The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-15 · read 2026-10-16 04:01 UTC
Market › Corporate › Metaplanet › metaplanet_btc_facility

metaplanet_btc_facility

metaplanet_btc_facility

Terms

IssuerMetaplanet Inc.
Tickernot stated
Typecredit facility
Rate policynot stated
Rate policy terms
Lenderundisclosed at the counterparty's request (a custodian, per the Japanese notice)
Structure"Interest Rate: Reference USD interest rate + spread"; "Term: Automatically renewed on a daily basis"; "Repayable at any time at the Company's discretion" (https://contents.xj-storage.jp/xcontents/33500/8f14b71e/f64c/4194/a0d9/43960f985a27/140120251028579824.pdf). rate_policy NULL: market-indexed floating has no value in the CHECK (see the MARA/Riot note above).
Collateralbitcoin; FY2025 report: BTC worth JPY 68,385m pledged against JPY 43,836m borrowed at 2025-12-31. Count pledged and contractual LTV/margin thresholds NOT disclosed.
Drawn historyUSD 100m (2025-10-31), 230m (2025-11-21), 280m (2025-12-01), 355m (2026-01-30), 302m (2026-05-13), 414m (2026-06-30) — revolving
Facility size usd500000000
Observed rate %7.25
Observed rate basisweighted-average rate on short-term borrowings at 2025-12-31 (FY2025 securities report, 借入金等明細表: 短期借入金 43,836 7.25) — https://contents.xj-storage.jp/xcontents/33500/07b970fc/1f4a/46f6/a7bd/e843e80ac747/S100XTWY.pdf
Cumulativenot stated
Seniority rank1
Maturitynot stated
Liquidation preferencenot stated
Outstanding414,000,000 USD
CurrencyUSD
USD translation (issuer-filed)not stated
Statusoutstanding
Source for the seniority ranking

Secured: "under the Bitcoin-collateralized credit facility used by the Group, the facility's lender holds a priority right over the Bitcoin pledged as collateral" (https://contents.xj-storage.jp/xcontents/33500/ccef5126/8cc0/4501/b779/01892d97a274/140120260813519694.pdf). Ranked ahead of the unsecured bonds and the preferred because it is secured — a structural ordering to the extent of the collateral, not a quoted intercreditor clause.

Market

collecting (no market price is served for this instrument, so no yield, attachment point or coverage is derived)

Issuer bitcoin holdings

Holdings, read from a filing43,000 BTC as of 2026-08-18 ·

Valued in the payload at $82,161 as at 2026-10-15. Holdings and price carry different as-of dates and are not restated to a common one.

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As of 2026-10-14

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