Japan's largest corporate holder of Bitcoin, Metaplanet Inc., has taken another bold step, expanding its Bitcoin treasury by drawing an additional $130 million from its bitcoin-backed credit facility, bringing its total borrowings to $230 million, still under a $500 million limit.
The investment company announced this in a new regulatory filing Tuesday, November 25, 2025, stating that the loan was completed Friday, November 21, 2025.
The loan floats the United States dollar benchmark rate and automatically renews every day. It is fully collateralized by 30,823 BTC on Metaplanet's balance sheet, worth about $2.72 billion at Monday's close of $88,229 per BTC. Those holdings represent an unrealized loss of about 18%, based on an average acquisition cost of $108,036 per BTC.
Metaplanet executives described the collateral as providing "substantial headroom" to act as a buffer against price volatility, with the company anticipating minimal decline on its fiscal year results through December 31, 2025.
Proceeds from the loan will mainly be used for additional bitcoin purchases and expanding the company's bitcoin income-generation activities, which include selling BTC options for premium revenue and potential share repurchases, depending on market conditions, as stated in the filing.
The decision comes at a time when Bitcoin trades near $87,463, down 30.57% from its October peak of $126,198, following a global market correction ahead of major United States economic indicators.
Mercury program pairs debt with preferred shares for non-dilutive funding
The recent loan builds on Metaplanet's dual-track financing plan of debt and equity toward expanding its bitcoin treasury without diluting common stock.
Last week, the company announced its "Mercury" program, which seeks to raise ¥20.4 billion, equivalent to $135 million, by offering Class B perpetual preferred shares to foreign investors.
Those shares come with a fixed 4.9% annual dividend and conversion rights at ¥1,000 per share. Of the proceeds, ¥15 billion is scheduled for direct BTC acquisitions between December 2025 and March 2026, while the balance will be used for options trading and bond redemptions.
Shareholders will vote on the issuance at an extraordinary general meeting set to be held on December 22, 2025, along with proposed changes to the capital structure, including renaming Class A shares as "MARS" to allow for variable monthly dividends.
"We see Mercury as a new step in scaling Metaplanet's bitcoin treasury strategy," CEO Simon Gerovich said in a statement, describing the effort as a hedge against the depreciation of the yen and inflation. Metaplanet’s plan is to hold 210,000 BTC by 2027.
Bitcoin Strategy Director Dylan LeClair commented on the long-term "HODL" commitment on X, stating that "MARS aims to deliver monthly dividends… addressing volatility issues."
We are HODLing. ✊
— Dylan LeClair (@DylanLeClair) November 21, 2025
The model is similar to that of Strategy Inc., although there are still risks involved, as analysts note that a further 20% dip in BTC prices could trigger margin calls on the $230 million in outstanding debt.
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