Metaplanet Inc., the Tokyo‑listed company building a large Bitcoin treasury, has taken out a $100 million loan backed by a portion of its existing Bitcoin holdings. The company drew from a credit facility on October 31 and pledged part of its 30,823 BTC stash, which was valued at about $3.5 billion at the time.
The loan uses a floating interest rate linked to U.S. dollar benchmarks and can be repaid whenever the company chooses. Metaplanet says the pledged collateral represents only a small slice of its bitcoin reserve, which it points to as evidence of its conservative approach to leverage.
Borrowing to Buy More Instead of Selling
Rather than sell bitcoin to free up capital, Metaplanet is borrowing against its holdings so it can purchase more BTC, continue operating its bitcoin options business, and potentially buy back shares. The timing follows the company’s announcement of a ¥75 billion share repurchase plan, which is roughly $500 million.
Metaplanet has just tapped a $100 million loan from their credit facility.
This represents about 3% of their Bitcoin value.
I’d imagine it is to prepare for share buybacks at a potential sub 1.0 mNAV…
…or they’re looking to BUY THE DIP!
— Adam Livingston (@AdamBLiv) November 5, 2025
The plan aimed to lift the company’s market‑to‑net‑asset value ratio after it fell below 1.0. The company also reaffirmed its long‑term goal of holding 210,000 BTC by 2027, a target that would place it among the largest public bitcoin treasuries anywhere in the world.
How the Loan Fits Into Their Bigger Vision
By using collateralised debt instead of selling assets, Metaplanet is signalling a clear preference for accumulation. The company says the credit line is part of a larger financing strategy that also supports its income‑generating options business, which earns premiums on its bitcoin position.
The approach allows Metaplanet to grow while protecting its long‑term exposure to BTC, giving it capital to deploy without reducing its core holdings.
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A Growing Trend in Corporate Bitcoin Strategy
Metaplanet’s playbook mirrors a broader shift among companies that treat bitcoin as a strategic reserve rather than a speculative trade. Borrowing against BTC has become a tool for firms that want more exposure without creating a taxable event or weakening their long‑term position.
With a reserve of 30,823 BTC as of late October, Metaplanet has established itself as a major participant in the corporate bitcoin ecosystem. Its methods highlight how treasury management and financial engineering are evolving as more firms integrate digital assets into their balance sheets.
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The Risks That Come With This Approach
Borrowing against bitcoin introduces clear risks. If the price drops sharply, collateral margins can tighten and create pressure on even large reserves. Metaplanet describes its leverage as conservative, but that claim will be tested during the next period of major volatility.
Other headwinds, such as regulatory changes or disruptions in the options market, could affect income and liquidity. Investors will be watching how the company handles its goal of accumulating 210,000 BTC by 2027, how its options strategy performs over time, and how the share buyback programme influences its market valuation.
What This Move Signals to the Wider Market
If Metaplanet’s strategy works, it could become a model for other companies that want to treat bitcoin as a long‑term treasury asset. The combination of borrowing, accumulating and returning value to shareholders shows a more complex and deliberate approach than simple buying and holding. For the wider market of bitcoin‑treasury companies, this marks another step toward more sophisticated capital planning built around digital assets.
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Key Takeaways
- Metaplanet secured a $100 million loan backed by a portion of its 30,823 BTC holdings, avoiding the need to sell its bitcoin.
- The company plans to use the loan to buy more bitcoin, support its options business and potentially fund a ¥75 billion share buyback.
- Metaplanet’s long-term goal is to hold 210,000 BTC by 2027, positioning itself as one of the largest corporate bitcoin holders globally.
- This move reflects a broader trend of firms borrowing against bitcoin as a treasury asset instead of selling or triggering tax events.
- The strategy carries risk if bitcoin prices drop, but Metaplanet claims its leverage is conservative and part of a larger, long-term plan.
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