin-collateralized funding, was designed to restore investor confidence after a key valuation metric temporarily faltered, creating market uncertainty.
The company’s market-based net asset value, a ratio of its worth to its Bitcoin reserves, briefly dipped to 0.88. This prompted a temporary halt in new Bitcoin purchases, although the firm’s long term acquisition goals remain firmly in place.
The crypto treasury model is facing increased scrutiny. S&P Global Ratings recently assigned a speculative "B-" grade to Strategy, another Bitcoin treasury firm, pointing to its high Bitcoin concentration, limited liquidity, and a very narrow business scope as primary concerns.
Research from 10x Research highlights a troubling trend where the net asset values of some treasury firms have plummeted. Analysts suggest the boom has ended, leaving retail investors with losses while corporations successfully accumulated physical Bitcoin reserves.