Metaplanet draws $414M credit, issues BitBonds

Metaplanet drew roughly $414 million, or about 83% of a $500 million credit facility, to increase its Bitcoin holdings to 43,000 BTC. The company has not sold any Bitcoin and is using a mix of borrowing, bond issues and other financing to fund purchases.

This week Metaplanet moved more than 5,000 BTC in an internal custody transfer. CEO Simon Gerovich described the transfer as a custody operation and confirmed total holdings remained at 43,000 BTC. Network fees for the transfers were about $8.

Financial filings for the six months ended June 30 show a net loss of ¥182.77 billion, driven mainly by a ¥184.30 billion non-cash valuation loss tied to the yen-denominated value of the Bitcoin treasury. The company reported ¥4.94 billion in revenue and ¥3.33 billion in operating profit for the period. Metaplanet spent ¥99.78 billion to acquire 7,898 BTC in the first half of the year. Bitcoin holdings per 1,000 fully diluted shares rose 9.6% over the period.

Metaplanet’s market-adjusted net asset value, or mNAV, hovered around 1.0 and stayed below that level for much of the first half. Under company policy, management generally refrains from issuing common stock when mNAV is below 1.0. The company raised ¥53.04 billion through third-party common-share allotments in February and March but made no such issuances in the second quarter.

Total liabilities increased to ¥77.29 billion at June 30 from ¥46.69 billion at the end of 2025, driven mainly by higher short-term borrowing and ¥8 billion in bonds maturing within one year. Cash and cash equivalents fell to ¥1.09 billion, and interest expense for the period was ¥1.81 billion. The primary credit facility requires Bitcoin to be pledged as collateral and grants the lender priority rights over pledged assets. Metaplanet has not disclosed the exact portion of its 43,000 BTC pledged under that facility.

Between April and June the company added 2,823 BTC using proceeds from an ¥8 billion zero-interest ordinary bond, borrowings under the credit facility, proceeds from previously issued stock acquisition rights and income from its options business.

To diversify funding sources, Metaplanet has begun issuing unsecured ordinary bonds branded BitBonds. On Aug. 13 the company completed its 21st through 24th series, raising roughly ¥200 million in total. The bonds carry about three-year maturities and annual coupons between 4.0% and 4.3%.

BitBonds are unsecured, unguaranteed and unrated senior obligations that provide investors a claim on Metaplanet’s balance sheet but no direct security interest in the Bitcoin reserves. Investors receive fixed interest and principal without direct exposure to Bitcoin price movements. The program is managed by Metaplanet Securities and is structured for series-by-series private placements. The bonds do not trade on a public market; holders seeking early exits must arrange secondary transactions through Metaplanet Securities, which has no obligation to repurchase the securities. Metaplanet retains the option to redeem bonds early under preset terms.

The company is pursuing a target of holding 100,000 BTC by the end of 2026 and continues to rely on a combination of credit facilities, bond issuances and other financing while common-share issuance remains limited by mNAV.