Overview
- The Nov. 21 draw under the $500 million credit line will fund additional bitcoin purchases, expansion of the Bitcoin Income Generation unit, and potential share repurchases depending on market conditions.
- The facility carries a floating rate tied to a USD benchmark, renews daily, and is repayable at the company’s discretion, with the lender left undisclosed at the counterparty’s request.
- Metaplanet reports 30,823 BTC as collateral and says it maintains sufficient headroom to overcollateralize loans to manage price volatility.
- Total usage now stands at $230 million following an earlier $100 million draw, aligning with a capital policy that allows buybacks when shares trade below intrinsic value.
- Recent actions include earmarking roughly $119 million from a preferred share raise for BTC purchases and options trading, while the company’s mNAV is about 0.96x as of Nov. 25.