Metaplanet Inc. (OTC:MTPLF) borrowed another $130 million against its Bitcoin (CRYPTO: BTC) holdings on Nov. 21 to expand purchases, income-generation strategies, and potential share buybacks.
Metaplanet Draws More Capital From Its Bitcoin Credit Line
The company said the new loan was executed under its previously approved $500 million Bitcoin-backed facility, with total usage now at $230 million.
The lender remained undisclosed at the counterparty's request, consistent with its earlier $100 million draw.
Metaplanet noted that the debt carries a floating U.S. dollar benchmark rate and renews automatically each day.
It may repay the loan at any time, with all borrowings secured by Bitcoin held on its balance sheet.
Collateral Coverage Remains Large But Market Pressure Builds
The firm said its 30,823 BTC reserve — valued at about $2.7 billion at current prices, provides significant collateral relative to the size of the loan.
It acknowledged that Bitcoin's price volatility may require additional collateral during the term but said its financial policy is designed to maintain buffers even during large market swings.
Metaplanet plans to allocate the borrowing toward additional Bitcoin purchases, expansion of its income-generation division, and share repurchases.
Funds earmarked for income strategies will be used as collateral for selling Bitcoin options to generate premium revenue.
The company expects minimal financial impact for the fiscal year ending December 2025 but said it would disclose any material developments promptly.
Stock Slides As Treasury Strategy Faces Steep Paper Losses
Metaplanet is now the fourth-largest publicly listed bitcoin treasury company, behind Strategy Inc. (NASDAQ:MSTR), MARA Holdings Inc. (NASDAQ:MARA), and Twenty One.
But like many firms in the treasury company cohort, the share price has collapsed under sustained volatility.
The stock is down 81% since June, and its market-cap-to-NAV ratio sits near 0.81, according to The Block.
With a cost basis of roughly $3.3 billion, Metaplanet's bitcoin holdings are showing an unrealized loss of about $600 million.
Technical Breakdown Points To Persistent Downtrend
Price Prediction for Metaplanet Inc. as of 25th November (Source: TradingView)
Metaplanet trades near $2.31 and remains inside a clear downtrend channel that has guided every lower high and lower low since June.
On the daily chart, the stock remains below the 20, 50, 100, and 200-day EMAs — $2.57, $3.34, $4.30, and $4.32 — all stacked in bearish order.
This formation reflects entrenched downward momentum.
The Parabolic SAR also remains above price, signaling that the trend has not shifted.
MTPLF Price Forecast (Source: TradingView)
The descending trendline sits near $2.39 on the 30-minute chart and aligns with the upper Bollinger Band, marking the first ceiling for any recovery attempt.
A bounce from the $2.18 support zone lifted RSI toward 56, indicating modest intraday strength.
But the move has not broken the key descending trendline.
Without a close above $2.39, momentum remains fragile.
A failed breakout risks a revisit of $2.18, with $2.00 marking the lower edge of the channel.
A decisive break above $2.39 would be the first signal that selling pressure is weakening.
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