Metaplanet taps $100M Bitcoin-backed loan for BTC purchases, share buyback

Tokyo-listed Bitcoin treasury company Metaplanet has secured a $100 million Bitcoin-backed loan to purchase additional BTC and repurchase its shares.

According to a Tuesday filing, the funds were borrowed on Oct. 31 under a credit agreement that allows the company to secure short-term financing using its Bitcoin (BTC) holdings as collateral. The lender’s identity was not disclosed, but the company said the loan carries a benchmark US dollar rate plus a spread and can be repaid at any time.

Metaplanet said that the loan structure is conservative, noting it holds 30,823 BTC, worth around $3.5 billion as of the end of October, a position large enough to maintain healthy collateral coverage even if Bitcoin’s price declines.

The company detailed that proceeds from the credit line may be used for additional Bitcoin purchases, its Bitcoin income business, where holdings are used to earn option premiums and share repurchases depending on market conditions.

Metaplanet shares dropped 2% today. Source: Google FinanceRelated: Metaplanet expands Bitcoin strategy with new US, Japan units

Metaplanet announced $500 million share buyback program

The announcement comes days after Metaplanet unveiled a 75 billion yen ($500 million) share buyback program, also backed by Bitcoin-collateralized financing, aimed at restoring investor confidence after the company’s market-based net asset value (mNAV) fell below one.

Metaplanet’s mNAV briefly dropped to 0.88 last month before rebounding to above parity. The company temporarily paused new Bitcoin purchases during the dip but said it remains committed to its goal of acquiring 210,000 BTC by 2027.

Metaplanet expects the financial impact of the $100 million drawdown on its 2025 fiscal results to be minor, but pledged to disclose any material changes should they arise.

Related: Metaplanet Becomes 4th Largest Corporate Bitcoin Holder

S&P assigns “B-” rating to Michael Saylor’s Strategy

Last week, S&P Global Ratings issued a “B-” speculative-grade rating to Michael Saylor’s Bitcoin treasury company, Strategy. The firm cited Strategy’s heavy Bitcoin concentration, limited liquidity and narrow business focus as key weaknesses.

The rating came amid growing criticism of the crypto treasury model. In a recent report, 10x Research revealed that some Bitcoin treasury firms have seen their NAVs collapse, wiping out billions in paper wealth.

The analysts said the boom in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has “fully round-tripped,” leaving retail investors deep in losses while firms accumulated real Bitcoin.

Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaban

• #Bitcoin
• #Cryptocurrencies
• #Japan
• #Bitcoin Price
• #Adoption
• #Bank of Japan
• #Cryptocurrency Investment
• #MicroStrategy
• #Bitcoin Adoption Add reaction