Metaplanet Raises $329 Million in Convertible Bonds to Cut Debt and Fund Buybacks

Japanese Bitcoin treasury firm Metaplanet is issuing 52 billion yen, roughly $329 million, in zero interest euro yen convertible bonds maturing in 2031. The move aims to clean up its balance sheet without parting with any BTC.

About 23.6 billion yen ($149 million) will go toward repaying Bitcoin-collateralized loans, while 28.3 billion yen ($179 million) funds share buybacks under a new repurchase program capped at 60 billion yen ($380 million).

Second-Largest Corporate Bitcoin Holder

Metaplanet holds around 44,000 BTC, valued at $3.6 billion, making it the second-largest Bitcoin treasury company globally. Reducing dependence on crypto-backed borrowing gives the firm more breathing room if prices swing.

Share Price Struggles Despite Accumulation

The stock closed 1.5% lower in Tokyo on Tuesday and has dropped 52.6% over the past year. Earlier this month, Metaplanet unveiled a capital framework allowing up to 15% of assets for strategic investments to keep building its Bitcoin stack and fund dividends.

Management also faced pushback in September after expanding its executive stock option pool nearly sevenfold, later agreeing to shrink it by 41% to 188.19 million potential shares.