Metaplanet, a Tokyo-listed company focused on holding and growing its Bitcoin treasury, has secured a $100 million Bitcoin-backed loan to fund further Bitcoin purchases and a major share buyback program.

Loan structure and collateral

According to a recent filing, Metaplanet borrowed the funds on October 31 under a credit agreement that leverages its existing Bitcoin holdings as collateral.

The lender’s identity remains undisclosed, but the loan is structured with a benchmark US dollar rate plus a spread and offers flexible repayment terms.

At the end of October, Metaplanet reported holding 30,823 BTC, valued at approximately $3.5 billion, ensuring robust collateral even in the event of a Bitcoin price decline.

For more on Metaplanet’s current and historical Bitcoin reserves, see Metaplanet bitcoin treasury tracker.

Use of proceeds and buyback plan

The company stated that proceeds from the new credit line may be allocated to additional Bitcoin purchases, its Bitcoin income business (which earns option premiums from holdings), and a share repurchase program, depending on market conditions.

Days before the new loan, Metaplanet announced a 75 billion yen ($500 million) share buyback, also financed with Bitcoin-collateralized lending.

This move aims to boost investor confidence after the firm’s market-based net asset value (mNAV) temporarily fell below 1.0. Metaplanet paused new Bitcoin purchases during the dip but reaffirmed its goal of acquiring 210,000 BTC by 2027.

Risk outlook and disclosure

Metaplanet expects only a minor financial impact from the $100 million drawdown on its 2025 fiscal results, with a pledge to update investors on any material changes.