Metaplanet Borrows $130M From $500M Credit Facility To Fund BTC Purchase

Metaplanet is the second-largest BTC treasury company after the US-based Strategy. Recently, DATs raised serious concerns following a proposal by Morgan Stanley Capital International (MSCI) on October 10. MSCI provides several leading global financial indices.

DATs are spear-heading the evolution of corporate treatment of Bitcoin (BTC). Metaplanet’s latest announcement comes as Strategy faces significant business risks ahead of 2026. Corporations are increasingly using leverage to buy bitcoin; however, it’s not perfectly clear if this could backfire.

Metaplanet Borrows $130M for BTC Purchase, $370M Remaining in Credit Facility

Japanese Bitcoin Treasury company Metaplanet Inc. (3350.T) announced today that it borrowed $130 million to purchase BTC under the $500 million Credit Facility Agreement. The Digital Asset Treasury (DAT) borrowed the funds to purchase bitcoin, expand its Bitcoin income generation business. The loan is also meant for share repurchases, depending on market conditions, Metaplanet said.

Metaplanet’s BTC holdings serve as the collateral for its $500 million credit line. It is a publicly listed company in Japan’s Tokyo Stock Exchange (TSE). A Reference US rate and a Spread will determine the interest rate for this loan.

The announcement said: “(Note) In general, when borrowing against Bitcoin collateral, a decline in the price of Bitcoin during the loan term may require additional collateral to be pledged. However, as of October 31, the Company holds 30,823 BTC (equivalent to approximately USD 3.5 billion)…”

Including Tuesday’s announcement, Metaplanet has withdrawn $230 million under the $500 million loan agreement, the announcement read.

Metaplanet stated that due to the massive size of its BTC treasury, it expected to hold enough BTC to serve as collateral.

While the announcement is dated Nov 25th, the actual transaction took place on Nov 21st, 2025. Metaplanet’s BTC Treasury holds 30,823 BTC, cumulatively worth $2.69 billion at the press time price of $87,410.

Metaplanet’s Announcement Comes as Strategy Faces Potential MSCI Delisting

Metaplanet’s BTC stash is the third largest among non-mining BTC treasury companies, after Twenty-One and Strategy. Michael Saylor-led Strategy currently holds 649,870 BTC, and Jack Mallers-led Twenty One holds 43,514 BTC.

The Japanese company is the nation’s first publicly traded company to hold BTC in its balance sheet. It is also the largest company of its kind in Asia.

Both Strategy and Metaplanet are strategically purchasing BTC through leverage, a trend that is increasing. Both companies started out as purely operational companies – Strategy is a Business Intelligence company, while Metaplanet is involved in real estate and Web3. As of now, both companies have described themselves as BTC treasury companies.

However, the Morgan Stanley Capital International (MSCI), a provider of global stock indices, recently proposed removing companies like Strategy from their indices. MSCI also noted that the exclusion would apply to all such companies. It did not indicate whether the delisting was temporary.

Allegedly, the October 10 crypto market crash was attributed to the MSCI update. SoSoValue data shows that DATs collectively hold around 4.5% of the total circulating BTC supply. According to the crypto market data aggregator, 41 publicly traded non-mining companies have purchased or hold over 100 BTC on their balance sheets. The cumulative value of the BTC holdings of these DATs is around $77 billion.

Metaplanet Holds 90% of BTC Holdings in Japan

According to Bitcoin Treasuries, 14 Japanese public companies hold Bitcoin including Metaplanet. Cumulatively, Japan accounts for 34,219.85; that means Metaplanet holds roughly 90% of all the BTC held in Japan.

According to SoSoValue data, Asia collectively holds 243,596.85 BTC, or approximately 1.22% of the total circulating supply. Notably, China’s holdings are unconfirmed.

Metaplanet, like Strategy, aims to continuously acquire Bitcoin, with the frequency depending on market conditions. As of now, given that BTC is back to its early 2025 levels, Metaplanet might pick up BTC before it leaves the present $85K-$90K range.

The current BTC price level could be crucial for Metaplanet, as this range is being perceived as either a consolidation zone or a bottom. If BTC rises above this range, it may not return to this level for a significantly long time.