Metaplanet has tapped an additional $130 million from its bitcoin-backed credit facility, taking its total borrowing to $230 million, equal to 46% of the company’s $500 million line. The latest draw was executed on Nov. 21, 2025, with an undisclosed lender and is secured by a portion of the company’s bitcoin reserves held on its balance sheet.
The new borrowing follows an earlier $100 million draw in November and underscores Metaplanet’s continued commitment to its bitcoin-focused treasury model. As of Oct. 31, 2025, the Tokyo-listed company held 30,823 BTC, valued at roughly $3.5 billion at the time of disclosure. Metaplanet said that reserve base gives it meaningful collateral headroom and supports a conservative buffer against bitcoin price volatility.
Loan Structure and Planned Use of Funds
According to the company, the facility includes daily automatic renewal, discretionary repayment, and an interest structure linked to a U.S. dollar reference rate plus a spread. The newly raised capital will be directed toward additional bitcoin purchases, expansion of its BTC income-generation activities, and potential share repurchases depending on market conditions.
Metaplanet said its income-generation strategy involves using pledged bitcoin to write options and collect premium revenue. That approach suggests the firm is not only accumulating BTC, but also seeking ways to generate cash flow from its holdings.
Treasury Strategy Remains in Focus
Since pivoting to a bitcoin-centric treasury strategy in 2024, Metaplanet has become the largest corporate bitcoin holder in Japan and one of the larger public-company holders globally. Its broader strategy is to expand bitcoin reserves while taking advantage of comparatively low-cost financing in Japan’s rate environment.
The latest borrowing also comes amid growing scrutiny of digital asset treasury companies. Even so, Metaplanet said the financial impact of the new loan is expected to be minimal for the fiscal year ending December 2025, adding that any material changes will be disclosed promptly.