Metaplanet plans ¥52 billion bond issue and share buyback

Metaplanet plans to issue ¥52 billion in zero-coupon convertible bonds to repay part of its Bitcoin-backed borrowing and finance share repurchases, combining a refinancing effort with a new buyback program. The company announced the plan on October 13 and expects the bond offering to close on October 29, 2026. Metaplanet said it expects about ¥51.9 billion in net proceeds. It plans to allocate approximately ¥23.6 billion to repay part of its Bitcoin-collateralized loans in November 2026 and up to ¥28.3 billion to repurchase shares. The bonds are unsecured and due in 2031, with no periodic interest payments. The offering is aimed primarily at investors in Europe and Asia. The bond proceeds would replace part of the company’s interest-bearing borrowing secured by Bitcoin. Metaplanet reported about US$649.5 million borrowed under an US$800 million Bitcoin-backed credit facility as of September 30, 2026. It said the borrowing-to-Bitcoin-net-asset-value ratio was approximately 17.7%, above its guideline of keeping the ratio below 10%. The company said the financing is not intended to immediately reduce total liabilities or fund additional Bitcoin purchases.