Japan’s Metaplanet Inc., often called “Asia’s MicroStrategy,” has drawn $100 million from its $500 million credit facility to expand its Bitcoin reserves. The Tokyo-listed firm said the loan, executed on October 31, is fully collateralized by its existing Bitcoin holdings, and the new borrowing demonstrates its continued commitment to a long-term Bitcoin accumulation plan, even as the cryptocurrency’s price remains under pressure.
Renewed commitment to the Bitcoin treasury strategy
The move shows Metaplanet’s determination to continue building its Bitcoin treasury despite recent market weakness. The loan comes from a $500 million flexible, open-ended credit line established in late October that allows the company to manage liquidity and leverage carefully.
According to Metaplanet, only 3% of its total Bitcoin holdings were pledged as collateral. This level provides a large buffer against price fluctuations. The loan has no fixed maturity and can be repaid at any time.
As of October 31, Metaplanet held 30,823 BTC, valued at roughly ¥540 billion (around $3.3 billion). That total makes the company the fourth-largest corporate Bitcoin holder globally, behind MicroStrategy (Strategy), Marathon Digital (MARA Holdings), and Jack Mallers’ XXI.
Funds allocated for further bitcoin purchases and business expansion
The company stated that proceeds from the loan will be used mainly for additional Bitcoin acquisitions.
Part of the capital will also fund Metaplanet’s “Bitcoin Income Generation” business, which sells cash-secured Bitcoin options to earn premium income while retaining the company’s BTC exposure. This structure allows Metaplanet to earn yield from market volatility without selling its Bitcoin reserves.
According to company filings, revenue from the income business is projected to reach ¥2.44 billion in Q3 2025, a 3.5× increase over the prior year’s ¥690 million. By creating steady income through derivatives, Metaplanet seeks to offset volatility in Bitcoin’s price.
Share buybacks add another layer to investor strategy
Metaplanet stated that a portion of the borrowed funds may be used for share repurchases, depending on market conditions. The company’s ¥75 billion ($500 million) share buyback program, approved in late October, is structured to activate when the firm’s market value falls below the value of its Bitcoin holdings. The net asset value ratio dropped to 0.99× in October, prompting management to consider using the program.
The share repurchase plan is intended to increase Bitcoin exposure per share and enhance investor returns, following common corporate models used to raise valuation efficiency.
“555 million plan” and long-term accumulation goals
The latest borrowing is part of Metaplanet’s broader “555 Million Plan,” which sets a target of holding 210,000 BTC by 2027. Earlier this year, the company raised $1.4 billion through an international share sale, doubling its initial fundraising goal and strengthening its position for continued Bitcoin purchases.
Metaplanet met its 2025 milestone of 30,000 BTC in early October, a year ahead of schedule. The faster accumulation shows continued progress toward its multi-year targets.
Despite price weakness, Bitcoin recently traded at around $103,000, about 4.4% below Metaplanet’s average purchase price of $108,036, management remains focused on accumulation and income generation as core growth strategies.
BULLISH 🚨 METAPLANET JUST ACQUIRED A $100M LOAN TO PURCHASE MORE BITCOIN!
— That Martini Guy ₿ (@MartiniGuyYT) November 5, 2025
THEY ARE BUYING THE DIP! 🚀 pic.twitter.com/qWNOEy2pWS
Contrasting corporate trends: Metaplanet pushes forward as others pause
While Metaplanet expands its BTC position, other public companies have slowed their Bitcoin acquisitions in recent months. Between January and June, publicly listed firms collectively added around 245,000 BTC to their balance sheets, but that figure dropped to 28,000 BTC in the fourth quarter.
The slower pace indicates reduced institutional accumulation under tighter market conditions. Metaplanet, however, shows a contrasting approach by maintaining capital expansion during volatility.
Asia’s leading Bitcoin corporate treasurer
Metaplanet’s approach shares some similarities with MicroStrategy’s strategy of using debt and equity to buy Bitcoin. However, the Japanese firm distinguishes itself through its integration of derivatives-based yield strategies and share buybacks within its treasury model.
Metaplanet remains Asia’s largest corporate Bitcoin holder and one of the top global holders overall. The company’s model aims to balance Bitcoin accumulation with stable income and careful financial risk management.
Although Metaplanet shares have declined more than 80% since their May peak, the firm’s actions demonstrate a long-term focus on value growth tied to its Bitcoin strategy.
Oleksii Shumak
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