What happened?
Tokyo-listed Metaplanet drew a $100 million Bitcoin-backed loan from a $500 million facility set up days earlier to buy more BTC, grow its options trading business, and possibly repurchase shares. The loan equals just about 3% of its roughly $3.5 billion Bitcoin reserve, so the company says it keeps a big collateral buffer even if prices fall. Management also says the loan has no fixed maturity and proceeds mainly support a target of accumulating 210,000 BTC by the end of 2027.
Who does this affect?
Metaplanet shareholders are directly affected because the move funds share buybacks and aims to boost capital efficiency and BTC ownership per share. Other public companies with Bitcoin treasuries and institutional crypto investors are watching, since this shows firms are using credit to keep accumulating and competing for yield. Customers of Metaplanet’s options business and market participants who trade treasury-premium products could see changes in supply of option premiums and margin demand as that business expands.
Why does this matter?
This signals a more aggressive, player-vs-player phase among corporate Bitcoin treasuries that can change how premiums and NAV discounts move across the sector. Borrowing to buy more BTC can add buying pressure that supports prices but also adds leverage risks — though Metaplanet’s borrowing is small versus its reserves, so near-term systemic risk looks limited. At the same time, expanding cash-secured options and share buybacks can shift investor returns and valuations, influencing Bitcoin prices and how other treasury managers behave.