Metaplanet to Raise ¥52B at 0% to Repay Bitcoin Loans, Buy Back Stock

Japan's Metaplanet, which holds 44,000 BTC, will issue ¥52 billion (about $328 million) of zero-coupon convertible bonds due 2031. None of the money is earmarked for new coins: the proceeds will repay part of the company's bitcoin-backed credit line and fund share buybacks. The company disclosed the plan on Tuesday, Oct. 13, at 5:00 AM ET through the Tokyo Stock Exchange's filing system.

Details

Net proceeds are expected at roughly ¥51.9 billion. About ¥23.6 billion ($149 million) will go in November toward partially repaying a bitcoin-collateralized credit facility with an $800 million limit, of which $649.5 million was drawn as of Sept. 30. Metaplanet's internal guideline caps that borrowing at 10% of the value of its bitcoin, but the ratio had climbed to 17.7% by the end of September, and it rises further whenever the price falls. The filing says the company wants to "avoid unintended sales of its Bitcoin holdings" in another downturn.

Up to ¥28.3 billion ($179 million) more is set aside for buybacks between October and December. On Oct. 14 at 8:45 AM Tokyo time, Metaplanet will buy up to 96,934,800 shares through the exchange's off-auction ToSTNeT-3 facility at Oct. 13's closing price of ¥261, or 7.1% of shares outstanding for up to ¥25.3 billion. The board also approved a new repurchase program of up to ¥60 billion (200 million shares, 14.7%) running through Oct. 13, 2027. The previous ¥75 billion authorization from October 2025 was terminated without a single share bought; the company says it prioritized debt-funded bitcoin purchases and M&A instead.

According to the company's investor deck, the five-year bonds are unsecured and pay no interest, are offered to investors in Europe and Asia at 102.5% of par (the U.S. is excluded) and will list on the Singapore Exchange, with Merrill Lynch International as bookrunner and settlement on Oct. 29. The conversion price has not been set: it will carry a premium to the Oct. 13 close and sit where Metaplanet's market value exceeds the value of its bitcoin (mNAV above 1.0x). Holders get a put at par after three years. CEO Simon Gerovich will lend up to 55 million of his own shares to the bookrunner so bond buyers can hedge.

What it means for the market

This is Metaplanet's first euro-yen convertible, and the company itself notes the deal "is not itself intended to increase BTC per share immediately": the goal is to swap interest-bearing, coin-backed debt for five years of free money and rebuild financial flexibility. Its 44,000 BTC remains the second-largest stack among public companies after Strategy, per BitcoinTreasuries.

For the broader market, it is another sign that bitcoin treasury companies are shifting from accumulation to balance-sheet management. A week earlier, Strategy spent nine times more on buying back its preferred stock than on bitcoin (we covered that). When a stock trades below the value of its coins, buybacks beat new purchases, and cutting collateralized debt lowers the risk of forced BTC sales in a drawdown, one of the market's main worries about this group. For the live bitcoin price, see the daily summary and the BTC page.