The Bitcoin reserve company Metaplanet, listed in Tokyo, has extracted $130 million in credit backed by Bitcoin, further expanding its strategy of accelerating Bitcoin purchases, revenue generation, and potential buybacks through collateralized borrowing.
On Tuesday, Metaplanet disclosed that it executed the loan on Friday under the previously announced credit facility. This borrowing is part of the company's $500 million credit line, allowing it to raise short-term liquidity using Bitcoin as collateral.
With this new funding, the total loans drawn by the company under this credit line have reached $230 million, up from the $100 million withdrawal disclosed earlier on October 31.
The company acknowledges that borrowing against Bitcoin means facing collateral calls if the price of Bitcoin declines. However, the company expresses confidence in its reserve size, stating that it is sufficient to withstand volatility.
Metaplanet stated, "Given the scale of Bitcoin holdings relative to the loan amount, the company expects to maintain a sufficient collateral buffer."
Metaplanet's latest loan highlights its dual-track financing strategy built around debt and equity instruments to drive the continued accumulation of Bitcoin.
On one hand, the company's $500 million Bitcoin-backed credit line enables Metaplanet to obtain flexible on-demand liquidity through its BTC reserves. This allows the company to expand its Bitcoin revenue program, purchase more Bitcoin, and support stock buybacks without issuing new shares.
In addition to the credit line, there is another plan to raise $135 million by issuing new Class B perpetual preferred shares.
Unlike the short-term, easily repayable structure of the credit line, preferred shares represent long-term financing. Investors purchasing these shares can receive a fixed annual return, convert them into common stock, and, in certain cases, the company can repurchase these shares upon meeting specific conditions.
These two channels indicate that Metaplanet is leveraging collateralized borrowing and specialized equity issuance to expand its Bitcoin treasury strategy, even during periods when its holdings are at unrealized losses.
According to BitcoinTreasuries.NET, Metaplanet is facing nearly a 20% unrealized loss on its Bitcoin investments. The company purchased its BTC at an average cost of $108,036, while the current BTC price hovers around $87,000.
Nevertheless, the company continues to hold its BTC and accumulate more. Bitcoin strategy director Dylan LeClair stated on X that the company is "holding."
Community member Ragnar linked the execution date of the loan to Bitcoin's drop to $82,000 on Friday. "They likely bought the dip in Bitcoin. I like this stock," Ragnar wrote.
Related: Berachain calls reports on venture capital refund agreements "incomplete"
Original article: “Metaplanet Advances Its Bitcoin Debt Strategy, Raising $130 Million to Purchase More BTC”
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