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How This $100M Bitcoin-Backed Loan Could Rewrite the Corporate Treasury Playbook

Metaplanet, a Tokyo‑based public firm, tapped a $100 million Bitcoin‑collateralized credit facility on Oct. 31 to fund additional BTC purchases, its options‑premium business and a share‑repurchase program, after its market‑adjusted net‑asset‑value (mNAV) fell below parity. The move follows a broader slowdown in corporate Bitcoin inflows, with public companies adding 159,107 BTC in Q2 but then seeing premium‑to‑book compress, forcing treasuries to consider debt instead of dilutive equity issuances. Metaplanet’s $500 million BTC‑backed facility, its goal of holding 210,000 BTC by 2027, and similar actions by firms like Strategy and Bitplanet illustrate a nascent playbook where Bitcoin‑backed loans substitute for equity financing when stock valuations are discounted. The article warns that while such leverage can sustain accumulation, it also introduces collateral‑value and floating‑rate risks that could trigger deleveraging if Bitcoin prices fall sharply.