Metaplanet Uses Bitcoin as Collateral for $100M Crypto Purchase

Metaplanet’s announcement represents a significant escalation in its Bitcoin acquisition strategy, using its existing cryptocurrency holdings as collateral to finance further purchases. The company, which holds 30,823 Bitcoin worth approximately $3.2 billion at current prices, has set an ambitious target of accumulating 210,000 BTC by 2027—representing about 1% of the total Bitcoin supply. This strategic pivot from its core hotel and technology business positions Metaplanet as a major player in the corporate Bitcoin treasury space, following the path blazed by Strategy (formerly MicroStrategy) in 2020.

The timing of this announcement comes during a period of notable market turbulence. Bitcoin recently traded near $104,000, recovering from a steep plunge that took the price below $100,000 for the first time since June. According to CoinGecko data, Bitcoin’s price remains about 18% below its all-time high of $126,080 set in October. Despite this volatility, Metaplanet has emphasized its commitment to conservative financial management, stating in its shareholder notice that it will only execute loans “within a range where collateral adequacy can be fully maintained, even in the event of significant price declines in Bitcoin.”

The broader corporate Bitcoin treasury trend is facing increased scrutiny as digital asset prices have slumped. Metaplanet’s announcement coincides with challenges across the sector, including French semiconductor firm Sequans paring approximately $100 million in BTC from its treasury. Analysts have highlighted Strategy’s declining multiple to Net Asset Value (mNAV), reflecting the premium at which a firm’s shares trade relative to its crypto holdings. This metric has become increasingly important as investors assess the viability of corporate Bitcoin strategies.

According to bitcointreasuries.net, there are now over 200 publicly traded Bitcoin treasuries, with others built around different altcoins including Ethereum (ETH) and Solana (SOL). Strategy remains the largest corporate holder of Bitcoin with 641,205 BTC worth about $66.5 billion. The concept of Bitcoin treasuries allows shareholders to gain exposure to the asset without the risks involved in holding it directly, though recent market conditions have tested this investment thesis. Share prices of many firms that have bought digital assets have dropped alongside the declining prices of leading digital coins and tokens.

Metaplanet’s approach to risk management appears calculated, with the company explicitly stating its commitment to “avoiding excessive leverage” in its borrowing strategy. This conservative stance may reassure investors concerned about the inherent volatility of cryptocurrency markets. The company’s stock was trading 2% lower on Tuesday following the announcement, reflecting mixed market sentiment toward the expanded Bitcoin accumulation plan.

Market participants remain divided on Bitcoin’s future trajectory. In a Myriad prediction market—a unit of Dastan, the parent company of Decrypt—about two in three respondents expect Bitcoin’s next move will take it to $115,000 rather than down to $85,000. This optimism contrasts with the current challenges facing corporate Bitcoin strategies, highlighting the ongoing debate about the role of digital assets in corporate treasuries. As Metaplanet continues its aggressive accumulation strategy, its success or failure may serve as a bellwether for the broader corporate Bitcoin movement, particularly in Asian markets where the company has established itself as a pioneering force.