A Bitcoin-backed facility worth $500 million was drawn to $302 million by mid-May, 2026, as the issuer reported a net loss of ¥114.5 billion in Q1 FY2026 and Bitcoin valuation losses of ¥116.3 billion. The same period saw Bitcoin holdings increase to 40,177 BTC by March 2026. See coverage here: Source. The figures are also reflected in an official update from Metaplanet: Metaplanet tweet.

What changed

The deal structure ties liquidity to Bitcoin as collateral, with the credit facility capped at $500 million and $302 million drawn as of May 13, 2026. The entity’s Q1 FY2026 losses and Bitcoin valuation declines provide the headwinds behind that draw.

What the episode exposed

The episode highlights how collateralized debt in crypto assets can be sensitive to price moves: valuation losses reduce the effective borrowing capacity of a BTC-backed facility, and ongoing operating losses may pressure debt-service capacity. A larger, BTC-driven balance sheet also increases leverage exposure as growth pivots on higher leverage, not cash flow alone. Assetify angle: Assetify notes that rapid mark-to-market losses on Bitcoin can erode collateral capacity and amplify debt leverage risk.