Metaplanet, the Tokyo-listed digital asset technology firm, has expanded its use of a $500 million bitcoin-backed credit facility by borrowing an additional $130 million to acquire more bitcoin and support its business operations.
Details of the latest loan
On November 21, Metaplanet executed the new loan under previously approved terms, according to a company notice.
As with its earlier $100 million draw, the lender remains undisclosed at the counterparty’s request.
The $130 million loan is secured by bitcoin held on Metaplanet’s balance sheet and features a floating interest rate tied to U.S. dollar benchmarks, with automatic daily renewal and flexible repayment options.
Collateral position and risk management
Metaplanet emphasized that its reserve of 30,823 BTC—valued at about $2.7 billion at current prices—provides ample collateral coverage for the $230 million now drawn from the facility.
The company stated that even if bitcoin’s price declines, its financial policy ensures “sufficient collateral headroom” is maintained, limiting borrowings to levels that safeguard against significant volatility.
For up-to-date information on Metaplanet’s current and historical holdings, see the Metaplanet bitcoin treasury tracker.
Use of proceeds and business impact
Proceeds from the loan will fund additional bitcoin acquisitions, expansion of Metaplanet’s income-generation business—such as selling bitcoin options for premium income—and potential share repurchases.
The company noted the financial impact for the fiscal year ending December 2025 is expected to be minimal.
Share performance and unrealized losses
Metaplanet ranks as the fourth-largest public bitcoin treasury, behind Strategy, Marathon Digital, and Twenty One.
Despite its ongoing accumulation strategy, Metaplanet’s share price has dropped 81% since June, with its bitcoin holdings’ cost basis at $3.3 billion and an unrealized loss of roughly $600 million.
