MetaPlanet raised $100 million using Bitcoin as collateral to expand its holdings

Metaplanet, a Tokyo-listed cryptocurrency treasury firm, enhanced its Bitcoin-first approach by raising US$100 million (approximately ¥15.3 billion) using its Bitcoin holdings as collateral. The Japanese firm announced that the funds will be used to expand its revenue-generating business, repurchase shares, and acquire additional Bitcoin.

The Japanese firm currently owns Bitcoin with an enterprise value of US$3.16 billion, a NAV of US$3.17 billion, and an outstanding debt of $24.35 million.

MetaPlanet has 30,823 BTC, equivalent to approximately US$3.51 billion (¥540 billion). According to the corporation, the new loan accounts for only 3% of its total Bitcoin holdings. The 3% guarantee ensures that even during a severe market slump, it maintains a secure collateral margin. MetaPlanet’s objective is to increase its exposure to Bitcoin while avoiding undue leverage.

MetaPlanet grows Bitcoin income revenue and Treasury Strategy

The Japanese firm stated that a portion of the funds will be used for the income business to create and market cash-secured Bitcoin options, generating steady revenue while retaining Bitcoin. The revenues obtained will help the corporation to cover a portion of the risk in the case of a market fall.

MetaPlanet’s Bitcoin revenue generation has grown over the previous year. The company’s income business showed a notable increase, with reports of ¥691.58 M in Q4 2024, ¥770.31 M in Q1 2025, ¥1.13 B in Q2 2025, and ¥2.44 B in Q3 2025.

In the third quarter of 2025, sales for MetaPlanet are predicted to reach US$18.6 million (2.44 billion yen), a 3.5-fold increase over the same period the previous year US$5.27 million (690 million yen).

The Japanese firm stated that the potential to repurchase its own shares, based on market conditions, is linked to its management policy for the share buyback cap. The repurchase guarantee flexibility in shareholder returns, and (75 billion yen) was set at the end of October.

MetaPlanet has been following a “Bitcoin Treasury Strategy” since April of this year. The Treasury Strategy is to achieve its long-term objective of obtaining 210,000 BTC by the end of 2027.

MetaPlanet announces $500 million Bitcoin-backed share buyback

On October 28, Metaplanet announced a 75 billion Japanese yen (about $500 million) share repurchase program backed by a Bitcoin-collateralized credit facility. The announcement of the credit facility followed a drop below 1 of its market-based net asset value (mNAV). 

According to the Tokyo-listed Bitcoin Treasury company, the buyback program’s objectives are to increase its market-based net asset value and rebuild investor confidence. 

The buyback allows for the repurchase of up to 150 million shares, representing approximately 13% of the total outstanding stock. Repurchases will continue until October 2026, pursuant to a discretionary trading agreement with the Tokyo Stock Exchange.

Metaplanet confirmed that it had established a Bitcoin-backed credit line with a borrowing capacity of US$500 million to carry out the plan. The establishment of a Bitcoin-backed credit line will enable flexible financing for either share repurchases or additional Bitcoin acquisitions. Additionally, the facility can provide bridging funding for a proposed offering of preferred shares.

The treasury company also stated that the loan has no expiration date, meaning the company can repay it at any time. Bitcoin acquisition surged sharply over the course of the year, totalling $53,000 in April, $73,000 in September, $93,000 in January, and $125,000 in June and October.

On October 27, ETHZilla announced a $40 million share buyback with its stock trading at a steep discount to NAV. As part of its $250 million buyback program, the business claimed to have already repurchased about 600,000 shares worth $12 million since October 24.

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