Metaplanet has drawn $130 million from its $500 million Bitcoin-backed credit line, an operation announced on November 25, 2025. The move strengthens its plan to expand BTC holdings and grow revenue streams tied to the asset, reinforcing the company’s long-term, Bitcoin-centered treasury strategy.
Metaplanet doubles down on its Bitcoin-driven financial model
On October 28, 2025, the company unveiled its $500 million credit line backed by Bitcoin reserves and simultaneously launched a share buyback program of up to 13% (150 million shares). This setup provided liquidity access while enabling buybacks without immediate dilution through new common shares.
The first draw —$100 million on November 5— used roughly 3% of the company’s 30,823 BTC treasury as collateral, establishing the pace and structure for using the credit facility.
The second tranche on November 25 delivered another $130 million, explicitly aimed at expanding Bitcoin positions and funding BTC-linked revenue initiatives. The line uses a daily-reset USD benchmark rate, tying financing costs to short-term market conditions.
Between November 19 and 21, Metaplanet also completed a $135 million hybrid capital issuance via perpetual Class B preferred shares, adding non-dilutive capital and diversifying its financing tools beyond common equity.
In practical terms, a secured credit line is a loan backed by pledged assets, while a perpetual preferred share is an equity instrument with dividends but no maturity date. These elements form the backbone of Metaplanet’s hybrid financing model.
Metaplanet is designing its financial structure to accumulate Bitcoin while minimizing dilution, relying on collateralized debt and preferred equity. The core objective is to maximize Bitcoin-per-share value and keep capital available for buybacks when markets become favorable.
The company’s internal report cites an average BTC acquisition price of $108,036, and at times its holdings traded over 23% below that cost, which Metaplanet interprets as strategic accumulation opportunities.
This combination of secured debt and preferred equity strengthens capacity to grow reserves without issuing common shares, though it also exposes the firm to variable interest rates and Bitcoin price volatility. The approach mirrors models used by other BTC-focused corporates, where execution and risk management are decisive.
The latest $130 million draw solidifies Metaplanet’s roadmap toward a Bitcoin-anchored treasury, expanding its purchasing power while keeping its buyback program active without relying on new equity issuance.
