Metaplanet Secures $100M Bitcoin-Backed Loan to Expand BTC Holdings and Support Share Buyback

Quick Breakdown 

• Metaplanet secured a $100 M Bitcoin-backed loan to increase its BTC holdings and fund a $500 M share buyback.
• The firm holds 30,823 BTC, providing strong collateral support even in volatile conditions.
• The loan arrives as Bitcoin treasury companies face heightened scrutiny, including S&P’s recent “B-” rating for Saylor’s Strategy due to liquidity and concentration risks.

 

Metaplanet taps Bitcoin collateral for fresh financing

Tokyo-listed Bitcoin treasury firm Metaplanet has secured a $100 million Bitcoin-backed loan to expand its Bitcoin holdings and support an ongoing share buyback initiative, according to a regulatory filing released on Tuesday.

JUST IN: #Bitcoin treasury company MetaPlanet $MTPLF just rasied $100 million using their BTC as collateral. pic.twitter.com/DNvELyopMb

— BitcoinTreasuries.NET (@BTCtreasuries) November 5, 2025

The loan was issued on October 31 under a credit facility that allows Metaplanet to borrow against its existing Bitcoin reserves. The lender’s identity remains undisclosed, but the company confirmed that the credit carries a U.S. dollar benchmark rate plus a spread and can be repaid at any time.

Metaplanet emphasized that the structure is low-risk, highlighting that it holds 30,823 BTC, valued at roughly $3.5 billion at the end of October — a cushion substantial enough to maintain strong collateral coverage even if Bitcoin’s price weakens.

Funds directed toward BTC accumulation and share repurchases

The company said proceeds from the credit line will be deployed strategically. These include additional Bitcoin purchases, expanding its Bitcoin yield and options income business and repurchasing shares, depending on market conditions.

The move follows Metaplanet’s announcement of a 75 billion yen ($500 million) share buyback program, also using Bitcoin-backed financing. The buyback is aimed at boosting investor sentiment after the company’s market-based net asset value (mNAV) dipped below 1.0, touching 0.88 briefly before recovering.

Despite the volatility, Metaplanet reiterated its ambitious target of acquiring 210,000 BTC by 2027, although it temporarily paused new purchases during last month’s valuation dip.

The firm expects the $100 million drawdown to have only a minor impact on its upcoming fiscal results but said it will report any notable shifts should they occur.

Crypto treasury landscape faces rating pressure

Meanwhile, Michael Saylor’s Bitcoin treasury firm Strategy recently received a “B-” speculative-grade rating from S&P Global. The rating agency highlighted liquidity constraints, concentrated Bitcoin exposure, and limited operational diversity as key risks.

This comes as analysts scrutinize the Bitcoin treasury model more broadly. Research from 10x Research noted that several Bitcoin-holding corporate vehicles saw their NAVs fall sharply after issuing shares at steep premiums to the value of their BTC holdings.

 

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