Metaplanet burned through 83% of a $500 million credit line to build 43,000 BTC, and now it wants investors to fund the next leg
Metaplanet denied rumors that it sold Bitcoin after transferring over 5,000 BTC, saying the move was a routine custody change and total holdings stayed at 43,000 BTC. Despite operating profit and revenue growth, first-half results showed a ¥182.77 billion net loss, driven by a ¥184.30 billion valuation loss on its Bitcoin treasury. The company’s equity-funding channel has weakened because its mNAV stayed around or below 1.0, so it stopped issuing common shares in Q2. To keep buying Bitcoin, it relied on zero-interest bonds, credit facilities, stock acquisition rights, and options-income proceeds, adding 2,823 BTC in Q2 and 7,898 BTC in H1. Leverage is rising: liabilities reached ¥77.29 billion, cash fell to ¥1.09 billion, and 83% of a $500 million Bitcoin-collateralized facility was drawn. Metaplanet is now expanding fixed-income funding with small unsecured “BitBonds,” starting with a ¥200 million issuance, as it works toward a 100,000 BTC target by end-2026.
