Metaplanet Taps $130M Bitcoin-Backed Loan, Debt Hits $230M
Tokyo-listed Metaplanet has drawn an additional $130 million from its $500 million Bitcoin-backed loan facility, raising its total borrowings to $230 million. The company will use the Bitcoin-backed loan to buy more Bitcoin, fund its BTC-backed option-selling business and potentially repurchase shares. Despite an unrealized loss of nearly 20%—with an average purchase price of $108,036 per BTC versus a current price around $87,500—Metaplanet is pressing on amid crypto market volatility. The debt carries a daily-renewing term, no fixed maturity and flexible repayment. This move parallels MicroStrategy’s strategy of combining equity issuance—a recent $135 million Class B perpetual share offering—with debt to bulk up its Bitcoin treasury. Traders should watch how Metaplanet’s aggressive BTC accumulation impacts its market cap, share performance and overall Bitcoin demand.
Bullish
By tapping a $130 million Bitcoin-backed loan to fuel further BTC purchases and option-selling operations, Metaplanet signals increased corporate demand for Bitcoin. This increased buying pressure is likely bullish in the short term, especially as the firm mirrors MicroStrategy’s debt-financed accumulation strategy. Long-term, sustained leverage could raise volatility risk, but the overall impact should support Bitcoin price by adding institutional demand during market dips. Traders may see upward momentum as Metaplanet’s aggressive accumulation strategy intensifies BTC demand.