Metaplanet Capital does not use BTC as collateral for loans
According to Foresight News, Metaplanet Capital's strategic head Shinpei Okuno stated that no bank would use BTC as collateral to lend them money. They have never planned to borrow money from banks.
Their financial operation model does not generate cash flow risk, which depends on the price of BTC on the day, so equity financing is the primary source of funds. Okuno also pointed out that the BTC-backed bond investment market is steadily taking off in the long term.