Key Insights:
- Metaplanet (MTPLF) plans ¥52 billion in zero-interest convertible bonds maturing in 2031.
- Metaplanet plans ¥23.6 billion in loan repayments to release some pledged Bitcoin.
- Metaplanet targets up to ¥28.3 billion in buybacks to increase Bitcoin per share.
Metaplanet (MTPLF) plans to raise ¥52 billion through zero-interest convertible bonds to repay Bitcoin-backed loans and buy back shares.
The Tokyo-listed company announced the five-year financing, targeting approximately $329 million. The transaction would replace part of its secured, interest-bearing borrowing with unsecured debt maturing in 2031.
The euro-yen bonds carry no periodic interest payments and are scheduled for issuance on October 29. They mature on October 29, 2031, with Merrill Lynch International acting as lead manager. The offering targets investors primarily in Europe and Asia, excluding the United States.
Metaplanet Directs Bond Proceeds Toward Debt and Buybacks
The company expects ¥51.9 billion in net proceeds. It plans to use ¥23.6 billion to partially repay loans under its credit facility in November. Another ¥28.3 billion would support share repurchases under its buyback authorization.
The bonds have an issue price of 100% and an offer price of 102.5%. The company expects refinancing to lower borrowing costs and release Bitcoin pledged as collateral. However, the new obligations initially increase total liabilities rather than eliminate debt.
Liabilities would decline if bondholders converted their securities into shares or the company repaid the obligations.
Metaplanet also plans to set the conversion price above the October 13 closing share price. The final conversion price remains undetermined, leaving the eventual number of newly issued shares unsettled.
Metaplanet Share Repurchases Begin Under ¥60B Authorization
The broader buyback program runs from October 14, 2026, through October 13, 2027. It permits market purchases of up to 200 million shares, subject to a ¥60 billion spending ceiling. Bond proceeds would fund part of that authorization.
An off-hours block transaction scheduled for October 14 accounts for up to ¥25.3 billion. It covers 96,934,800 shares at the October 13 closing price of ¥261 each. Those purchases form part of the company’s broader repurchase plan.
The Tokyo-listed shares closed on October 13 roughly 60% below their January 15 peak of ¥639. The data records a 52.6% decline over the preceding 12 months. Separately, MTPLF stock showed an OTC quotation of $1.63, down 1.21%, in the supplied October 13 market snapshot.
Bitcoin Borrowing Limits Shape the Financing
The refinancing follows a policy restricting Bitcoin-backed borrowing to generally less than 10% of Bitcoin’s net asset value. The company reported a 17.7% borrowing ratio at September’s end, above that guideline. It also warned that falling Bitcoin prices could raise the ratio further.
Metaplanet held 44,000 BTC as of September 30, according to its reported treasury figures. Its revised allocation framework targets 85% to 90% of assets in Bitcoin. The remaining 10% to 15% would go toward strategic investments and income-generating operations.
The company has also expanded financial services through Project Nova and its securities subsidiary. It acquired Siiibo Securities for ¥2.1 billion in July and later renamed it Metaplanet Securities.
Its BitBonds program provides a range of Bitcoin-related bond products, while other proposed digital finance services remain under development.
Chief Executive Simon Gerovich will lend up to 55 million shares through an asset management company to support underwriting. The arrangements accompany the bond transaction, which replaces collateralized borrowing while retaining a potential future equity conversion.
 plans ¥52 billion in zero-interest bonds to repay Bitcoin loans and fund share buybacks as it adjusts its borrowing strategy.){kind=link}