Japan’s Metaplanet Inc. has doubled down on its Bitcoin strategy, taking out a $100 million loan secured by its existing Bitcoin reserves to buy more of the cryptocurrency. The move comes as Bitcoin prices hover near four-month lows, signaling the company’s confidence in the asset’s long-term potential.
According to Metaplanet’s statement, the loan was executed on October 31 under a previously approved credit facility and is backed by a portion of its 30,823 BTC holdings, currently valued at roughly $3.2 billion. The financing carries a floating interest rate tied to U.S. dollar benchmarks and can be repaid at any time.
While the company did not disclose the lender, it emphasized that only a small portion of its Bitcoin reserve was pledged and that it continues to follow a “conservative financial management policy” to limit leverage.
Strategic Use of Funds
Metaplanet said the proceeds will primarily fund additional Bitcoin purchases and support its “Bitcoin Income Generation” program, which uses its reserves to earn option premiums. Some of the funds may also go toward share buybacks, depending on market conditions.
The company’s Bitcoin position is currently down about 4.4% from an average cost of $108,036 per coin, with Bitcoin now trading near $103,000. Despite short-term market weakness, Metaplanet remains among the world’s largest corporate Bitcoin holders—ranking fourth globally behind Strategy, MARA Holdings, and XXI, the investment firm led by Jack Mallers.
Market Context and Long-Term Vision
This latest borrowing follows a $500 million credit line Metaplanet announced earlier this year for share repurchases aimed at improving its market-to-net-asset-value ratio, which measures the company’s valuation relative to its Bitcoin holdings. That ratio dipped below parity in mid-October before rebounding to about 1.03× this week.
Although Metaplanet’s shares have surged nearly 30% year-to-date, they remain 81% below their May peak of $15.30, recently trading around $2.79, according to data.
Undeterred by volatility, the company continues to pursue its ambitious target of holding 210,000 BTC by 2027—roughly 1% of Bitcoin’s total supply once all coins are mined.
