Metaplanet just locked in a fresh $130 million loan using its massive Bitcoin reserves as collateral.
The deal expands one of the largest corporate Bitcoin-backed financing plays to date, arriving right as BTC trades far below the company’s cost basis, putting its strategy directly under market pressure.
The publicly traded Japanese firm has drawn $130 million from its credit facility, secured entirely by its Bitcoin holdings. The agreement has a maximum limit of $500 million.
The funds are earmarked for three goals:
The company holds 30,823 BTC, enough to comfortably meet collateral requirements under the facility.
Metaplanet calls Bitcoin a strategic asset, not just treasury exposure, and continues building an aggressively BTC-dense balance sheet as part of its long-term roadmap.
But the market backdrop is tough. Bitcoin slid into the $80,000 range over the weekend, well below Metaplanet’s estimated $108,000 cost basis, creating significant unrealized losses across its holdings.
The timing also complicates the company’s newly unveiled “Mercury” initiative, which aims to raise roughly $150 million (21.2 billion yen) through preferred share issuance to support its broader Bitcoin expansion strategy.
Metaplanet’s stock fell 7.75% on Friday, but is up by 2.24% today. Dilution becomes a tougher sell when the underlying asset is underwater yet lower BTC prices could let Metaplanet lower its average cost basis if the raise succeeds.
Metaplanet is reinforcing a growing corporate trend: tapping Bitcoin-backed loans instead of selling BTC for liquidity.
The structure preserves long-term upside while unlocking capital quickly, which is a model that more global firms may begin utilizing.
All eyes now turn to how Metaplanet navigates the BTC downturn and whether its high-leverage Bitcoin strategy becomes a template for bold treasury management or a stress test for the Bitcoin-collateral playbook.
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