Quick Takeaways

• Metaplanet secured a $100 million loan backed by its bitcoin reserves.
• The funds will support more bitcoin purchases and income-generation programs.
• The company’s mNAV ratio improved slightly after a major dip last month.
  

Metaplanet Borrows $100 Million Against Bitcoin Holdings to Buy the Dip

Japan’s Metaplanet Inc. has borrowed $100 million against its bitcoin holdings to purchase more of the digital asset, reaffirming its long-term commitment to Bitcoin accumulation amid a sharp market downturn.

The move comes as Bitcoin hovers near $103,000, down nearly 5% from its recent highs, allowing the Tokyo-listed firm to “buy the dip.”

Loan Backed by Bitcoin Reserves

Metaplanet confirmed that the loan was executed on October 31 under a previously approved credit facility.
The borrowing was secured by part of its 30,823 BTC reserve valued at roughly $3.2 billion and carries a floating interest rate tied to U.S. dollar benchmarks.

While the lender remains undisclosed, the company emphasized its conservative leverage approach. Only a small fraction of its holdings were pledged, ensuring financial flexibility and risk management.

Funds to Expand Bitcoin Strategy

The firm plans to use the proceeds to acquire additional bitcoin and support its “Bitcoin Income Generation” program. This initiative uses existing BTC as collateral to earn option premiums, effectively generating yield without liquidating holdings.

Metaplanet also hinted that part of the funds could go toward share repurchases, depending on market conditions.

“Our focus remains on strengthening Bitcoin’s role within our balance sheet while exploring income-generation opportunities,” the company said in a statement.

Market Performance and Outlook

Despite the strategic move, Metaplanet’s shares remain down over 80% from their May 2025 peak. However, its mNAV ratio, a metric comparing market price to net asset value, has shown modest recovery after dipping below parity last month.

Currently, the company ranks fourth among public bitcoin holders, following Strategy, MARA Holdings, and Jack Mallers’ XXI.

Metaplanet’s average bitcoin acquisition cost stands near $108,000, with its holdings down about 4.4% amid recent market weakness.

Analysts view the move as a bold signal of institutional confidence in Bitcoin’s long-term potential, especially during volatile market phases. With this latest loan, Metaplanet continues to position itself as Asia’s leading corporate Bitcoin adopter, leveraging traditional finance tools to expand exposure even in uncertain times.