TLDR
- Metaplanet taps $100M Bitcoin-backed loan for bold expansion strategy.
- Only 3% of 30,823 BTC used as collateral to keep LTV ratio conservative.
- ¥75B share buyback boosts Bitcoin-per-share amid valuation discount.
- Options business set to grow 3.5x, backed by crypto-fueled margin.
- Firm eyes 210K BTC by 2027, defying market with bullish crypto stance.
Tokyo-listed Metaplanet secured a $100 million loan using its Bitcoin-backed corporate treasury, signaling a strong push toward expansion. The borrowing tapped only 3% of its 30,823 BTC holdings, keeping its collateral position secure. The loan will support new acquisitions, share buybacks, and income-focused operations.
Strategic Use of Bitcoin-backed Corporate Treasury During Market Compression
Metaplanet accessed the funds through a $500 million credit facility created days before the October 31 loan execution. The company maintains a conservative loan-to-value ratio to preserve ample buffer during potential Bitcoin price corrections. It set no fixed maturity on the loan, enabling repayment flexibility aligned with market conditions.
This action highlights Metaplanet’s long-term goal to accumulate 210,000 BTC by 2027 while enhancing balance sheet efficiency. The move comes during a turbulent phase for digital asset firms, where many trade below their crypto reserves. Metaplanet approved a ¥75 billion share repurchase program to capitalize when its valuation drops below its Bitcoin asset value.
Share Repurchase Plan Reinforces Confidence Amid Market Discount
The firm’s enterprise value-to-Bitcoin holdings ratio fell to 0.99 last month, triggering its buyback program aimed at reducing outstanding shares. This initiative increases each remaining share’s exposure to Bitcoin, aligning with its strategic financial goals. The company prioritizes capital efficiency and balance sheet strength over short-term price movements.
Despite Bitcoin’s recent drop below $100,000, Metaplanet maintains its position through disciplined borrowing against its Bitcoin-backed corporate treasury. Other firms have retreated from crypto adoption, but Metaplanet continues to strengthen its digital asset presence. The company also reported minimal impact on FY2025 financials from the current debt.
Options Trading Business Set for Strong Revenue Growth
Part of the borrowed capital will expand Metaplanet’s Income Business, which generates stable returns by selling Bitcoin-backed options. The segment aims to bring in ¥2.44 billion in Q3 2025, a 3.5x increase year-over-year. This income model provides steady premiums while retaining core Bitcoin exposure.
Funds will serve as margin for options trading strategies that benefit from volatile conditions without liquidating Bitcoin reserves. This approach allows Metaplanet to earn consistent revenue while maintaining control over its long-term holdings. It continues to follow a strict risk framework to avoid overleveraging in falling markets.
The Bitcoin-backed corporate treasury model remains central to Metaplanet’s financial direction, supporting operational growth and market positioning. The company’s strategy reflects a broader move among digital asset treasuries entering a high-stakes competitive environment. Through disciplined execution, Metaplanet sets a benchmark for Bitcoin-financed corporate expansion.
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