Metaplanet Secures $130M Loan to Buy More Bitcoin

Tokyo-listed Bitcoin treasury firm Metaplanet has secured another $130 million in Bitcoin-backed financing, deepening its leveraged bet on BTC despite currently holding its coins at a loss. The latest drawdown comes from an existing $500 million credit facility that lets the company borrow against its Bitcoin reserves to access short-term liquidity.

With this new loan, Metaplanet has now tapped $230 million from the facility, up from the $100 million previously disclosed at the end of October. The funds are earmarked for expanding its Bitcoin holdings, supporting income-generating strategies tied to BTC, and potentially financing share buybacks without issuing more common stock.

The company acknowledges that using Bitcoin as collateral exposes it to margin or collateral calls if the BTC price falls sharply. However, Metaplanet maintains that the size of its Bitcoin stack relative to the loan amount provides a comfortable buffer, saying it expects to keep “sufficient collateral headroom” even in volatile markets.

Alongside its BTC-backed credit line, Metaplanet is also pursuing a second funding channel: a planned $135 million raise via new Class B perpetual preferred shares. These instruments offer investors a fixed annual payout, optional conversion into ordinary shares and, under certain conditions, the possibility for the company to buy them back. This structure gives Metaplanet longer-term capital compared with its more flexible, short-dated loan facility.

Data from BitcoinTreasuries.NET indicates that Metaplanet’s Bitcoin position is currently down nearly 20% on paper. The firm’s average BTC acquisition price is around $108,036, while Bitcoin is trading near $87,000. Despite that unrealized loss, the company is not backing away from its strategy. Bitcoin strategy director Dylan LeClair reiterated on X that Metaplanet remains committed to accumulating and “HODLing” BTC for the long term.