Metaplanet Borrows $100 Million Against Bitcoin Holdings to Buy More BTC During the Dip

Japanese firm Metaplanet Inc. has secured a $100 million loan backed by its existing Bitcoin holdings to purchase additional BTC amid the market downturn.

The Tokyo Stock Exchange-listed company said the borrowing was completed on October 31 under a previously approved credit facility and was secured by 30.823 BTC of its assets.

The lender’s name was not disclosed, but Metaplanet emphasized that the pledged Bitcoin represents only a small portion of its holdings and that it follows a conservative financial policy to avoid over-leveraging.

The company stated that the funds will be used for further Bitcoin acquisitions. Over the past week, BTC’s price has dropped noticeably, trading at around $104,400 on November 5, while the company’s Bitcoin assets — acquired at an average price of $108,036 per coin — fell about 4.4% in value.

Metaplanet currently ranks as the fourth-largest corporate Bitcoin holder, trailing only Strategy, MARA Holdings, and Jack Mallers’ XXI.

The company reiterated its long-term goal of owning 210,000 BTC by 2027, equivalent to 1% of Bitcoin’s total supply.

See also: "Ripple Secures $500 Million Strategic Investment from Wall Street Giants"

#Metaplanet #Buy #Bitcoin (BTC)

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