Japan’s Metaplanet Secures $100 Million Loan Backed by Bitcoin Reserves

The Japan-based publicly listed company Metaplanet Inc. has officially announced that it has secured a US$100 million loan facility, partially collateralized by its Bitcoin (BTC) reserves.
This move forms part of the company’s broader strategy to expand its digital asset portfolio and enhance shareholder value through a share buyback program.

According to an official disclosure released on October 31, 2025, the loan is secured by approximately 30,823 BTC, equivalent to US$3.3–3.5 billion at the time of the transaction.
The loan amount represents only about 3% of the total value of Metaplanet’s Bitcoin holdings. The loan terms are reported to be flexible, featuring a floating interest rate denominated in U.S. dollars and no strict repayment deadline, allowing the company discretion to repay or extend the loan in response to market conditions and operational needs.

Strategic Objectives for Fund Utilization

Metaplanet’s management explained that the loan proceeds will be allocated toward several key objectives, including:

• Increasing Bitcoin holdings, as part of the company’s long-term accumulation and digital asset diversification strategy.

• Supporting Bitcoin-based business units, including passive income activities such as selling options and derivative contracts backed by the company’s crypto reserves.

• Reactivating the share buyback program previously announced, aimed at enhancing shareholder value and strengthening the market-to-net-asset-value ratio (mNAV).

This initiative reinforces Metaplanet’s position as a pioneer of the Bitcoin-based corporate model, in which digital assets function not only as investment instruments but also as corporate collateral and sources of liquidity.

Risks and Challenges of Bitcoin Leverage

While the strategy reflects innovation in financial management, several analysts have cautioned that it also involves significant risks.
A decline in Bitcoin’s price could erode the value of the collateral and potentially trigger margin calls or liquidity pressure.
Although the loan represents a relatively small portion of the company’s total reserves, leveraging crypto assets still demands disciplined risk management to ensure that market volatility does not negatively impact corporate financial stability.

Ambition to Become One of the World’s Largest Bitcoin Holders

Metaplanet had previously announced its ambitious target of accumulating up to 210,000 BTC by 2027, a goal that would place the company among the largest Bitcoin holders globally if achieved.
With the latest loan facility, Metaplanet reaffirms its commitment to a Bitcoin-based treasury strategy without liquidating its core assets. This approach is also viewed as a non-dilutive financing alternative, enabling the company to pursue business expansion without reducing shareholder ownership or incurring additional fiscal burdens.