Metaplanet Secures New Financing as BTC-Backed Borrowing Accelerates
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Metaplanet, the Tokyo-listed digital asset firm known for its aggressive Bitcoin strategy, has tapped an additional $130 million from its $500 million credit line, bringing total borrowing under the facility to $230 million.
The latest loan, executed on November 21, follows the same structure as its earlier $100 million draw: a floating U.S. dollar rate, daily renewal, and undisclosed lender.
All borrowed funds are backed by the company’s sizable Bitcoin reserves. Metaplanet highlighted that its 30,823 BTC – worth roughly $2.7 billion at current prices – provides strong collateral coverage, though a sharp market drop could require more collateral.
The firm said its borrowing limits are designed to withstand significant BTC volatility.
The new capital will support further Bitcoin purchases, expansion of the firm’s BTC income strategies, and potential share buybacks. For its income products, Metaplanet plans to use part of the loan as collateral for selling Bitcoin options to earn premium income. The financial impact for the fiscal year ending December 2025 is expected to be negligible.
Despite holding the fourth-largest Bitcoin treasury among public companies, Metaplanet is facing heavy market pressure. Its share price has dropped 81% since June, and its market cap-to-NAV ratio has fallen to about 0.81. Based on an estimated acquisition cost of $3.3 billion, the company’s BTC position is currently sitting on an unrealized loss near $600 million.
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