Metaplanet plans to raise 52 billion yen ($329 million) through convertible bonds to repay Bitcoin-backed debt and repurchase shares without selling its Bitcoin. The offering, announced on October 13, 2026, pairs longer-term financing with a buyback program aimed at increasing Bitcoin backing per share.
Key takeaways
- The zero-coupon bonds mature on October 29, 2031.
- Proceeds are earmarked for loan repayments and stock repurchases, not Bitcoin purchases.
- Bitcoin-backed borrowing exceeded Metaplanet’s preferred leverage limit at September’s end.
According to Cointelegraph, approximately 23.6 billion yen ($149 million) will repay Bitcoin-collateralized loans, while about 28.3 billion yen ($179 million) will support share buybacks.
Metaplanet’s convertible bonds replace secured borrowing
Metaplanet’s convertible bonds are unsecured, zero-coupon euro-yen securities scheduled for issuance on October 29, 2026. Merrill Lynch International will lead the overseas offering, which excludes the United States; a Singapore Exchange listing is planned for the same date, Crypto Briefing reported.
Expected net proceeds total approximately 51.9 billion yen. According to crypto.news’s account of the filing, the debt repayment is planned for November 2026 and will replace part of the company’s interest-bearing, Bitcoin-backed borrowing with unsecured obligations.
At September’s end, Bitcoin-backed debt stood at approximately $650 million, or 17.7% of Bitcoin net asset value, against a policy limit generally below 10%. The financing does not directly fund additional Bitcoin purchases.
Buybacks target greater Bitcoin backing per share
The broader repurchase authorization permits up to 60 billion yen ($380 million) in buybacks, equivalent to 200 million shares, through October 2027. The allocation from bond proceeds covers purchases between October and December 2026.
The company plans an off-market transaction through the Tokyo Stock Exchange’s ToSTNeT-3 system on October 14, 2026. If the full 25.3 billion yen allocation is used, the filing estimates purchases of approximately 97.94 million shares, roughly 7.1% of issued ordinary shares.
Repurchases seek to increase Bitcoin attributable to each remaining share. Bond conversions work in the opposite direction: investors can exchange their securities for ordinary shares under the offering’s terms.
Bitcoin holdings and shareholder pressure
Metaplanet held 44,000 BTC at September’s end. BitcoinTreasuries valued those holdings at $3.6 billion and ranked it second among Bitcoin treasury firms.
Yahoo Finance recorded a 1.5% decline in its Tokyo shares on October 13, 2026, extending a 52.6% fall over 12 months. Earlier in October, the company proposed allocating up to 15% of assets to strategic investments supporting Bitcoin accumulation and dividends.
After shareholder criticism of an almost sevenfold expansion of its Series 10 executive stock option pool, the company outlined a 41% reduction on September 11, 2026, cutting potential underlying shares by 131.3 million.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.