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Metaplanet drew another $130 million from its bitcoin-backed credit facility
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Total borrowing now stands at $230 million out of a $500 million line
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The firm plans to use the funds for more BTC purchases, income generation, and possible buybacks
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Its 30,823 BTC reserve still offers large collateral headroom despite recent market pressure
Metaplanet Expands Its Bitcoin-Backed Borrowing
Metaplanet has pulled another $130 million from its bitcoin-backed credit facility, continuing its aggressive strategy of expanding BTC reserves and building income streams around its holdings. The loan was executed on Nov. 21 under the same terms as its first draw. The lender remains undisclosed at the request of the counterparty.
This latest move brings total borrowing under the line to $230 million, almost half of the $500 million available. All loans are secured by Metaplanet’s sizeable bitcoin reserve, which now totals 30,823 BTC worth roughly $2.7 billion at current market prices.
Collateral Headroom Remains Large
With bitcoin trading well below Metaplanet’s cost basis of about $3.3 billion, the holdings currently sit at an unrealized loss of around $600 million. Even so, the firm said it is maintaining wide collateral buffers and expects to continue doing so even during significant price swings.
The credit facility is tied to U.S. dollar benchmarks and automatically renews daily. Metaplanet can repay at any time, allowing flexible adjustment to market conditions.
Funds Target More BTC and Yield Strategies
Metaplanet plans to use the borrowed capital to buy more bitcoin, expand its income-generation business through BTC options strategies, and potentially repurchase shares. For its yield operations, the firm uses bitcoin as collateral to sell options and earn premium income.
These activities are not expected to materially affect financial results for the fiscal year ending December 2025, though the firm said it will disclose any significant developments.
Market Pressure on Treasury Firms
Metaplanet is the fourth-largest publicly listed bitcoin treasury company, behind Strategy, MARA, and Twenty One. Shares across the broader treasury cohort have been under pressure as crypto markets recede, and Metaplanet’s own market cap to NAV ratio has fallen to around 0.81. Its share price is down 81% since June.
