Japanese Bitcoin‑Treasury Firm Metaplanet Secures US$100 Million Loan

Japanese company Metaplanet Inc., listed in Tokyo, has taken a significant step in its “Bitcoin‑first” strategy by securing a US$100 million loan using part of its Bitcoin holdings as collateral. According to multiple reports, the loan was executed under a credit facility announced on 28 October 2025 and drawn on 31 October. 

At the end of October, Metaplanet reported holding 30,823 BTC, worth roughly US$3.3‑3.5 billion, depending on Bitcoin’s price at the time. The US$100 million loan represents only about 3 per cent of its total Bitcoin holdings, providing a sizeable collateral buffer in the event of a downturn.

The funds have multiple suggested uses: additional Bitcoin purchases, scaling the company’s “income business” (which involves cash‑secured Bitcoin option‑selling), and funding a ¥75 billion (approx. US$500 million) share‑buy‑back programme. 

 Metaplanet emphasises that the loan carries no fixed maturity date, offering flexibility in repayment and avoiding the leverage risk many associate with Bitcoin‑treasury models. 

From a macro perspective, the move exemplifies the evolution of Bitcoin from a speculative asset to a corporate reserve strategy. Firms like Metaplanet are adopting balance‑sheet tactics traditionally reserved for fiat‑denominated assets, leveraging their Bitcoin holdings for credit lines, shareholder returns and further accumulation. That raises important questions about corporate risk management, auditing transparency, and the implications for Bitcoin’s role in corporate finance. Earlier coverage has highlighted auditor concerns around Bitcoin‑treasury firms, including lack of wallet disclosure and verification standards. 

In closing, Metaplanet’s loan underscores how companies are increasingly treating Bitcoin as strategic infrastructure rather than a speculative footnote. As long as the collateral remains robust and credit lines prudent, such models may gain wider traction, but they also invite scrutiny of governance, leverage and transparency.