Metaplanet Borrows $100M to Buy More Bitcoin

Hi! In today’s edition:

• 🟠 Metaplanet borrows $100M to stack more BTC: isn’t that a bit risky?

• 💳 Mastercard partners with Ripple & Gemini on RLUSD settlements

• 🪙 Are Ripple investors just buying discounted XRP?

• 📉 Galaxy cuts year-end BTC target to $120K

• 🏦 Franklin Templeton launches first tokenized fund in Hong Kong

• 🎧 Why crypto feels “down bad” & Will perps eat all of finance?

Metaplanet Borrows $100M Against Bitcoin to Buy More Bitcoin

Tokyo-listed Metaplanet obtained a $100 million bitcoin-backed credit facility to fund additional bitcoin purchases and share repurchases. The Japanese treasury company borrowed funds on Oct. 31 using its 30,823 BTC holdings, valued at approximately $3.5 billion, as collateral under a conservative loan structure with undisclosed lending terms, according to a Tuesday filing.

The financing supports Metaplanet's 75 billion yen ($500 million) share buyback program launched after the company's market-based net asset value dropped to 0.88 last month before recovering above parity. Proceeds may fund Bitcoin accumulation, option premium strategies, or stock repurchases depending on market conditions, the company said.

Metaplanet, dubbed "Asia's MicroStrategy," targets acquiring 210,000 BTC by 2027, representing roughly 1% of total Bitcoin’s supply. The firm pivoted from hotel and technology operations in 2024 to become the fourth-largest corporate bitcoin holder. 

Treasury companies face growing scrutiny as bitcoin volatility impacts share valuations, with Strategy receiving a "B-" rating from S&P Global Ratings citing concentration risk.

Another Unchained livestream double header today!

At 12:30pm ET, tune in for a MegaETH breakdown with the L2’s cofounder Shuyao Kong and ecosystem head Amir Almaimani.

Then, at 2pm ET, Steve Ehrlich discusses what’s happening with bitcoin mining and AI with Kevin Dede (Managing Director of Equity Research at H.C. Wainwright), Terrance Maxwell (Chief Financial Officer at Baird), and John Todaro (Senior Analyst at Needham & Company).

📺️ Watch: YouTube, X, PumpFun, or Twitch

Mastercard Partners With Ripple, Gemini to Test RLUSD Settlements

Mastercard teamed up with Ripple and Gemini to test stablecoin settlements for traditional credit card payments using the XRP Ledger. 

The initiative will deploy RLUSD, Ripple's dollar-backed stablecoin regulated by New York's Department of Financial Services, to process fiat transactions through WebBank, the companies said Wednesday.

This marks a significant development where regulated U.S. banking infrastructure integrates with public blockchain technology for everyday card settlements. WebBank currently issues Gemini's credit cards, which offer cryptocurrency rewards including BTC, SOL, and XRP versions. All Gemini card transactions could potentially settle via RLUSD once regulatory approvals are secured.

The project awaits formal regulatory clearance before onboarding begins in coming months. RLUSD launched in December on Ethereum and XRP Ledger, reaching over $1 billion market capitalization as the 11th largest stablecoin. 

Ripple secured $500 million funding at a $40 billion valuation, while XRP traded at $2.26 following the announcement.

Are Investors in Ripple’s $500 Million Raise Just Buying Discounted XRP?

By Steve Ehrlich

Ripple Labs just announced a $500 million raise at a $40 billion valuation from a high-profile group of investors including Brevan Howard, affiliates of Citadel Securities, and Marshall Wace.

But what exactly did they buy with their half a billion dollars?

If the answer lies in Ripple’s massive XRP treasury, are investors really betting on the company—or just its tokens?

Galaxy Cuts Bitcoin Year-End Target to $120K From $185K

Galaxy slashed its year-end Bitcoin target from $185,000 to $120,000 after bitcoin fell below $100,000 for the first time in six months. The institutional crypto firm cited changing market dynamics and reduced volatility as bitcoin enters what Galaxy calls a "maturity era" dominated by institutional absorption and passive ETF flows, the firm told clients Wednesday.

Alex Thorn, Galaxy's head of research, pointed to October's 400,000 BTC whale dump and the Oct. 10 liquidation cascade that triggered $20 billion in forced selling, the largest crypto liquidation event recorded. Competition from gold, AI stocks, and stablecoin narratives has diverted investment attention from bitcoin.

