Tokyo-listed Bitcoin treasury firm Metaplanet has obtained a $100 million Bitcoin-backed loan to fund additional BTC purchases and a share buyback program.
According to a filing on Tuesday, the funds were borrowed on Oct. 31 under a credit agreement that enables the company to secure short-term financing using its Bitcoin holdings as collateral. While the lender was not identified, Metaplanet noted that the loan carries a benchmark U.S. dollar rate plus a spread and is repayable at any time.
The company described the loan structure as conservative, highlighting that it holds 30,823 BTC — valued at approximately $3.5 billion at the end of October — providing substantial collateral coverage even in the event of a Bitcoin price decline.
Metaplanet added that proceeds from the credit facility may be used for additional Bitcoin purchases, to support its Bitcoin income operations (which generate option premiums from its holdings), and for share repurchases, depending on market conditions.
Metaplanet unveils $500 million share buyback program
The announcement follows Metaplanet’s recent launch of a 75 billion yen ($500 million) share buyback initiative, also financed through Bitcoin-collateralized lending, as part of efforts to restore investor confidence after the company’s market-based net asset value (mNAV) slipped below parity.
Metaplanet’s mNAV briefly fell to 0.88 last month before recovering above 1.0. During the decline, the firm temporarily paused new Bitcoin purchases but reaffirmed its target of acquiring 210,000 BTC by 2027.
The company expects the $100 million loan drawdown to have only a minor impact on its 2025 fiscal results, while committing to disclose any material financial changes that may occur.
S&P assigns “B-” rating to Michael Saylor’s Strategy
In a related development, S&P Global Ratings assigned a “B-” speculative-grade rating to Michael Saylor’s Bitcoin-focused treasury firm, Strategy, citing the company’s high Bitcoin exposure, limited liquidity, and narrow business model as key risk factors.
The downgrade comes amid rising scrutiny of the Bitcoin treasury model. A recent 10x Research report noted that several such firms have seen their net asset values (NAVs) collapse, erasing billions in paper wealth.
Analysts at 10x Research added that the surge in Bitcoin treasury companies — which often issued shares at multiples of their actual BTC holdings — has now “fully round-tripped,” leaving many retail investors deep in losses, even as the companies themselves accumulated real Bitcoin.
