Metaplanet is borrowing money to pay off borrowed money. That sounds like a personal finance red flag, but in corporate treasury land it can be a perfectly reasonable move.
The Tokyo-listed Bitcoin treasury company plans to raise ¥52 billion through zero-coupon Euro-Yen convertible bonds, with proceeds earmarked for repaying debt and repurchasing shares. Reported dollar conversions range from $328 million to approximately $333 million, depending on the exchange rate used.
What Metaplanet is actually doing
The company announced the offering on October 13, 2026. The bonds mature on October 29, 2031, and carry a 0% coupon.
The bonds are being issued at 102.5% of par. Put simply, investors are paying slightly more than face value for paper that pays nothing in interest, which tells you how much they value the equity upside.
Merrill Lynch International is leading the deal. Closing and a listing on the Singapore Exchange are planned for October 29, 2026.
Net proceeds are expected to come to about ¥51.9 billion. Here is how Metaplanet plans to split the money:
- Debt repayment: approximately ¥23.6 billion ($151 million) to repay Bitcoin-backed credit facilities.
- Share buybacks: up to ¥28.3 billion, equal to roughly 7.1% of outstanding shares.
The buybacks sit within a broader repurchase program. That program allows Metaplanet to buy back up to ¥60 billion in stock, equivalent to 200 million shares, through October 2027.
Why the balance sheet needed attention
Metaplanet held 44,000 BTC as of September 30, 2026. That stack makes it the world’s second-largest listed corporate Bitcoin treasury holder.
The company carries approximately $650 million in Bitcoin-backed debt, which works out to 17.7% of its Bitcoin net asset value. Metaplanet’s own target caps that leverage ratio at 10%, so the company is running hotter than its stated comfort zone.
The ¥23.6 billion repayment covers only part of the roughly $650 million in Bitcoin-backed borrowing. It is a meaningful step toward the 10% target, not a full reset.
The convertible structure pushes the repayment question out to 2031. And if the stock performs well, bondholders may convert to equity rather than demand cash at all.
From Bitcoin holder to Bitcoin financial platform
The bond deal fits into what Metaplanet calls “Project Nova.” The strategy aims to evolve the company from a firm that simply holds Bitcoin into a broader Bitcoin-centric financial platform that includes financing and asset management alongside the treasury itself.
The stated goals of this specific offering are optimizing the balance sheet, reducing debt, and increasing Bitcoin exposure per share. Buying back shares shrinks the share count. If the Bitcoin holdings stay the same while the number of shares falls, each remaining share represents a larger slice of the BTC pile. Paying down secured debt reduces the claims sitting ahead of shareholders.
What this means for shareholders and the treasury trade
For Metaplanet shareholders, the deal is a trade-off between two forms of dilution. Convertible bonds can eventually create new shares if holders convert. The buyback program works in the opposite direction by retiring existing shares.
The leverage ratio still sits above the company’s 10% target after this repayment, so further debt reduction may be needed. The near-term milestones are clear: closing and the Singapore Exchange listing are scheduled for October 29, 2026, and the broader buyback authorization runs through October 2027.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.