Bitcoin Updates: Metaplanet Utilizes Bitcoin-Backed Loan to Expand Portfolio Despite 20% Unrealized Loss

Tokyo-listed

treasury company Metaplanet (TYO: 3350, OTCQX: MTPLF) has accessed a $130 million loan from its $500 million Bitcoin-secured credit line, continuing its assertive Bitcoin acquisition strategy even as it faces an unrealized loss of nearly 20% on its BTC portfolio . The loan, finalized on Nov. 21, increases total borrowings under the facility to $230 million. The funds are intended for further Bitcoin purchases, growth of its Bitcoin Income Generation division, and possible share buybacks .

The firm currently holds 30,823 BTC, valued at about $2.7 billion as of Nov. 25

, and has stated it possesses "ample collateral headroom" to manage price swings. This margin is vital, as Bitcoin is trading near $87,000—significantly under Metaplanet’s average acquisition cost of $108,036 . The loan is automatically renewed each day and features a variable interest rate linked to a U.S. dollar benchmark plus a spread, though details such as the spread and lender have not been made public .

Metaplanet’s approach centers on using its Bitcoin assets to access liquidity without selling. The company has also raised equity, including a $135 million perpetual preferred share offering in November

, and a $5 billion capital increase for its U.S. arm, Metaplanet Treasury Corp., announced in June . By combining short-term borrowing with long-term equity, Metaplanet can grow its Bitcoin reserves while limiting shareholder dilution and retaining agility in turbulent markets .

This move mirrors a broader trend in the industry, as Bitcoin treasury firms contend with tighter lending conditions and falling share prices in the second half of 2025

. Competitors such as KindlyMD have also utilized BTC-backed loans, with the sector increasingly turning to collateralized debt to support operations . Metaplanet’s stock, which has dropped over 80% since June , has found some support from its Capital Allocation Policy, which permits buybacks when shares are priced below their intrinsic value . As of Nov. 25, the company’s market-adjusted net asset value (mNAV) is 0.96x , highlighting the ongoing gap between its share price and asset value.

Despite the unrealized losses, Metaplanet remains steadfast in its long-term Bitcoin plan. CEO Simon Gerovich noted that the company’s reserves provide a "substantial collateral buffer" even in periods of sharp price declines

, while Bitcoin strategy director Dylan LeClair reiterated the company’s commitment to "HODLing" . This determination stands in contrast to broader sector difficulties: 26 out of 168 Bitcoin treasury firms are now trading below the value of their crypto holdings , and Japan’s Financial Services Agency is preparing regulations that would require exchanges to maintain liability reserves .

This borrowing comes at a time when Bitcoin is experiencing a liquidity shift, with ETF inflows and outflows altering market conditions

. Metaplanet’s strategy highlights the role of corporate treasuries in supporting BTC demand amid institutional changes, such as MSCI’s proposal to remove crypto-heavy companies from equity indexes . While this could lead to significant passive outflows for firms like MicroStrategy, Metaplanet’s combined debt and equity approach could serve as a model for maintaining treasury strategies during market downturns .

Metaplanet’s shares climbed 2.24% to 365 yen after the loan was announced

, but are still more than 80% below their June peak . The company’s ability to handle ongoing market turbulence will be crucial as it targets accumulating 210,000 BTC—representing 1% of the total supply—by 2027 .