Tokyo-listed Bitcoin treasury company Metaplanet has secured a $100 million Bitcoin-backed loan to purchase additional BTC and repurchase its shares. This move comes shortly after the company launched a $500 million Bitcoin-backed share buyback program following a drop in its market-based net asset value below 1.0.
According to a filing on Tuesday, the funds were borrowed on October 31 under a credit agreement that allows Metaplanet to secure short-term financing using its Bitcoin (BTC) holdings as collateral. While the lender’s identity has not been disclosed, the company stated that the loan carries a benchmark US dollar rate plus a spread and can be repaid at any time.
Metaplanet emphasized that the loan structure is conservative. The company holds 30,823 BTC, valued at approximately $3.5 billion as of the end of October. This large position provides healthy collateral coverage, even if Bitcoin’s price experiences a decline.