Japanese Bitcoin treasury company Metaplanet has obtained a $100 million loan collateralized by its existing crypto holdings to purchase additional Bitcoin, the Tokyo Stock Exchange-listed firm announced Tuesday. The company pledged a portion of its 30,823 Bitcoin reserve, currently valued near $3.2 billion, to secure the credit facility.
The borrowing was executed on October 31 under a previously approved credit arrangement with an undisclosed lender. The loan carries a floating interest rate tied to U.S. dollar benchmarks and allows flexible repayment terms.
Proceeds from the loan will fund additional Bitcoin acquisitions and support the company's Bitcoin Income Generation program. This program earns option premiums using crypto reserves as collateral.
Metaplanet's Position and Goals
Metaplanet ranks as the world's fourth-largest Bitcoin treasury, trailing only Strategy, MARA Holdings, and XXI in total holdings. The company aims to accumulate 210,000 Bitcoin by 2027. This target represents approximately 1% of Bitcoin's total supply once fully mined.
Market Context and Company Performance
Bitcoin currently trades at $102,000 after briefly dropping below $100,000 on Tuesday for the first time since June. Metaplanet's holdings show an unrealized loss of roughly 4.4% from its average purchase price of $108,036 per coin. The company's stock declined 2% Tuesday as broader crypto markets experienced volatility.
The company's market-to-net-asset-value ratio, which measures share valuation relative to cryptocurrency holdings, fell below parity in mid-October before recovering to approximately 1.03x this week.
Broader Corporate Bitcoin Holdings
Strategy remains the largest corporate Bitcoin holder with 641,205 Bitcoin worth approximately $66.5 billion at current prices. More than 200 publicly traded cryptocurrency treasuries now exist across various digital assets, including Ethereum and Solana.
In contrast, French semiconductor firm Sequans reduced its Bitcoin treasury by approximately $100 million Tuesday, highlighting challenges facing some treasury companies during market downturns. Analysts note Strategy's declining multiple of net asset value as investor sentiment adjusts to cryptocurrency volatility.