Metaplanet Secures Additional Bitcoin Funding
Japan’s largest corporate holder of Bitcoin, Metaplanet Inc., has significantly expanded its Bitcoin treasury by drawing an additional $130 million from its bitcoin-backed credit facility. This move brings its total borrowings to $230 million, well within the $500 million limit.
The investment company disclosed this development in a regulatory filing submitted on Tuesday, November 25, 2025. The loan was finalized on Friday, November 21, 2025.
The credit facility is denominated in United States dollars, with its rate tied to the benchmark rate, and it automatically renews daily. The entire loan is collateralized by 30,823 BTC held on Metaplanet’s balance sheet. At Monday's closing price of $88,229 per BTC, this collateral is valued at approximately $2.72 billion. However, these holdings represent an unrealized loss of about 18%, based on an average acquisition cost of $108,036 per BTC.
Metaplanet executives have characterized the collateral as providing "substantial headroom," acting as a buffer against price volatility. The company anticipates minimal impact on its fiscal year results ending December 31, 2025.
The funds acquired through this loan are primarily intended for further Bitcoin purchases and the expansion of the company's Bitcoin income-generation activities. These activities include selling BTC options to generate premium revenue and potentially undertaking share repurchases, contingent on market conditions, as detailed in the filing.
This strategic decision occurs as Bitcoin trades near $87,463, a decline of 30.57% from its October peak of $126,198. This market movement follows a global correction in anticipation of significant United States economic indicators.
Mercury Program: Non-Dilutive Funding Through Debt and Equity
The recent loan is an extension of Metaplanet's established dual-track financing strategy, which combines debt and equity to grow its Bitcoin treasury without diluting common stock.
Last week, the company introduced its "Mercury" program, aiming to raise ¥20.4 billion, equivalent to $135 million, through the issuance of Class B perpetual preferred shares to foreign investors.
These preferred shares carry a fixed annual dividend of 4.9% and include conversion rights at ¥1,000 per share. Of the total proceeds, ¥15 billion is earmarked for direct Bitcoin acquisitions between December 2025 and March 2026. The remaining funds will be allocated to options trading and bond redemptions.
Shareholders are scheduled to vote on the proposed share issuance at an extraordinary general meeting on December 22, 2025. This meeting will also address proposed changes to the capital structure, including the renaming of Class A shares to "MARS," which will allow for variable monthly dividends.
"We see Mercury as a new step in scaling Metaplanet’s bitcoin treasury strategy," stated CEO Simon Gerovich. He described the initiative as a hedge against the depreciation of the yen and inflation. Metaplanet's long-term objective is to hold 210,000 BTC by 2027.
Bitcoin Strategy Director Dylan LeClair commented on the company's long-term "HODL" commitment on X, noting that "MARS aims to deliver monthly dividends… addressing volatility issues."
We are HODLing. ✊
— Dylan LeClair (@DylanLeClair) November 21, 2025
This financing model bears similarities to that of Strategy Inc. However, analysts caution that risks remain. A further 20% decrease in BTC prices could potentially trigger margin calls on the $230 million in outstanding debt.