Tokyo-listed digital-asset treasury firm Metaplanet borrowed $130 million under a Bitcoin-collateralised credit facility to accelerate its BTC accumulation, expand income-generation operations, and support potential share buybacks. The loan brings the total draw from the facility to $230 million against a $500 million limit, with tens of thousands of BTC pledged as collateral.
The financing strategy allows Metaplanet to build out its treasury holdings without selling existing assets, maintaining upside if Bitcoin appreciates. However, the approach exposes the company to risks from price declines: its average cost per BTC is around $108,000 while current levels are notably lower, placing the firm in an unrealised-loss position.
Industry observers say the move highlights growing institutionalisation of crypto-treasury models among public firms. But borrowing against volatile assets also sharpens the stress test for these business models in a market environment with compressed valuations and heightened scrutiny.