Galaxy noted Trump's bitcoin strategic reserve remains inactive despite January's executive order, with no government purchases executed. Retail investors have shown limited interest since 2021, remaining apathetic despite last year's meme coin surge. Bitcoin traded at $103,923, down 18% from its $126,080 all-time high set last month. Thorn maintains long-term bullish sentiment despite near-term headwinds.

Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong

Franklin Templeton introduced Hong Kong's first fully tokenized money market fund for professional investors, integrating blockchain technology across issuance and servicing operations. 

The Franklin OnChain U.S. Government Money Fund invests in short-term U.S. Treasuries while recording ownership through blockchain tokens registered in Luxembourg, the company announced Wednesday.

The launch aligns with Hong Kong Monetary Authority's Fintech 2030 strategy, which includes over 40 measures for AI integration and tokenization infrastructure development. Franklin Templeton partnered with HSBC and OSL Group through Project Ensemble, an HKMA sandbox testing tokenized deposits and payment flows with potential central bank digital currency integration.

Hong Kong has established clear regulatory frameworks for digital assets, differentiating itself from mainland China. The city launched wholesale CBDC pilots in March 2024 supporting asset tokenization. Retail access awaits Securities and Futures Commission approval. Tokenized real-world assets could reach $19 trillion by 2033, according to Ripple and Boston Consulting Group projections.

Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K

Retail’s out, smart money’s watching. Is this the bottom or the blastoff?

Bitcoin’s bleeding again and sentiment is collapsing.

But if you’ve been around for a few cycles, this kind of pain might look familiar.

In this episode of Unchained, Laura sits down with Yann Allemann, Co-founder of Swissblock, and Joe Vezzani, CEO of LunarCrush, to unpack the latest market wipeout, and whether it’s a signal of exhaustion or opportunity.

From retail’s record-breaking bearishness to the unwinding of crypto’s DAT mania, they explore why the market feels bearish and what that might mean for what’s coming next.

They also dive into the likelihood of a blow-off top, the resurgence of privacy coins, the risk in digital asset treasury companies, and even why some think we could see new all-time highs before the year ends.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Will Perps Eat All of Finance? Ex-FTX.US CEO Brett Harrison Bets Yes

Perpetuals revolutionized crypto trading. Now ex-FTX.US President Brett Harrison wants to bring them to Wall Street.

Crypto’s most controversial trading product might be Wall Street’s next obsession.

In this interview, Brett Harrison, former president of FTX.US and founder of Architect Financial Technologies, joins to explain how he’s aiming to take perpetual futures — crypto’s 24/7 leveraged trading engine — to traditional markets like stocks, commodities, and FX.

Will this be the next big shift in global finance?

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

• 🛠️ Balancer revealed a preliminary report on the $116 million hack that struck its DeFi protocol, explaining that attackers used complex flashloans and manipulated a rounding bug to drain funds from its stable pools, exposing ongoing vulnerabilities in blockchain liquidity systems.

• 📈 Robinhood doubled its revenue to $1.27 billion in the third quarter of 2025, driven by a 300% jump in crypto trading income to $268 million, lifting profits sharply and pushing total assets on its platform to $333 billion.

• 🎤 Rapper Iggy Azalea joined Solana-based platform Thrust as creative director to promote “culture coins” tied to legal contracts, aiming to stop celebrity pump-and-dump tokens and help artists launch fairer, community-driven crypto projects.

• 🇬🇧 The Bank of England said it would match the U.S. in rolling out stablecoin rules, planning limits of £20,000 for individuals and £10 million for businesses to avoid falling behind on regulating digital money.

• 🏦 Franklin Templeton launched a blockchain-based U.S. dollar money market fund in Hong Kong for professional investors, becoming the first asset manager there to fully tokenize fund issuance and servicing, as the city strengthens its role as Asia’s hub for regulated digital assets.

• 💳 Ripple joined forces with Mastercard, Gemini, and WebBank to let Gemini credit card payments settle in its RLUSD stablecoin on Ripple’s blockchain, marking one of the first U.S. bank-backed credit card settlements using stablecoins as the global market surges toward a projected $4 trillion by 2030.

• 💼 Venture firm CMT Digital raised $136 million for its fourth crypto fund, defying the tough VC climate as it continues backing major blockchain firms like Circle, Figure, and Consensys while seeking new disruptive financial technologies.

• 🧩 Solana-based startup Harmonic secured $6 million led by Paradigm to build an open block-building system that lets validators choose from multiple real-time block proposals, boosting network speed and decentralization across the blockchain.

1. The DeFi Report: Has the Bear Market Arrived?

2. MegaETH Public Allocation Strategy by MegaETH’s CSO Namik Murodoglu