Metaplanet to Issue $329 Million in Convertible Bonds to Repay Debt and Buy Back Shares

Metaplanet plans to issue zero-coupon, five-year bonds to improve its debt structure and reduce reliance on bitcoin-backed loans without selling assets.

Metaplanet plans to issue zero-interest bonds with a five-year maturity to improve its debt structure and reduce its reliance on bitcoin loans without selling assets.

Metaplanet will issue 52 billion yen ($329 million) of euro-to-yen convertible bonds in 2031.

Japan Bitcoin Investment and Treasury plans to use about 23.6 billion yen ($149 million) of net proceeds to repay bitcoin-backed loans and about 28.3 billion yen ($179 million) to buy back shares, according to an announcement on Tuesday.

The buybacks are part of Metaplanet's new share repurchase program, which targets a total buyback of 60 billion yen ($380 million).

The proceeds will seek to improve the treasury company's debt structure by reducing its reliance on Bitcoin-backed loans without selling any Bitcoin (BTC) assets. With 44,000 bitcoins in total assets, worth $3.6 billion, Metaplanet is the second largest bitcoin treasury company, according to BitcoinTreasuries.

MetaPlant shares fell 1.5 percent in Tokyo on Tuesday, adding to their 52.6 percent 12-month decline, according to Yahoo Finance.

Earlier this month, Metaplanet revealed a revised capital allocation framework that proposes to allocate 15% of total assets to strategic investments to finance Bitcoin accumulation and dividend payments.

In September, management drew criticism from shareholders for a nearly sevenfold increase in Metaplanet's Series 10 executive stock options. On September 11, the Tokyo-based company shared its plans for a 41% reduction in shares, shedding 131.3 million shares from 319.464 million to 188.19 million, the level before the September 2025 IPO.