Tokyo-listed tech firm Metaplanet has executed a major financial move, borrowing $100 million against its substantial Bitcoin treasury. This non-expiring loan, secured on October 31, 2025, represents approximately 3% of its total holding of 30,823 BTC.
This drawdown utilizes a portion of the larger $500 million credit facility the company announced just days prior.
Strategic Pivot and Financial Positioning
Metaplanet, now focused purely on a Bitcoin treasury strategy under CEO Simon Gerovich, continues to aggressively leverage its digital assets:
- Growth: The strategy has been successful, with Q3 2025 Bitcoin-derived income spiking 115.7% year-over-year.
- Funding: Beyond the BTC-backed credit facility, the company signaled alternative funding methods by filing a ¥555 billion shelf registration for perpetual preferred shares in August.
- Shareholder Value: The company also recently announced a $500 million stock buyback program, which will be funded using Bitcoin collateral.
Market Standing and Oversight
Metaplanet is a significant player in the corporate Bitcoin space:
- It ranks as Japan’s largest corporate Bitcoin holder.
- Globally, it is the fourth-largest corporate holder, trailing only MicroStrategy, Hut 8 Mining, and Marathon Digital.
Despite its large holdings, the company faces some market challenges, with its valuation recently dropping below its Bitcoin assets—a potential reflection of investor concerns regarding management overhead. Its Bitcoin custody and trading infrastructure are handled through SBI VC Trade.
November 2025, Cryptoniteuae
