Catenaa, Friday, November 28, 2025-Japan’s largest corporate Bitcoin holder, Metaplanet, secured a $130 million loan to acquire additional BTC despite holding over $635 million in unrealized losses.
The borrowing was disclosed in a November 21 filing under a previously established $500 million credit facility.
The lender remains undisclosed.
The loan carries a floating interest rate, renews daily, and is fully secured by Metaplanet’s Bitcoin reserves.
Metaplanet currently holds 30,823 BTC, valued at approximately $2.7 billion, against an average acquisition cost of $108,070 per coin, resulting in a $635.97 million unrealized loss.
The company said the new loan maintains a “sufficient collateral buffer even during periods of strong Bitcoin price volatility.”
Funds will be used to expand Bitcoin accumulation, grow the firm’s BTC income generation business, and support share repurchases when market conditions allow.
The income business, focused on selling Bitcoin options, reached record sales in the third quarter.
Supporters view the loan as a calculated bet on Bitcoin’s long-term strength, using BTC as a hedge against Japan’s weakening yen.
Critics caution that leveraging a volatile asset could trigger margin calls or forced liquidations.
Metaplanet also recently issued two classes of preferred shares, raising $135 million, and approved a ¥75 billion share repurchase program.
The company continues to pursue its goal of acquiring 210,000 BTC by 2027, adding 17,000 BTC in Q3.
