Metaplanet Takes $100M Bitcoin-Backed Loan to Boost Holdings

Japan’s Bitcoin Giant, Metaplanet, Expands BItcoin Treasury Strategy

Japan’s top bitcoin-holding firm, Metaplanet, has once again made headlines. The bitcoin-treasury company confirmed it has borrowed $100 million (around 15.3 billion yen) backed by its bitcoin-holdings, signaling its confidence in digital assets even amid market volatility. 

Source: Official Filing

The company currently holds 30,823 BTC, valued at around $3.5 billion (¥540 billion). The loan amount represents only 3% of its total Bitcoin-value, ensuring a healthy collateral margin even during volatile market swings.

The funds raised will primarily go toward acquiring more BTC-coin, growing its income business, and buying back company shares.
A part of the capital will also be directed to its Bitcoin-based options income model, which generates stable yield while holding BTC. This segment is forecast to generate an increased value from last year’s ¥690 million in Q3.

The lender was not disclosed, but the loan has no fixed repayment deadline, giving the company flexibility to repay or reuse the funds at any time.

Linked to Its $500M Share Buyback Plan

This $100 million loan is part of a broader $500 million (76.4 billion yen) credit facility that Metaplanet announced on October 28.

According to the buyback plan, the company will repurchase up to 150 million shares (13.15 % of total stock) by October 2026, improving shareholder value and strengthening per-share Bitcoin-exposure.

By combining its loan strategy and buyback plan, the bitcoin's treasury company aims to balance capital efficiency with BTC-accumulation, mirroring a playbook similar to MicroStrategy’s leveraged Bitcoin-strategy in the U.S.

Inside the Metaplanet Bitcoin Treasury Strategy

Since launching its “Bitcoin Treasury Strategy” in April 2024, Metaplanet has aimed to make BTC-coins the core of its corporate balance sheet.
The company’s goal: accumulate 210,000 bitcoins by 2027—a level that would put it among the top three corporate Bitcoin-holders globally.

Metaplanet’s financial snapshot underscores its strong footing:

• BTC Holdings: ₿30,823

• Bitcoin NAV: $3.13 billion

• Debt Outstanding: $24.4 million

• Enterprise Value: $3.17 billion

• YTD BTC Yield: 496.4 %

• mNAV Ratio: 1.069×

Source: MetaPlanet-Metrics

This long-term accumulation plan aims to turn Bitcoin into a productive asset, not just a reserve, through lending, yield, and option strategies that monetize volatility without reducing holdings.

Metaplanet now ranks fourth worldwide among companies holding BTC-coin, behind only MicroStrategy (640,808 BTC), MARA Holdings (53,250 BTC), and XXI Capital with 43,514 coins. 

Domestically, Metaplanet leads all Japanese public companies with over ¥540 billion invested in Bitcoin-asset, well ahead of peers like Convano and Remix Point.

Why Companies Are Turning to Bitcoin Treasuries

Global corporations have increasingly shifted toward Bitcoin-based treasury models since 2020.
Rising inflation, currency depreciation, and higher interest rates have made holding large cash reserves less attractive. Bitcoin, in contrast, offers scarcity, liquidity, and transparency.

Favorable regulatory changes have also accelerated adoption:

• The U.S. approved Bitcoin Spot ETFs in 2024, simplifying corporate access.

• The FASB accounting rule update now allows companies to record BTC at fair market value.

These shifts have opened the door for public firms worldwide, especially in Asia and Europe, to view Bitcoin-asset as a legitimate store of value and strategic reserve asset.