Overview
- The Oct. 31 borrowing, disclosed Nov. 4, is the first draw from a $500 million facility established in late October.
- Proceeds are earmarked for additional bitcoin purchases, growth of its cash‑secured options income unit, and potential buybacks under a ¥75 billion authorization.
- The loan is secured by Metaplanet’s 30,823 BTC treasury, equals roughly 3% of holdings, accrues interest at a USD reference rate plus a spread, and involves an undisclosed lender.
- Terms include daily automatic renewal with no fixed maturity, allowing repayment at the company’s discretion.
- Management reported ¥24.4 billion in Q3 2025 revenue from the options business and reaffirmed a 210,000 BTC end‑2027 target while emphasizing conservative collateral coverage after its mNAV fell below 1.0× in October.