Metaplanet draws $130M BTC-backed loan for share buybacks, BTC purchases

Metaplanet (TYO: 3350, OTCQX: MTPLF) executed a $130 million loan on November 21 under its bitcoin-backed credit facility to fund additional bitcoin acquisitions and support potential share buybacks, according to a company notice dated November 25.

The credit line brings Metaplanet’s total borrowings under the $500 million facility to $230 million. Metaplanet reported holding 30,823 BTC, which it valued at $3.5 billion as of October 31, saying that it has “sufficient collateral headroom” to overcollateralize the loan in the case bitcoin’s price draws down from here.

Metaplanet did not disclose the loan’s interest rate, and the company said that it is “[r]epayable at any time at the Company’s discretion” and that terms for the loan “[a]utomatically renewed [on] a daily basis”

Metaplanet said proceeds will go toward bitcoin purchases, scaling its Bitcoin Income Generation business, and share repurchases depending on market conditions. Metaplanet did not identify the lender at their request.

Metaplanet also did not disclose how much bitcoin it used to collateralize the loan, but bitcoin-backed lenders will typically lend anywhere from 30-60% of the total value locked up as collateral to ensure the collateral can still cover the principal if bitcoin declines in value.

Bitcoin-backed loans have become increasingly popular for bitcoin treasury companies as stock prices have slumped in H2 2025 and credit has tightened for the sector. KindlyMD, for instance, reported locking up 2,908 BTC in a $206 million loan from Antalpha, which it used to refinance another BTC-backed loan from Two Prime.

Metaplanet’s own BTC-backed loan follows several capital actions by the company in recent months. On September 17, Metaplanet launched a U.S. subsidiary, Metaplanet Income Corp., following an international equity offering that raised ¥212.9 billion ( $1.44 billion).

On October 28, Metaplanet adopted a Capital Allocation Policy that authorized repurchases of common stock when the shares trade below intrinsic value. The policy points out that buyback may be funded with credit facilities.

Metaplanet’s dashboard shows its mNAV is at 0.96x as of November 25. Metaplanet is down 3% on the day at the time of publication.