Metaplanet, a Tokyo-listed Bitcoin treasury company, has secured a $100 million loan backed by its Bitcoin holdings. The company will use the funds to acquire more Bitcoin, expand its income-generating operations, and potentially repurchase shares. The loan, finalized on October 31, represents approximately 3% of Metaplanet's total Bitcoin holdings of 30,823 BTC, which are valued at around $3.5 billion.
The $100 million loan is part of a larger $500 million credit facility that Metaplanet announced on October 28. The company intends to use this facility for share repurchases or further Bitcoin acquisitions, and it may also serve as bridge financing for a planned preferred share issuance.
Metaplanet's decision to secure a Bitcoin-backed loan and initiate a share buyback program comes after its market-based net asset value (mNAV) fell below 1, indicating that its stock was trading at a discount. The company's board approved a 75 billion Japanese yen buyback program in response to this decline. The share buyback program targets 13.13% of the total issued shares, with the goal of maximizing Bitcoin yield per share and restoring market confidence. The buyback is scheduled to run from October 29, 2025, through October 28, 2026, and purchases will be executed on the Tokyo Stock Exchange.
According to the company, the loan carries a benchmark U.S. dollar rate plus a spread and can be repaid at any time. This flexible structure provides financial stability and room for strategic moves. Metaplanet emphasized that it is committed to managing leverage conservatively to maintain balance sheet stability. The company expects minimal impact on its fiscal year 2025 financial results from the borrowing but will promptly announce any material effects that may arise.
In addition to purchasing more Bitcoin, Metaplanet plans to allocate a portion of the funds to strengthen its income-generating business, which involves selling cash-secured Bitcoin options. This division generated 2.44 billion yen in revenue in Q3 2025, a 3.5-fold increase year-on-year. The company also hinted at the possibility of conducting share buybacks, depending on market conditions, to improve shareholder value and maintain flexibility in capital allocation.
Metaplanet launched its "Bitcoin Treasury Strategy" in April 2024 with the goal of accumulating 210,000 BTC by the end of 2027. The company briefly paused new Bitcoin acquisitions amid the mNAV decline but remains committed to its long-term goal. By integrating Bitcoin into its corporate treasury, Metaplanet aims to set a precedent for corporate cryptocurrency adoption in Asia.
With Bitcoin currently trading near $101,689 and Metaplanet shares priced around ¥441, the company is positioning itself as a Bitcoin-native public company, demonstrating that traditional financial tools can coexist with a modern digital asset strategy.
