Metaplanet plans to raise 52 billion yen ($329 million) through five-year, zero-interest convertible bonds as it seeks to reduce its dependence on Bitcoin-backed borrowing while continuing to hold its cryptocurrency reserves.
The Japanese investment and Bitcoin treasury company said in a Tuesday announcement that it expects to direct about 23.6 billion yen ($149 million) of the net proceeds toward repaying loans secured by Bitcoin. A further 28.3 billion yen ($179 million) is earmarked for buying back the company’s own shares.
According to Cointelegraph, the bonds will be euro-yen convertible bonds maturing in 2031. Convertible bonds are debt instruments that may be exchanged for shares under specified terms, while zero-coupon bonds do not pay regular interest. The announcement did not state the conversion terms.
Debt reduction without selling Bitcoin
The planned financing is intended to change how Metaplanet funds its operations and Bitcoin strategy. By repaying Bitcoin-collateralized loans, the company would reduce its exposure to borrowing secured against the value of its cryptocurrency holdings. The company said the approach is designed to achieve that without selling any Bitcoin.
Metaplanet is described in the source material as the second-largest Bitcoin treasury company. BitcoinTreasuries puts its holdings at 44,000 BTC, valued at $3.6 billion. A Bitcoin-collateralized loan can provide funding while the borrower retains the underlying asset, but the borrowing is tied to the value of that asset. The proposed bond issue would replace part of that borrowing with longer-term debt due in 2031.
The share purchases form part of a newly announced repurchasing program that could total as much as 60 billion yen ($380 million). The planned bond proceeds would therefore fund less than half of the program’s maximum size, based on the figures disclosed in the announcement.
Share performance and recent capital decisions
Metaplanet shares closed 1.5% lower in Tokyo on Tuesday, according to Yahoo Finance. The stock has fallen 52.6% over the past 12 months.
The company also recently outlined a revised capital allocation framework. Earlier in October, it proposed allocating up to 15% of total assets to strategic investments intended to support Bitcoin accumulation and dividend payments.
Metaplanet faced shareholder criticism in September after expanding its Series 10 executive stock option pool by almost seven times. On Sept. 11, management said it would reduce the potential shares covered by those rights by 131.3 million, from 319.464 million to 188.19 million. That would return the pool to the level that existed before the company’s September 2025 international share offering.
Market picture
Moneyiar market data at 20:39 on Oct. 13, 2026, showed Bitcoin at $83,172.890940729, up 0.23% over 24 hours but down 2.89% over seven days. Meteora (MET) was $0.3864640579, down 2.95% in 24 hours and up 16.72% over seven days.
FUNToken (FUN) stood at $0.0088042158, rising 0.34% in 24 hours and 10.01% over seven days. Propy (PRO) was $0.3608134068, up 1.5% over 24 hours and down 1.33% over seven days. These figures are Moneyiar data at the stated time and do not represent Metaplanet’s share price.
