Metaplanet to Issue $329M in Convertible Bonds, Fund $380M Buyback
The Japanese bitcoin treasury company plans a ¥52 billion zero-coupon bond sale due 2031 as its shares trade far below their peak.
Metaplanet, the Tokyo-listed company that holds bitcoin as a treasury reserve asset, has announced plans to issue ¥52 billion (roughly $329 million) in unsecured, zero-coupon Euro-yen convertible bonds maturing in 2031. The company disclosed the financing plans on Oct. 13, with the issue expected to close on Oct. 29.
Bond details and intended use
- Issue size: ¥52 billion, or about $329 million
- Structure: unsecured, zero-coupon Euro-yen convertible bonds due 2031
- Expected closing date: Oct. 29
- Stated purposes: refinancing bitcoin-backed loans and funding share repurchases
Alongside the bond sale, the company outlined a share buyback program valued at $380 million. The two moves together would let Metaplanet address existing debt secured against its bitcoin holdings while returning capital to shareholders.
Shares well below peak
The announcement follows a steep decline in Metaplanet's equity. According to the report, the stock has fallen nearly 90% from its high, a drop that frames the buyback as an attempt to support the share price while the company continues to build out its bitcoin position.
Metaplanet is among several listed firms that have adopted bitcoin treasury strategies modeled on MicroStrategy's approach, using equity and debt issuance to accumulate the asset. Such structures can amplify moves in both directions, since the value of the reserves and the cost of the financing both feed into the company's equity story.