Metaplanet has secured a $130 million loan backed by Bitcoin.
The company plans to raise $150 million to buy more Bitcoin.
Metaplanet stock fell 7.75% on Friday but rose 2.24% today.
Metaplanet has just secured a new $130 million loan backed by its massive Bitcoin reserves.
The deal expands on one of the largest corporate Bitcoin-backed fundraisings to date, and comes as BTC trades well below the company’s cost basis and puts the company’s strategy under direct market pressure.
Metaplanet executes $130 million loan using Bitcoin as collateral
The Japanese listed company has drawn down $130 million from its credit facility, all of which is secured by its Bitcoin holdings. The deal has a cap of $500 million, and Metaplanet currently has access to $230 million of that capacity.
This funding will be allocated to three purposes:
- buy more bitcoins
- Grow your Bitcoin revenue and profit business
- If conditions permit, we will carry out share buybacks.
The company holds 30,823 BTC, enough to meet the collateral requirements under this scheme.
Metaplanet calls Bitcoin a strategic asset, not just a financial exposure, and continues to actively build a BTC-dense balance sheet as part of its long-term roadmap.
However, the market background is difficult. Bitcoin fell to the $80,000 range over the weekend, well below Metaplanet’s estimated cost base of $108,000, resulting in significant unrealized losses on all of its holdings.
BTC price slide collides with Metaplanet’s ‘Mercury’ capital plan
The timing also complicates the company’s newly announced Mercury initiative. The initiative aims to raise approximately $150 million (21.2 billion yen) through a preferred stock issue to support a broader Bitcoin expansion strategy.
At the same time, Metaplanet announced a new planned capital structure, with proposed changes to the Class A structure.
MARS (Class A) – Metaplanet Adjustable Rate Security
Non-dilutive preferred product of preferred stock. MARS’ goal is to provide monthly dividends…
— Dylan Leclair (@dylanleclair) November 20, 2025
Metaplanet’s stock price fell 7.75% on Friday but is up 2.24% today. Dilution becomes a harder sell when the underlying asset is underwater, but if Bitcoin prices fall, a successful hike could allow Metaplanet to lower its average cost basis.
What this means for companies focused on Bitcoin
Metaplanet is reinforcing a growing trend of companies using Bitcoin-backed loans instead of selling Bitcoin to secure liquidity.
This structure preserves long-term profits while freeing up capital quickly, and is a model that more global companies may begin to utilize.
what’s next
All eyes are now on how Metaplanet will weather the BTC downturn and whether its high-leverage Bitcoin strategy will serve as a template for bold financial management or a stress test for Bitcoin-backed strategies.