Tokyo-listed Metaplanet Inc. has drawn a $100 million loan from its existing credit facility, according to a company filing dated November 4, 2025. The move represents roughly 3% of Metaplanet’s total Bitcoin holdings, and market observers suggest the company could be preparing for strategic share buybacks or opportunistic Bitcoin purchases amid the current market downturn.
Loan Backed by Bitcoin Collateral
According to the filing, the borrowing was executed on October 31, 2025, with the lender undisclosed. The agreement carries a floating interest rate tied to the U.S. benchmark rate plus a spread, and the loan is repayable at any time at the company’s discretion.
Metaplanet confirmed that its Bitcoin reserves are being used as collateral. As of October 31, the firm held 30,823 BTC, valued at approximately $3.3 billion, providing more than adequate coverage against the loan.
The document noted that the company maintains a “conservative financial management policy” and conducts its borrowing “within a range where collateral adequacy can be fully maintained.”
Strategic Timing Amid Market Turbulence
The loan announcement arrives during a sharp market correction, with Bitcoin slipping below $100,000 earlier this week amid broader crypto volatility. Analysts speculated that Metaplanet’s timing may indicate a strategic move to buy additional Bitcoin at discounted prices, similar to past accumulation strategies seen during downturns.
Alternatively, the funds could be used for share buybacks, given Metaplanet’s trading valuation near what some investors describe as “sub-1.0 mNAV”, meaning its market capitalization has temporarily fallen below its net Bitcoin asset value.
Either strategy would align with the company’s long-standing approach of leveraging its balance sheet to enhance shareholder value and expand exposure to digital assets.
Japan’s MicroStrategy Moment
Metaplanet has drawn comparisons to MicroStrategy, the U.S. firm led by Michael Saylor that pioneered corporate Bitcoin accumulation as a treasury reserve strategy. Since pivoting toward Bitcoin earlier this year, Metaplanet has become one of Asia’s largest public holders of the cryptocurrency, positioning itself as Japan’s closest equivalent to MicroStrategy’s Bitcoin-focused model.
While the company did not specify how the $100 million loan will be deployed, the timing, amid Bitcoin’s double-digit decline, has fueled speculation that Metaplanet could once again be preparing to “buy the dip.”
