Metaplanet Executes $130M Bitcoin-Backed Loan to Buy Even More BTC

Metaplanet has officially entered Phase 2 of the Bitcoin corporate playbook.

In a disclosure released today (Nov 25), the Japanese public company confirmed it has executed a $130 million loan under its credit facility agreement, and the collateral isn’t real estate, treasuries, or cash.

It’s Bitcoin.

This marks a major strategic escalation. Metaplanet is now doing what only the most aggressive Bitcoin corporates do:

Borrow against their stack to buy more.
The Saylor model, but with a Japanese twist.

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The Move: A $130M Debt Draw Secured by BTC

According to the filing:

• Loan amount: $130,000,000
• Execution date: November 21
• Interest: USD benchmark + spread
• Repayment: Anytime, at the company’s discretion
• Collateral: Bitcoin
• Lender: Undisclosed (at lender’s request)

This is part of the previously announced $500M credit facility. With this drawdown, Metaplanet has now tapped:

$230 million out of $500 million available.

And the collateral backing it?
As of Oct 31, Metaplanet holds 30,823 BTC

Editor’s Note: While this stack cost roughly $3.3B–$3.5B to acquire, its current market value is closer to $2.7B. This loan allows them to "average down" aggressively while maintaining their long-term position.

The company emphasized that because their stack is so large relative to the loan, even significant price volatility is unlikely to trigger collateral issues.

Strategy Phase 2: The Leverage Era

Most companies that adopt Bitcoin stop at “buy and hold.”
Strategy took it further, issuing debt to accelerate accumulation.

Now Metaplanet is doing the same.

More than patching finances, this loan shows how Bitcoin is turning into a refinancing engine:

1. Borrow against BTC
2. Use cash to buy more BTC
3. BTC appreciates → more collateral headroom
4. Repeat

It’s aggressive.
It’s risky.
And in bull markets, it’s insanely powerful.

Where the Money Is Going

Unlike Strategy, Metaplanet isn’t mostly focused on a buying spot.

The company confirmed three explicit uses for the new capital:

1. More Bitcoin acquisitions
   Straight to the balance sheet.
2. Expansion of its “Bitcoin Income Generation” business
   Metaplanet uses BTC as collateral to sell options and earn yield from premiums, a strategy similar to institutional covered-call desks.
3. Share buybacks (market conditions permitting)
   A rare move for a Bitcoin corporate, potentially reducing float while stacking more BTC.

This positions Metaplanet not just as a Bitcoin treasury company but as a hybrid BTC-based cash-flow engine.

Why This Matters

This is no longer a “Japan buys Bitcoin” story.
This is a global corporate arms race.

Metaplanet now:

• Holds 30,823 BTC
• Has built a $3.5B Bitcoin war chest
• Is leveraging that stack to accelerate accumulation
• Has tapped almost half of its $500M credit line
• Is signaling they intend to use BTC to generate income stream

Bitcoin corporates are getting more sophisticated (and more levered) as the cycle progresses.

If Bitcoin rallies, Metaplanet’s upside is multiplied.
If Bitcoin nukes, they face real margin-call risk.

But today’s move makes one thing clear:

They’re not slowing down. They’re speeding up.

Bottom Line

This isn’t the same Metaplanet from six months ago.

Equity issuance was Phase 1.
Debt leverage is Phase 2.
Income generation (BTC options) is Phase 3.

The company has quietly transformed itself into one of the most aggressive Bitcoin corporates in the world, and with 30,000+ BTC as collateral, they now have the firepower to match it.