Bitcoin News Today: Metaplanet Leverages Bitcoin-Backed Loan to Scale Holdings Despite 20% Paper Loss

Tokyo-listed Bitcoin treasury firm Metaplanet (TYO: 3350, OTCQX: MTPLF) has drawn a $130 million loan under its $500 million Bitcoin-backed credit facility, signaling continued aggressive accumulation of the cryptocurrency despite holding a nearly 20% unrealized loss on its BTC holdings [according to reports]. The loan, executed on Nov. 21, brings total utilization of the facility to $230 million, with proceeds earmarked for additional Bitcoin purchases, expansion of its Bitcoin Income Generation business, and potential share repurchases [as reported].

The company, which holds 30,823 BTC valued at approximately $2.7 billion as of Nov. 25 [according to data], emphasized it maintains "sufficient collateral headroom" to withstand price volatility. This buffer is critical as Bitcoin trades at roughly $87,000 - well below Metaplanet's average purchase price of $108,036 [according to analysis]. The loan renews automatically on a daily basis and carries a floating interest rate tied to a U.S. dollar reference rate plus spread, though specific terms like the spread and lender identity remain undisclosed [according to market sources].

Metaplanet's strategy hinges on leveraging its Bitcoin reserves to secure liquidity without selling the asset. The firm has simultaneously pursued equity financing, including a $135 million perpetual preferred share issuance in November [as reported], and a $5 billion capital injection into its U.S. subsidiary, Metaplanet Treasury Corp., announced in June [according to filings]. These dual funding tracks - short-term debt and long-term equity - allow the company to scale its Bitcoin treasury while minimizing dilution and maintaining flexibility in volatile markets [according to reports].

The move reflects broader industry trends as Bitcoin treasury companies face tightening credit conditions and declining stock prices in H2 2025 [according to analysis]. Rivals like KindlyMD have similarly tapped BTC-backed loans, with the sector increasingly relying on collateralized borrowing to fund operations [according to industry data]. Metaplanet's shares, down over 80% from June highs [according to trading data], have been bolstered by its Capital Allocation Policy, which authorizes buybacks when shares trade below intrinsic value [according to company filings]. The company's market-adjusted net asset value (mNAV) stands at 0.96x as of Nov. 25 [according to reports], indicating continued pressure between its stock price and underlying asset value.

Despite the unrealized loss, Metaplanet remains committed to its long-term Bitcoin strategy. CEO Simon Gerovich stated the firm's reserve size ensures an "ample collateral buffer" even during severe price swings [according to company statement], while Bitcoin strategy director Dylan LeClair affirmed the company's "HODLing" stance [according to internal reports]. This resilience contrasts with wider sector challenges: 26 of 168 Bitcoin treasury firms now trade below their crypto holdings' value [according to industry analysis], and Japan's Financial Services Agency is drafting rules requiring exchanges to hold liability reserves [according to regulatory filings].

The loan comes as Bitcoin faces a liquidity reset, with ETF outflows and ETF inflows reshaping market dynamics [according to market analysis]. Metaplanet's actions underscore corporate treasuries' role in stabilizing BTC demand amid institutional shifts, including MSCI's proposed exclusion of crypto-heavy firms from equity indexes [according to industry reports]. While this could trigger billions in passive outflows for peers like MicroStrategy, Metaplanet's hybrid debt-equity model may offer a blueprint for sustaining treasury strategies in a down market [according to market analysis].

Shares of Metaplanet rose 2.24% to 365 yen following the loan announcement [according to trading data], but remain over 80% below June levels [according to market reports]. The company's ability to navigate ongoing volatility will be critical as it aims to amass 210,000 BTC - 1% of the total supply - by 2027 [according to company announcement].