Metaplanet plans $328M bond sale to cut Bitcoin-backed debt and buy back shares

Metaplanet plans to raise ¥52 billion ($329 million) through zero-coupon Euro-Yen denominated convertible bonds to reduce its Bitcoin-collateralized debt and fund share buybacks, the Tokyo-listed company said Tuesday.

Metaplanet is working to bring its leverage closer to its internal guidelines. The company expects to raise approximately ¥51.9 billion ($328 million) in net proceeds and use ¥23.6 billion ($149 million) to repay borrowings in November 2026 and up to ¥28.3 billion ($179 million) for share repurchases from October through December.

With this move, the firm wants to restore financial flexibility as its borrowings under its Bitcoin-collateralized credit facility reached approximately 17.7% of its Bitcoin net asset value at the end of September, exceeding its 10% guideline.

Metaplanet held 44,000 BTC at the end of September and had approximately $650 million drawn from its $800 million credit facility.

Metaplanet said the financing would diversify its funding sources and allow it to replace a portion of its existing interest-bearing, Bitcoin-collateralized debt with unsecured funds that carry no cash interest payments.

The company expects this to reduce its borrowing costs, release Bitcoin currently pledged as collateral and lower its exposure to further Bitcoin price declines.

Metaplanet also approved a new share repurchase program capped at ¥60 billion, terminating the program established in October 2025. The bonds are scheduled to close on Oct. 29, 2026, with a zero coupon and a redemption price equal to 100% of principal.