Metaplanet Takes $100M Loan Backed by Bitcoin Holdings to Buy More BTC

Core Insights - Metaplanet Inc. executed a $100 million loan secured by its Bitcoin holdings, with 30,823 BTC valued at $3.13 billion serving as collateral [1][3] - The loan is part of a $500 million credit facility established in late October, featuring daily automatic renewal and no fixed maturity date [2] - The company aims to use the funds for expanding its Bitcoin income generation business, additional Bitcoin acquisitions, and potential share repurchases [6] Financial Performance - The options strategy generated 24.4 billion yen ($160 million) in Q3 2025 revenue, a 3.5x increase from 6.9 billion yen in Q3 2024, indicating strong growth [3] - The borrowing represents approximately 3% of the company's total Bitcoin holdings by value, maintaining "sufficient collateral coverage" against the loan amount [3][4] Strategic Context - The loan and related activities follow a decline in the company's modified net asset value (mNAV) below 1.0x in mid-October, with shares dropping 70% from their June peak [5] - Metaplanet's Bitcoin Treasury Strategy targets 210,000 BTC by December 2027, reflecting a commitment to increasing Bitcoin holdings [5]