On October 13, 2026, Metaplanet announced plans to issue ¥52 billion ($329 million) in zero-coupon Euroyen convertible bonds maturing in 2031. The Tokyo-listed Bitcoin treasury firm will deploy ¥23.6 billion to repay Bitcoin-collateralized debt and up to ¥28.3 billion for share buybacks under a newly approved ¥60 billion program. The refinancing aims to lower borrowing costs and bring Metaplanet's debt-to-Bitcoin NAV ratio back below its 10% target after it rose to 17.7% in September.
Terms of Euroyen bond offering
- ▪Metaplanet reserves the right to redeem its zero-coupon convertible bonds early starting October 29, 2029, if Metaplanet's stock hits 160% of the conversion price across 20 trading days
- ▪Merrill Lynch International served as lead manager for Metaplanet's Euroyen bond offering, targeting investors in Europe and Asia while excluding United States investors
- ▪On October 13, 2026, Tokyo-listed Metaplanet announced plans to issue ¥52 billion ($329 million) in zero-coupon Euroyen convertible bonds maturing in 2031
- ▪Metaplanet's 2031 Euroyen bonds close on October 29, 2026, allowing bondholders to convert into ordinary shares between November 12, 2026, and October 15, 2031
Allocation of bond proceeds
- ▪Metaplanet plans to allocate ¥23.6 billion ($149 million) of its bond proceeds to repay Bitcoin-collateralized debt in November 2026
- ▪Metaplanet plans to allocate up to ¥28.3 billion ($179 million) of its bond proceeds to repurchase its own shares between October and December 2026
Borrowing against Bitcoin treasury
- ▪Metaplanet issued unsecured convertible bonds after borrowings reached 17.7% of its Bitcoin net asset value at the end of September 2026, exceeding its 10% guideline
- ▪Metaplanet had drawn approximately $650 million against its $800 million Bitcoin-collateralized credit facility as of September 30, 2026, while holding 44,000 Bitcoins
- ▪Metaplanet revised its capital policy on October 5, 2026, establishing a threshold to keep borrowing against its Bitcoin treasury below 10% of net asset value
Share buyback program
- ▪Metaplanet's board terminated its October 2025 repurchase initiative and authorized a new share buyback program capped at ¥60 billion ($380 million)
- ▪Metaplanet scheduled an off-market share repurchase of up to ¥25.3 billion through the Tokyo Stock Exchange's ToSTNeT-3 system on October 14, 2026
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