Metaplanet plans $329M convertible bond offering for debt restructuring and stock repurchases

Metaplanet plans $329M convertible bond offering for debt restructuring and stock repurchases

The Japanese firm plans to raise $329 million through zero-coupon bonds, allocating $149 million to settle Bitcoin-backed debt and $179 million toward buying back shares.

The Tokyo-based company Metaplanet has announced plans to raise 52 billion yen ($329 million) through the issuance of zero-coupon, euro-yen convertible bonds with a maturity date set for 2031.

The Japanese Bitcoin treasury and investment firm intends to allocate approximately 23.6 billion yen ($149 million) from the net proceeds toward settling Bitcoin-collateralized loans, while earmarking roughly 28.3 billion yen ($179 million) for share repurchase initiatives, as outlined in an announcement made on Tuesday.

These share repurchases form a component of Metaplanet's newly established share buyback initiative, which sets a total target of up to 60 billion yen ($380 million) in aggregate repurchases.

The capital raised through this bond offering aims to optimize the treasury company's debt composition by diminishing its dependence on Bitcoin-collateralized borrowing arrangements while avoiding the liquidation of any Bitcoin (BTC) assets. Among Bitcoin treasury companies globally, Metaplanet holds the second position, possessing 44,000 BTC in aggregate reserves, currently valued at $3.6 billion, as reported by BitcoinTreasuries.

Trading activity for Metaplanet's shares concluded with a 1.5% decline in Tokyo on Tuesday, compounding its substantial 52.6% decrease over the previous 12-month period, based on data from Yahoo Finance.

Earlier during this month, Metaplanet disclosed an updated capital allocation strategy framework that proposes dedicating as much as 15% of total assets toward strategic investment opportunities to support its Bitcoin accumulation strategy and dividend distribution programs.

During September, company leadership faced shareholder backlash following the decision to expand Metaplanet's Series 10 executive stock option allocation nearly sevenfold. On Sept. 11, the Tokyo-headquartered corporation announced intentions to reduce the stock option pool by 41% through decreasing the quantity of potential shares associated with the rights by 131.3 million units, from 319.464 million down to 188.19 million, returning it to the level that existed prior to its September 2025 international equity offering.