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Metaplanet secured a $130M Bitcoin-backed loan.
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The firm still plans a $150M raise to buy more Bitcoin.
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Metaplanet stock dropped 7.75% Friday but bounced 2.24% today.
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.
Metaplanet Executes $130M Loan Using Bitcoin as Collateral
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, and Metaplanet has now utilized $230 million of that capacity.
The funds are earmarked for three goals:
- buying more Bitcoin
- expanding its Bitcoin revenue and yield businesses
- executing stock buybacks when conditions allow
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.
BTC Price Slide Collides With Metaplanet’s ‘Mercury’ Capital Plan
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 has simultaneously announced it's new intended capital structure, with Class A being proposed to be amended in structure.
— Dylan LeClair (@DylanLeClair) November 20, 2025
MARS (Class A) – Metaplanet Adjustable Rate Security
A senior, non-dilutive preferred equity instrument. MARS aim is to deliver monthly dividends…
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.
What This Means for Bitcoin-Focused Corporations
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.
What’s Next
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.
