Metaplanet Leverages $100 Million Bitcoin Credit Amid Corporate Treasury Shakeout
Tokyo-listed Metaplanet has drawn $100 million from its Bitcoin-backed credit facility, deploying new capital toward further crypto accumulation, expansion of its Bitcoin options trading division, and a potential share repurchase program designed to capture value during market turbulence.
The drawdown, completed on October 31, represents the first use of the $500 million credit line the company established earlier in the month. Despite the bold move, the borrowing is modest—just 3% of Metaplanet’s $3.5 billion Bitcoin reserve—ensuring the firm maintains ample collateral buffers even in the event of sharp market declines.
Company executives confirmed that the loan carries no fixed maturity date, granting repayment flexibility while serving the firm’s long-term goal of accumulating 210,000 BTC by 2027.
Strategic Deployment During Market Strain
Metaplanet’s decision comes at a time when corporate Bitcoin treasuries are under severe pressure. Roughly a quarter of companies holding BTC were trading below the value of their crypto reserves in September. Against this backdrop, Metaplanet’s management authorized a ¥75 billion share buyback program, triggered when its enterprise value-to-Bitcoin ratio dips below 1.0x—a signal that the stock is undervalued relative to its holdings.
This ratio fell to 0.99 last month, making Metaplanet the first major Bitcoin treasury to trade consistently at a discount despite maintaining one of the most aggressive accumulation strategies in Asia.
Representative Director Simon Gerovich stated that the repurchase plan aims to “enhance capital efficiency and maximize BTC yield,” using periods of depressed valuation as opportunities to consolidate ownership.
The Rise of the “Income Business”
Part of the newly borrowed funds will support Metaplanet’s Income Business, a division focused on selling cash-secured Bitcoin options to generate premium income. This strategy allows the company to earn yield even amid price volatility—transforming its massive Bitcoin reserves into a productive asset base.
Sales from this division are projected to hit ¥2.44 billion in Q3 2025, up 3.5x from ¥690 million the previous year. Proceeds will be allocated as margin collateral to capture option premiums while maintaining BTC exposure, effectively balancing income generation and risk management.
Metaplanet emphasized its conservative financial posture, only borrowing within ranges that preserve collateral sufficiency even in the face of steep Bitcoin price corrections.
A Competitive Phase for Corporate Bitcoin
The broader corporate Bitcoin adoption cycle has entered what analysts describe as a “high-stakes competitive phase.” After peaking in mid-2025, corporate accumulation has plunged—down 95% since July, with only one company initiating a new Bitcoin treasury strategy in September compared to 21 in July.
Average premiums on corporate Bitcoin holdings have also narrowed from 3.76x in April to 2.8x today, while daily accumulation slowed to just 1,428 BTC across all treasury participants in September.
The downturn was amplified by macroeconomic shocks, including the October 10 liquidation event that erased $19 billion in leveraged positions, sending Bitcoin briefly below $101,000 after tariff escalations between the U.S. and China.
Despite the shakeout, some players—like Strategy, which acquired 397 BTC for $45.6 million in early November—continue to expand their positions.
For Metaplanet, however, the approach remains methodical: borrow conservatively, buy strategically, and earn through volatility. As other treasuries step back, Japan’s most Bitcoin-heavy public company is turning downturns into opportunity.