Hold Bitcoin but need cash without having to sell your coins at an unfavorable price? In Japan, that option is now officially available - and the loan ceiling reaches into the billions of yen.
Japanese lender CRYL has launched a Bitcoin-backed credit service with a ceiling of up to 1 billion yen, or roughly $6.2 million (around Rp100 billion). Borrowers - both individuals and businesses - can draw funds starting from 1 million yen (around Rp16 million) up to the maximum limit, with annual interest rates between 3.5% and 7%. The collateral ratio ranges from 40% to 60%, with a one-year term and a predominantly lump-sum repayment structure at maturity. The funds can be used for any purpose: paying taxes, business capital, or purchasing property.
Not the First, but the Boldest
Japan is not actually new to crypto-backed lending. Since 2020, Fintertech - a joint venture between Daiwa Securities Group and Credit Saison - has offered a similar service, lending up to $3 million with interest rates of 4%-8% and a 50% collateral ratio. In fact, since October 2025, Daiwa began offering this product to retail clients across its branches throughout Japan. CRYL enters the market with distinct differentiators: a higher loan cap, a lower minimum requirement, and a dedicated focus on Bitcoin as its sole collateral asset.
For Bitcoin holders, the appeal is obvious. Selling coins means giving up future price upside while triggering tax liabilities. Pledging them opens a third option: accessing immediate liquidity while keeping the coins in hand. There are risks, of course - if Bitcoin prices drop sharply, collateral can be eroded and borrowers face margin pressure. Yet this trend signals a shifting perspective: Bitcoin is no longer merely a passive reserve asset, but active working capital.
Metaplanet’s Far More Ambitious Move
At a larger scale, Bitcoin treasury giant Metaplanet is moving even further. Alongside yen stablecoin issuer JPYC, tokenization infrastructure provider Progmat, and its securities arm, the company has initiated a joint study to explore using Bitcoin as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments.
The initiative remains in the research stage - Metaplanet emphasized that “nothing has been decided” regarding issuance timing, yields, or terms. The project is part of Project Nova, Metaplanet’s plan to build a Bitcoin-focused financial services business in Japan that treats Bitcoin as “productive collateral on the balance sheet” rather than merely a reserve asset. Notably, Metaplanet currently holds 43,000 BTC - having added 2,823 BTC in the second quarter - with an ambitious target of 210,000 BTC by the end of 2027.
What is compelling to watch is not just a single loan product, but the broader trajectory: Japan is gradually building infrastructure so Bitcoin can function like a mature financial asset - able to be leveraged, pledged as collateral, and even serve as the backbone for corporate bonds. If this experiment succeeds, the definition of “holding Bitcoin” could transform completely.
Source: Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
